铁矿石周度观点-20250803

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoint of the Report The sentiment in the iron ore market has declined, leading to a downward adjustment in a volatile manner. The previous significant increase in the valuation of the black - sector under the support of theme trading and macro - policy expectations might have been an over - rise. Considering the relatively limited marginal changes in fundamentals, the recent decline in sentiment has caused the iron ore price to fall [3][5]. 3. Summary by Relevant Catalogs 3.1 Supply - Overseas shipments continued to recover, with the increase in the recent week mainly coming from Australia. The global shipment volume was 3200.9 million tons, with a week - on - week increase of 91.8 million tons and a year - on - year increase of 181.9 million tons. Australian shipments were 1793.5 million tons, up 222.3 million tons week - on - week and 225.3 million tons year - on - year. Brazilian shipments were 884.3 million tons, down 23.5 million tons week - on - week and 35.1 million tons year - on - year [4][5]. - Among Australian shipments, FMG contributed the main increase in shipments to China, with a week - on - week increase of 84.9 million tons and a year - on - year increase of 170.4 million tons. Vale's global shipments decreased by 46.8 million tons week - on - week and 96.8 million tons year - on - year [4]. - In terms of non - mainstream mines, Peru's shipments recovered poorly. In the domestic market, the operating rate in North China declined significantly recently [20][27]. 3.2 Demand - The downstream iron - making production slightly decreased, with the 247 - enterprise hot metal output at 240.71 million tons, down 1.52 million tons week - on - week but up 1.10 million tons year - on - year. The output of the five major steel products still had a large year - on - year increase [4][30]. - The arrival of scrap steel increased recently, but the scrap steel price remained basically flat week - on - week. The scrap - iron price difference continued to narrow, but the narrowing slope slowed down [31]. 3.3 Contract Performance The price of the main 09 contract was volatile and weak, closing at 783.0 yuan/ton. The open interest was 410,000 lots, a decrease of 119,000 lots. The average daily trading volume was 369,000 lots, a week - on - week decrease of 150,000 lots [7]. 3.4 Spot Price Performance The spot price basically followed the futures market, showing a phased peak - to - trough decline. For example, the price of Carajás fines (64.5%) at Qingdao Port dropped from 882 yuan/ton last week to 870 yuan/ton this week [11]. 3.5 Inventory - The inflection point of port inventory had not arrived yet. The inventory of imported ores at 45 ports was 13,657.9 million tons, down 132.5 million tons week - on - week and 1386.1 million tons year - on - year [4][35]. - Due to production - increasing demand and the decline in Indian shipments, the pellet inventory continued to be depleted [36]. 3.6 Downstream Profit The profit of finished steel products reached a high and then declined, including the spot profit of rebar, hot - rolled coil, and the disk profit of rebar and hot - rolled coil contracts [38]. 3.7 Spot Category Price Difference The price of imported ores continued to decline, and the price difference between domestic and imported ores further widened [40]. 3.8 Futures Monthly Spread - The 09 - 01 monthly spread closed at 26 yuan/ton this week, narrowing week - on - week. - The 01 - 05 monthly spread closed at 23.5 yuan/ton this week, widening week - on - week [47]. 3.9 Basis Performance The decline of the spot and futures prices was comparable this week, and the basis remained basically flat week - on - week [48].