铁矿石早报（2025-8-26）-20250826

Report Industry Investment Rating No specific investment rating is provided in the report. Core Viewpoints - The fundamentals of iron ore show that steel mill hot metal production is decreasing, the arrival level this month has dropped, overall supply and demand are loose, port inventories are decreasing, a crude steel production cut policy will be introduced, and the trade war is easing, presenting a neutral situation [2]. - The basis indicates that the spot prices of PB powder and Brazilian mix at Rizhao Port are at a premium to futures, which is bullish [2]. - Port inventories are 143.8157 million tons, increasing month - on - month and decreasing year - on - year, being neutral [2]. - The price on the disk is above the 20 - day line and the 20 - day line is flat, which is bullish [2]. - The net position of the iron ore main contract is short and the short position is increasing, which is bearish [2]. - With the expected decline in domestic demand and the impact of the capacity - reduction plan on the market, the market is expected to fluctuate at a high level [2]. Summary by Related Catalogs 利多 (Bullish Factors) - Hot metal production remains at a high level [6]. - Port inventories are decreasing [6]. - There are import losses [6]. - The prices of downstream steel products are rising, with a strong ability to bear high - priced raw materials [6]. 利空 (Bearish Factors) - Future shipment volumes will increase [6]. - Terminal demand remains weak [6]. Other Related Information - The report also contains information on iron ore port spot prices [7], iron ore basis [12], iron ore import profit [15], iron ore shipment volume [17], iron ore port and steel mill inventories [20], iron ore arrival and port clearance volume [22], iron ore daily consumption [25], steel enterprise production situation [28], and iron ore daily port transactions and steel mill daily hot metal production [30].