铁矿周报：港口库存下降，铁矿震荡走势-20250901

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Demand Side: Last week, the daily average hot metal output remained above 2.4 million tons. Before the parade, maintenance increased, leading to a decline in hot metal output. The blast furnace operating rate of 247 steel mills was 83.2%, with the daily average hot metal output at 2.4013 million tons [1]. - Supply Side: Last week, the overseas shipment volume decreased slightly week - on - week but was at a high level for the same period. The arrival volume at 45 ports decreased week - on - week and was at a relatively low level for the same period. The total global iron ore shipment was 33.158 million tons, a decrease of 0.908 million tons. The inventory of imported iron ore at 47 ports decreased by 561,800 tons [1]. - Overall Outlook: In the short term, the supply - demand situation is weak. However, the expectation of restocking after the parade supports the spot price, and the futures price is expected to show a volatile trend [1]. 3. Summary by Sections Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3160 | 22 | 0.70 | 17417436 | 2897345 | Yuan/ton | | SHFE Hot - Rolled Coil | 3346 | - 43 | - 1.27 | 5457540 | 1454760 | Yuan/ton | | DCE Iron Ore | 787.5 | 0.5 | 0.06 | 1844920 | 410009 | Yuan/ton | | DCE Coking Coal | 1151.0 | - 64.5 | - 5.31 | 17695850 | 764344 | Yuan/ton | | DCE Coke | 1643.0 | - 93.0 | - 5.36 | 344282 | 51526 | Yuan/ton | [2] Market Review - Futures Market: Last week, the iron ore futures showed a volatile and slightly stronger trend. The high - level operation of hot metal and the expectation of restocking by steel mills after the parade supported the spot price [4]. - Spot Market: The PB powder price at Rizhao Port was 779 yuan/ton, up 12 yuan/ton week - on - week. The Super Special powder price was 673 yuan/ton, up 22 yuan/ton week - on - week [4]. Industry News - Real Estate Policy: Shanghai optimized and adjusted real estate policies, including relaxed purchase restrictions for eligible families outside the outer ring and tax exemptions for non - local residents' first - home purchases [10]. - Steel Mill Maintenance: As of August 27, 2 more blast furnaces in 23 sample steel enterprises were under maintenance. More maintenance is expected by the end of the month, which will affect hot metal output [10]. - Local Government Bonds: In the first 7 months of this year, China issued 3.3159 trillion yuan in new local government bonds [10]. - Steel Industry Policy: The Ministry of Industry and Information Technology and other departments issued a work plan to promote the stable growth of the steel industry from 2025 - 2026, aiming to accelerate the elimination of backward production capacity [10]. Related Charts The report provides a series of charts showing the trends of rebar, hot - rolled coil, iron ore futures and spot prices, as well as steel mill profits, production, inventory, and consumption data [9][11][13]