铁矿石周报：铁水维持高位，铁矿偏强震荡-20250921

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Affected by market sentiment, iron ore fluctuated at a high level this week. With the increase in production of domestic and imported iron ore, the port inventory decreased while the steel mill inventory increased due to pre - holiday restocking. The daily average hot metal output remained high, and although steel demand was weak, it had some resilience and was expected to maintain a certain profit under policy influence. The recommended operation strategy is to participate in the short - term long side [36]. 3. Summary by Directory 3.1 Part 1: Trend Review - 1.1 Iron Ore Main Contract Trend: Affected by market sentiment, iron ore fluctuated at a high level this week [7]. - 1.2 Iron Ore Spot Trend: The prices of various iron ore powders such as PB powder, super special powder, etc. are presented, showing price changes [11]. 3.2 Part 2: Basis and Spread - 2.1 Iron Ore Futures - Spot Spread Trend: The main basis is -8, 01 - 05 spread is 21.5, pb - super special spread is 77, and barite - pb spread is 9 [16]. - 2.2 Ratio of Rebar to Iron Ore: The rebar - iron ore ratio continued to be weak [19]. 3.3 Part 3: Supply - Demand Analysis - 3.1 Iron Ore Supply: The weekly shipment of mainstream mines was 2126.3 tons, and the domestic mine capacity utilization rate was 61.65%. The production of domestic and imported iron ore increased compared to the previous period [22]. - 3.2 International Shipping Freight: The shipping price from Port Hedland to Qingdao is 10.86 US dollars per ton, and from Tubarao, Brazil to Qingdao (BCI - C3) is 24.45 US dollars per ton. The Baltic Dry Index is 2205 [25]. - 3.3 Iron Ore Inventory - Imported Ore Inventory: Port inventory is 13801.08 tons, Australian ore inventory is 5775.57 tons, Brazilian ore inventory is 5266.52 tons, iron ore arrival volume is 2269.4 tons, and trade ore inventory is 8980.59 tons [28]. - 3.4 Iron Ore Inventory - Steel Mill Inventory: The iron ore port inventory was 1380.08 tons, a decrease of 48.39 tons compared to the previous period. The steel mill's imported iron ore inventory was 9309.43 tons, an increase of 316.38 tons compared to the previous period. The available days of imported iron ore for steel mills was 22 days, an increase of 2 days compared to the previous period, due to pre - holiday restocking [29]. - 3.5 Iron Ore Demand: The daily average hot metal output was 241.02 tons, an increase of 0.47 tons compared to the previous period. The daily average port clearance volume remained at a relatively high level, and the hot metal output maintained a high level with stronger resilience than expected [32]. 3.4 Part 4: Outlook - Affected by market sentiment, iron ore fluctuated at a high level this week. The production of domestic and imported iron ore increased, port inventory decreased, and steel mill inventory increased due to pre - holiday restocking. The daily average hot metal output remained high. Although steel demand was weak, it had some resilience and was expected to maintain a certain profit under policy influence. The recommended operation strategy is to participate in the short - term long side [36].