黑色建材周报：节前预期偏暖，铁矿区间震荡-20250921

1. Report Industry Investment Rating - The short - term rating for iron ore is "sideways" [3] 2. Core Viewpoints - High iron ore prices lead to relatively loose supply, high hot metal production shows strong consumption resilience, and overall inventory remains at a medium level [2] - Considering downstream pre - holiday stockpiling, iron ore prices will remain volatile in the short term. The supply from Simandou will exert significant pressure on long - term prices. Attention should be paid to the changes in floating cargo volume and pre - holiday stockpiling [3] 3. Summary by Relevant Catalogs Price and Spread - This week, iron ore prices fluctuated strongly. The Mysteel 62% Australian powder forward price index was $106.25/ton, up $0.85/ton week - on - week, a rise of 0.81%. The price of PB powder at Qingdao Port was 799.0 yuan/ton, up 5.0 yuan/ton week - on - week, a rise of 0.63% [1][5] Supply - The latest data from Mysteel shows that the global iron ore shipment volume was 35.73 million tons this period, an increase of 8.17 million tons week - on - week. The arrival volume at 45 ports was 23.62 million tons, a decrease of 0.86 million tons week - on - week [1][8] Demand - Mysteel's survey of 247 steel mills shows that the blast furnace operating rate was 83.98%, an increase of 0.15 percentage points week - on - week and 5.75 percentage points year - on - year; the blast furnace ironmaking capacity utilization rate was 90.35%, an increase of 0.17 percentage points week - on - week and 6.29 percentage points year - on - year; the steel mill profitability rate was 58.87%, a decrease of 1.30 percentage points week - on - week and an increase of 48.91 percentage points year - on - year; the daily average hot metal output was 2.4102 million tons, an increase of 0.0047 million tons week - on - week and 0.1764 million tons year - on - year [1][10][11] Inventory - Mysteel statistics show that the total iron ore inventory at 45 ports in the country was 138.0108 million tons, a decrease of 0.4839 million tons week - on - week; the daily average port clearance volume at 45 ports was 3.3917 million tons, an increase of 0.0789 million tons week - on - week [1][13]