黑色系周报：铁矿石-20250926

Report Title - Black Series Weekly Report - Iron Ore, dated September 26, 2025 [2] Report Author - Researcher: Li Haixiao, Trading Consultation: Z0019568; Reviewer: Tang Yun, Z0002422 [3] Report Industry Investment Rating - Not provided in the document Core Viewpoints - Iron ore fundamentals are still supported as hot metal production increased month - on - month, and both port and steel mill inventories increased month - on - month. The Iron Ore 2601 contract will fluctuate [5] Summary by Directory 1. Price and Spread Price - Multiple price charts are presented for different iron ore products and related indexes from 2016 - 2025, including iron ore index, lowest delivery product discounted to the futures price, various Platts indexes, and prices of different grades of iron ore in Qingdao Port, Hebei, and other regions [11][15][17] Spread - Multiple spread charts are presented, including spreads between different iron ore futures contracts (1 - 5, 5 - 9, 9 - 1), high - medium - low grade price spreads, pellet and lump ore premiums, and basis rates and bases of different futures contracts. Also included are the profit margins of hot - rolled coil index, various steel products in different regions, and the price difference between scrap steel and hot metal in North and East China [29][39][40] 2. Supply - From January to August, the cumulative production of domestic raw ore was 67,810.42 million tons, a year - on - year decrease of 4.2%. In August, China imported 10,522 million tons of iron ore and its concentrates, a year - on - year increase of 3.78%; from January to August, the cumulative import was 80,162 million tons, a year - on - year decrease of 1.64%. From September 15th to 21st, 2025, the total shipment of iron ore from Australia and Brazil was 27.728 billion tons, a month - on - month decrease of 2.05 billion tons [7] - Various supply - related charts are presented, including monthly and cumulative imports of iron ore, weekly shipments from Australia and Brazil and their respective ports to China, weekly arrivals at domestic ports, shipping indexes (BDI, BCI), freight rates, and the capacity utilization rate and daily output of domestic mines [63][70][77] 3. Demand - Hot metal production increased by 13,400 tons to 2.4236 million tons, a year - on - year increase of 175,000 tons. Mysteel's statistics showed that the average daily port clearance volume of 45 ports was 3.364 million tons, a month - on - month decrease of 27,700 tons [7] - Multiple demand - related charts are presented, including the monthly cumulative and monthly production of pig iron, average daily port clearance volume of 45 ports, average daily hot metal production of 247 steel mills, replenishment intensity, blast furnace capacity utilization rate and operating rate of 247 steel mills, daily consumption of domestic and imported powder ore of 64 steel mills, and various ore blending ratios [86][91][95] 4. Inventory - The inventory of 45 ports was 140.0028 million tons, a month - on - month increase of 1.992 million tons, a year - on - year decrease of 10.5264 million tons. The steel mill inventory was 97.3635 million tons, a month - on - month increase of 4.2696 million tons, a year - on - year increase of 2.2687 million tons, and the inventory days were 32.53 days, a month - on - month increase of 1.24 days [7] - Multiple inventory - related charts are presented, including the total inventory of 45 ports, trade ore inventory, non - Australia and Brazil ore inventory, inventory of different types of ore (Australian, Brazilian, coarse powder, lump ore, iron concentrate, pellet ore), inventory of imported ore of 247 steel mills, inventory days, and the inventory - to - consumption ratio and inventory of imported and domestic powder ore of 64 steel mills, as well as the iron concentrate inventory of 266 mines [108][116][123]