黑色建材周报：节前补库结束，铁矿区间震荡-20250928

1. Report Industry Investment Rating - The investment rating for the iron ore industry is "Oscillating" [3] 2. Core Viewpoints of the Report - This week, the iron ore price fluctuated within a narrow range. The supply - side global shipments declined, which supported the price. However, the slow - down in the growth rate of hot metal production restricted the upward price movement. As the pre - National Day steel mill restocking nears the end, port inventories are rapidly accumulating. Attention should be paid to the impact of downstream demand and coal price changes on the ore price [1][2] 3. Summary by Relevant Catalogs Price and Spread - As of Friday's close, the main iron ore contract 2601 closed at 790 yuan/ton, a week - on - week decrease of 17.5 yuan/ton, a decline of 1.13%. The Mysteel 62% Australian powder forward price index was 103.4 US dollars/ton, a decrease of 2.3. The price of PB powder at Qingdao Port was 785 yuan/ton, a week - on - week decrease of 14 yuan/ton [1][5] Supply - The latest data from Mysteel shows that the global iron ore shipments this period were 33.248 million tons, a week - on - week decrease of 2.483 million tons, a decline of 6.95%. Shipments from Brazil and non - mainstream regions decreased significantly. The arrivals at 45 ports this period were 26.75 million tons, a week - on - week increase of 3.127 million tons [1][8] Demand - Mysteel's survey of 247 steel mills shows that the blast furnace operating rate was 84.45%, a week - on - week increase of 0.47 percentage points and a year - on - year increase of 6.22 percentage points. The blast furnace iron - making capacity utilization rate was 90.86%, a week - on - week increase of 0.51 percentage points and a year - on - year increase of 6.41 percentage points. The steel mill profit rate was 58.01%, a week - on - week decrease of 0.86 percentage points and a year - on - year increase of 39.4 percentage points. The daily average hot metal output was 2.4236 million tons, a week - on - week increase of 0.0134 million tons and a year - on - year increase of 0.175 million tons [1][10][11] Inventory - According to Mysteel statistics, the total iron ore inventory at 45 ports nationwide was 140.0028 million tons, a week - on - week increase of 1.992 million tons. The daily average port clearance volume at 45 ports was 3.364 million tons, a week - on - week decrease of 0.0277 million tons [2][13] Strategy - Unilateral: Oscillating - Inter - delivery: None - Inter - variety: None - Futures - cash: None - Options: None [3]