铁矿石11月月报：终端需求持续回落，矿价偏空对待-20251031

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The terminal demand continues to decline, and the iron ore price should be treated bearishly [1]. 3. Summary by Relevant Catalogs 3.1 Iron Ore Market Data Review - The report presents multiple charts including the 62% Platts iron ore price, PB powder price, price spreads between different iron ore products, steel mill cash profit and price spreads of high - medium - low grade ores, and basis and spreads of different contracts [9][11][14]. 3.2 Iron Ore Supply and Demand Analysis Supply - Import volume charts show the import quantities of iron ore from different countries and regions such as Australia, Brazil, and India, as well as the global shipping volume of major iron ore producers like VALE, Rio Tinto, BHP, and FMG [23][29]. - A table shows the incremental global seaborne iron ore supply (shipment basis) from 2020 to 2026E. Some companies are expected to increase their supply, while others may see a decrease. For example, FMG's supply is expected to increase by 5 million tons in 2025 compared to 2024, while India's supply is expected to decrease by 6 million tons [42]. - Domestic refined powder production charts display the production in different regions of China, including North China, Northeast China, and East China [47][49]. Demand - Charts related to downstream demand include real estate new construction area, infrastructure investment growth rate (excluding electricity), domestic manufacturing inventory cycle, manufacturing investment sub - items, 247 steel mill hot metal production, domestic steel demand, overseas iron ore consumption, and global iron ore consumption [59][63][73]. - Inventory charts show the total inventory of imported iron ore at ports, trade ore, and the total iron element inventory in the entire industrial chain [83][85]. 3.3 Iron Ore Market Outlook No specific content about the outlook is provided in the text other than the overall bearish view on iron ore prices due to declining terminal demand.