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Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report In November, global iron ore supply and demand will both decline, with a static tight supply - demand situation. The price movement is dynamic. The weak supply - demand pattern in the finished product segment continues, and steel mill profits are compressed. Attention should be paid to the decline in hot metal production in November. If the daily average production remains below 235,000 tons, there may be a negative feedback market. If the hot metal production remains high, ore prices will remain firm [6]. 3. Summary by Relevant Catalogs 3.1 Market Review In October, the prices of iron ore futures and spot goods fluctuated strongly. As of October 30, the futures price of the main contract increased by 22 yuan/ton month - on - month [3][5]. 3.2 Iron Ore Market Analysis - Supply Side - Four major mines are expected to reduce shipments by about 7.6 million tons in November compared to the previous month [6][29][35]. - Global non - mainstream shipments are relatively stable, with an estimated 44.6 million tons in November, a decrease of about 1.75 million tons month - on - month [6][32][35]. - Domestic mine production is expected to be 19.95 million tons in November, a decrease of 650,000 tons month - on - month [6][34][35]. - Overall, global supply will decrease by about 10 million tons in November [6][35]. - Demand Side - In October, China's national pig iron production is estimated to be 74.75 million tons, a year - on - year increase of 6.16%. In November, blast furnace hot metal production is expected to be 71.4 million tons, a decrease of 3.35 million tons month - on - month, resulting in a reduction of 5.88 million tons in iron ore demand [6][17][21]. - Outside China, the daily average pig iron production is stable for now. In November, pig iron production is estimated to decrease by 30,000 tons, resulting in a reduction of about 490,000 tons in the demand for 61% grade iron ore [6][20][21]. - Globally, iron ore demand will decrease by about 6.37 million tons in November [6][21]. 3.3 Steel Mill Profit Blast furnace profits are compressed, and electric furnace losses are expanding. As of the end of October, the blast furnace operating rate of 247 steel mills was 84.71%, a year - on - year increase of 2.57 percentage points; the blast furnace iron - making capacity utilization rate was 89.94%, a year - on - year increase of 1.46 percentage points; the steel mill profitability rate was 47.62%, a year - on - year decrease of 17.32 percentage points; the daily average hot metal production was 239,900 tons, a year - on - year increase of 28,300 tons [8][14]. 3.4 Iron Ore Inventory - Port inventory: At the end of October, the inventory of imported iron ore at 45 ports in China was 145 million tons, an increase of 5 million tons month - on - month, and it is expected to decline slightly in November [36]. - Steel mill inventory: Steel mill inventory is close to the critical value, and there is a certain need for replenishment [38].