铁水大幅减少，铁矿承压运行

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Demand side: Last week, there was a significant increase in steel mill maintenance, leading to a substantial adjustment in molten iron production. As the off - season approaches, molten iron production will be in a downward cycle. The blast furnace operating rate of 247 steel mills was 81.75%, a decrease of 2.96 percentage points from the previous week and 0.69 percentage points from the same period last year. The daily average molten iron production was 2.3636 million tons, a decrease of 35,400 tons from the previous week and an increase of 8,900 tons from the same period last year [1][4][5]. - Supply side: Last week, overseas shipments increased week - on - week, while arrivals decreased. Shipments were at a high level, and the supply remained strong. The total global iron ore shipments were 3.3884 million tons, an increase of 54,800 tons week - on - week. The inventory of imported iron ore at 47 ports across the country was 152.7293 million tons, an increase of 1.6344 million tons week - on - week, and the daily average port clearance volume was 3.3122 million tons, an increase of 91,500 tons [1][5]. - Overall: In the short term, the impact of the macro - environment has weakened, and demand has marginally declined. It is expected that iron ore will show a volatile and pressured trend [1][5]. 3. Summary by Relevant Catalogs Transaction Data | Contract | Closing Price | Change | Change Percentage (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3046 | 9 | 0.30 | 5713284 | 2644571 | Yuan/ton | | SHFE Hot - Rolled Coil | 3250 | 46 | 1.44 | 2311059 | 1501678 | Yuan/ton | | DCE Iron Ore | 771.0 | 0.0 | 0.00 | 1404210 | 561141 | Yuan/ton | | DCE Coking Coal | 1248.5 | 69.5 | 5.89 | 5960825 | 939022 | Yuan/ton | | DCE Coke | 1757.5 | 81.5 | 4.86 | 116416 | 49180 | Yuan/ton | [2] Market Review - Futures market: Last week, iron ore futures fluctuated upwards. The Fed cut interest rates as expected, and an important consensus was reached on Sino - US tariffs. Supported by a warm macro - atmosphere, the futures market was strong. - Spot market: The price of PB powder at Rizhao Port was 783 yuan/ton, an increase of 5 yuan/ton week - on - week, and the price of Super Special powder was 705 yuan/ton, an increase of 2 yuan/ton week - on - week. The price difference between high - and low - grade PB powder and Super Special powder was 78 yuan/ton [4]. Industry News - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)". It is proposed that in key areas, the total steel production capacity should not be increased, and the transfer of steel production capacity from non - key areas to key areas and between different key areas is prohibited. The capacity replacement ratio for iron - making and steel - making in each province (region, municipality) should not be less than 1.5:1. - On October 28, the suggestions for formulating the 15th Five - Year Plan for National Economic and Social Development were released, aiming to optimize and upgrade traditional industries. - The Fed cut interest rates by 25 basis points, lowering the federal funds rate to 3.75% - 4.00%, and announced the end of balance - sheet reduction starting from December 1. - The Ministry of Commerce introduced the consensus on the results of Sino - US economic and trade consultations. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. The US will suspend the implementation of the 50% penetration rule for export controls and the Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. China will adjust or suspend relevant counter - measures accordingly [9]. Relevant Charts The report includes multiple charts showing the trends of rebar, hot - rolled coil, iron ore futures and spot prices, basis, steel mill profits, steel production, inventory, and other aspects, with data sources from iFinD and Tongguan Jinyuan Futures [7][10][12] etc.