铁矿石早报（2025-11-6）-20251106

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Viewpoints - The fundamentals of iron ore show that steel mill's hot metal production is decreasing, the arrival level this month has decreased, overall supply and demand is loose, port inventories are decreasing, and there will be policies to reduce crude steel production while the trade war is easing, presenting a neutral situation [2]. - The basis indicates that the spot prices at Rizhao Port are at a premium to futures, which is bullish [2]. - Port inventories are 15,272.93 tons, increasing month - on - month and decreasing year - on - year, showing a neutral situation [2]. - The price is below the 20 - day moving average and the 20 - day moving average is downward, which is bearish [2]. - The net long position of the iron ore main contract is decreasing, which is bullish [2]. - With the reduction of domestic demand and the impact of capacity - reduction plans on the market, the iron ore market is expected to fluctuate at a high level [2]. 3. Summaries by Related Catalogs Bullish Factors - Hot metal production remains at a high level [6]. - Port inventories are decreasing [6]. - There are import losses [6]. - The prices of downstream steel products are rising, and the tolerance for high - priced raw materials is strong [6]. Bearish Factors - Future shipping volumes will increase [6]. - Terminal demand remains weak [6]. Other Aspects - The report also includes information on iron ore port spot prices [8], iron ore basis [12], iron ore import profit [15], iron ore shipping volume [17], iron ore port and steel mill inventories [19], iron ore arrival and dispatch volumes [21], iron ore daily consumption [24], steel enterprise production [26], and iron ore port daily transactions and steel mill daily hot metal production [29].