铁矿石早报（2025-11-10）-20251110

Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core Viewpoint The overall supply and demand of iron ore are loose, port inventories are accumulating, and terminal demand is weak. With domestic demand decreasing and port inventories rising, the report suggests a bearish and sideways trading approach. [2] 3. Summary by Related Catalogs Daily Viewpoint - Fundamentals: Steel mill hot metal production is decreasing, overall supply and demand are loose, port inventories are accumulating, and terminal demand is weak, which is bearish. [2] - Basis: The spot price of PB powder at Rizhao Port converted to the futures price is 815, with a basis of 54; the spot price of Brazilian Blend at Rizhao Port converted to the futures price is 837, with a basis of 77. The spot price is at a premium to the futures price, which is bullish. [2] - Inventory: Port inventories are 15,624.13 tons, increasing month - on - month and decreasing year - on - year, which is neutral. [2] - Chart: The price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. [2] - Main Position: The net long position of the main iron ore contract is decreasing, which is bullish. [2] - Expectation: With domestic demand decreasing and port inventories accumulating, a bearish and sideways trading approach is recommended. [2] Factors Affecting the Market - Bullish Factors: High hot metal production, decreasing port inventories, import losses, and strong ability of downstream steel prices to withstand high - priced raw materials. [6] - Bearish Factors: Increased future shipments and weak terminal demand. [6]