铁水持续减少，铁矿承压运行

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - Demand side: Last week, the loss - making area of steel mills further expanded, blast furnace maintenance increased, and hot metal production decreased month - on - month, reaching the level of the same period last year. The blast furnace operating rate of 247 steel mills was 83.13%, a month - on - month increase of 1.38 percentage points and a year - on - year increase of 0.84 percentage points. The daily average hot metal production was 2.14 million tons less than last week, a month - on - month decrease, and 0.16 million tons more than last year, a year - on - year increase [1][4][5]. - Supply side: Last week, overseas shipments decreased month - on - month, but the arrival volume increased significantly, and the supply remained strong. The total global iron ore shipments were 32.138 million tons, a month - on - month decrease of 1.745 million tons. The inventory of imported iron ore at 47 ports nationwide was 156.2413 million tons, a month - on - month increase of 3.512 million tons; the daily average port clearance volume was 3.3555 million tons, an increase of 0.0433 million tons [1][5]. - Overall: With strong supply and weak demand, the iron ore is expected to show a weak trend [1][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3034 | - 72 | - 2.32 | 5791624 | 2824366 | Yuan/ton | | SHFE Hot - Rolled Coil | 3245 | - 63 | - 1.90 | 2193217 | 1365348 | Yuan/ton | | DCE Iron Ore | 760.5 | - 39.5 | - 4.94 | 1655900 | 537495 | Yuan/ton | | DCE Coking Coal | 1270.0 | - 16.0 | - 1.24 | 5683778 | 984216 | Yuan/ton | | DCE Coke | 1756.5 | - 20.5 | - 1.15 | 108828 | 49120 | Yuan/ton | [2] 3.2 Market Review - Futures market: Last week, iron ore futures fluctuated and declined. Due to continuous contraction of demand and weakened procurement by steel mills, prices were under downward pressure. - Spot market: The quotation of PB powder at Rizhao Port was 773 yuan/ton, a month - on - month decrease of 30 yuan/ton; the price of Super Special powder was 673 yuan/ton, a month - on - month decrease of 35 yuan/ton. The price difference between high - and low - grade PB powder and Super Special powder was 100 yuan/ton [4]. 3.3 Industry News - Hebei: Many places in Hebei lifted the emergency response to heavy pollution weather on November 9th as the meteorological conditions improved and the pollutant diffusion ability increased significantly [9]. - China's debt policy: During the 15th Five - Year Plan period, China will further implement a package of debt resolution plans, do a good job in the replacement of local government's existing implicit debts, and establish a unified long - term regulatory system for local government debts [9]. - Sino - US trade: The US Treasury Secretary said that the Sino - US trade agreement might be signed as early as this week. China is willing to work with the US to implement the important consensus of the two heads of state and promote the healthy, stable, and sustainable development of Sino - US relations [9]. - Real estate bond financing: In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9% due to the low base in the same period last year [9]. 3.4 Relevant Charts The report includes 37 charts showing various data such as the futures and spot trends of rebar, hot - rolled coils, and iron ore; the basis trends; steel mill profits; steel production and inventory; blast furnace operating rates; and iron ore shipment and arrival volumes [7][10][12] etc.