瑞达期货铁矿石产业链日报-20251112

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On Wednesday, the I2601 contract fluctuated upwards. The Simandou project's production launch ceremony was held on November 11th. In terms of supply and demand, the shipments and arrivals of Australian and Brazilian iron ore decreased simultaneously this period, but domestic port inventories increased for seven consecutive weeks. Pig iron output continued to decline, weakening demand support. Overall, in the short - term, due to the decline in shipments and arrivals and the reduction of short positions in mainstream holdings, iron ore prices fluctuated strongly. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA are rising. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract was 774.00 yuan/ton, up 11.00 yuan; the position volume was 501,233 lots, down 29,119 lots. The I 1 - 5 contract spread was 26.5 yuan/ton, up 0.50 yuan; the net position of the top 20 in the I contract was - 24,760 lots, down 330 lots. The DCE warehouse receipts were 800.00 lots, unchanged. The Singapore iron ore main contract was quoted at 102.7 US dollars/ton at 15:00, up 1.18 US dollars [2] 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port was 846 yuan/dry ton, up 1 yuan; the price of 60.8% Mac fines at Qingdao Port was 839 yuan/dry ton, up 5 yuan. The price of 56.5% Super Special fines at Jingtang Port was 761 yuan/dry ton, up 5 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 65 yuan, down 6 yuan. The 62% Platts iron ore index (previous day) was 102.35 US dollars/ton, down 0.65 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.17, unchanged. The estimated import cost was 834 yuan/ton, down 6 yuan [2] 3.3 Industry Situation - The global iron ore shipment volume (weekly) was 3,069.00 tons, down 144.80 tons. The arrival volume at 47 ports in China (weekly) was 2,769.30 tons, down 544.80 tons. The iron ore inventory at 47 ports (weekly) was 15,624.13 tons, up 351.20 tons; the iron ore inventory of sample steel mills (weekly) was 9,009.94 tons, up 160.08 tons. The iron ore import volume (monthly) was 11,130.90 tons, down 502.10 tons. The available days of iron ore (weekly) were 23 days, unchanged. The daily output of 266 mines (weekly) was 39.99 tons, down 0.36 tons; the operating rate of 266 mines (weekly) was 62.96%, down 1.01%. The iron concentrate inventory of 266 mines (weekly) was 41.83 tons, down 5.92 tons. The BDI index was 2,072.00, down 12.00. The iron ore freight rate from Tubarao, Brazil to Qingdao was 23.12 US dollars/ton, down 0.18 US dollars; the iron ore freight rate from Western Australia to Qingdao was 10.245 US dollars/ton, down 0.08 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 83.15%, up 1.42%; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 87.79%, down 0.80%. The domestic crude steel output (monthly) was 7,349 tons, down 388 tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying (daily) was 16.69%, up 0.73%; the 40 - day historical volatility of the underlying (daily) was 16.26%, down 0.12%. The implied volatility of at - the - money call options (daily) was 15.82%, down 1.65%; the implied volatility of at - the - money put options (daily) was 17.28%, up 0.71% [2] 3.6 Industry News - From November 3rd to November 9th, 2025, the global iron ore shipment volume was 3,069.0 tons, a week - on - week decrease of 144.8 tons. The total shipment volume of Australian and Brazilian iron ore was 2,548.6 tons, a week - on - week decrease of 210.6 tons. From November 3rd to November 9th, 2025, the arrival volume at 47 ports in China was 2,769.3 tons, a week - on - week decrease of 544.8 tons; the arrival volume at 45 ports in China was 2,741.2 tons, a week - on - week decrease of 477.2 tons; the arrival volume at six northern ports was 1,525.8 tons, a week - on - week decrease of 60.1 tons [2]