铁矿周报：铁水产量反弹，铁矿震荡运行-20251117

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The iron ore futures fluctuated and rebounded last week, with the molten iron output rebounding, market sentiment improving, and spot prices rising. It is expected that the iron ore will show a fluctuating trend [1][4][6]. - On the demand side, some steel mills resumed production last week due to a long shutdown, and the molten iron output increased compared with the previous week. It is currently slightly higher than the same period last year and is expected to fluctuate within a narrow range in the future [1][4][6]. - On the supply side, although the overseas shipment volume and arrival volume decreased last week, they remained at relatively high levels in recent years. The port inventory continued to increase, and the supply pressure remained high [1][4][6]. 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 | 3053 | 19 | 0.63 | 4907951 | 2731199 | Yuan/ton | | SHFE Hot - Rolled Coil | 3256 | 11 | 0.34 | 1702672 | 1302507 | Yuan/ton | | DCE Iron Ore | 772.5 | 12.0 | 1.58 | 1423894 | 494127 | Yuan/ton | | DCE Coking Coal | 1192.0 | - 78.0 | - 6.14 | 5024636 | 941024 | Yuan/ton | | DCE Coke | 1669.5 | - 87.0 | - 4.95 | 107554 | 48736 | Yuan/ton | [2] 3.2 Market Review - Demand Side: Last week, some steel mills resumed production due to a long shutdown. The molten iron output increased compared with the previous week, currently slightly higher than the same period last year, and is expected to fluctuate within a narrow range in the future. The blast furnace operating rate of 247 steel mills was 82.81%, a decrease of 0.32 percentage points from the previous week and an increase of 0.73 percentage points compared to the same period last year. The blast furnace iron - making capacity utilization rate was 88.8%, an increase of 0.99 percentage points from the previous week and an increase of 0.22 percentage points compared to the same period last year. The steel mill profitability rate was 38.96%, a decrease of 0.87 percentage points from the previous week and a decrease of 18.62 percentage points compared to the same period last year. The average daily molten iron output was 236.88 tons, an increase of 2.66 tons from the previous week and an increase of 0.94 tons compared to the same period last year [4]. - Supply Side: Last week, the overseas shipment volume and arrival volume decreased but remained at relatively high levels in recent years. The port inventory continued to increase, and the supply pressure remained high. The total global iron ore shipment was 3069.0 tons, a decrease of 144.8 tons from the previous week. The total shipment volume of iron ore from Australia and Brazil was 2548.6 tons, a decrease of 210.6 tons from the previous week. The inventory of imported iron ore at 47 ports across the country was 15812.84 tons, an increase of 188.71 tons from the previous week, and the average daily port clearance volume was 340.28 tons, an increase of 4.73 tons [5]. 3.3 Industry News - On November 11, the commissioning ceremony of the Simandou project was held in the Port of Mariabaya, Guinea [10]. - Brazil's CSN announced its Q3 2025 results, with the iron ore segment performing strongly, setting a record high in production and sales. In Q3, the company's iron ore production reached 1192.8 tons, a 2.8% increase from the previous quarter and a 4.3% increase year - on - year [10]. - From January to October, the national real estate development investment was 73563 billion yuan, a 14.7% year - on - year decrease. The housing construction area of real estate development enterprises was 652939 million square meters, a 9.4% year - on - year decrease [10]. 3.4 Related Charts The report includes multiple charts showing the trends of futures and spot prices of rebar, hot - rolled coil, iron ore, etc., as well as data on steel production, inventory, and iron ore shipment and arrival volume [9][11][13].