建信期货铁矿石日评-20251119

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On November 18, the iron ore futures main contract 2601 fluctuated upward, closing at 792.0 yuan/ton, up 1.41%. Currently, the iron ore demand side is weak and the fundamentals are under pressure overall. However, the decline in coking coal prices has brought some room for growth in steel enterprise profits, alleviating the pressure on iron ore. Technically, the support at the lower edge of the previous oscillation range of the iron ore market is strong, providing some support for the ore price, resulting in a narrow - range oscillation trend of the short - term ore price. The subsequent situation depends on whether there are signs of continued improvement in steel enterprise profits [7][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook for the Future 3.1.1 Market Review - On November 18, the iron ore futures main 2601 contract fluctuated upward, opening at 786.5 yuan/ton, reaching a high of 792 yuan/ton, a low of 781 yuan/ton, and closing at 792 yuan/ton, up 1.41%. The main iron ore outer - disk quotes were flat compared with the previous trading day, and the prices of major - grade iron ore at Qingdao Port increased by 0 - 5 yuan/ton compared with the previous trading day. The daily KDJ indicator of the iron ore 2601 contract continued to rise, and the red column of the daily MACD indicator of the iron ore 2601 contract expanded after the golden cross the previous day [7][9] 3.1.2 Outlook for the Future - In terms of supply, the shipments from Australia and Brazil have declined, and the arrivals have fallen from a high. Considering the decline in the cumulative shipments in the past four weeks, the subsequent arrival volume is expected to continue to decline, showing a pattern of high in the front and low in the back. The first shipment of iron ore from Simandou in Guinea last week has a limited short - term shipment volume and limited actual impact, but under the expectation of increased supply, the price of the far - month contract of iron ore may be suppressed. In terms of demand, the daily average pig iron output increased after six consecutive weeks of decline, currently at 235.88 tons. The increase in pig iron output last week was mainly due to the repair of steel production profits. The production profits of rebar and hot - rolled coils in blast furnaces have been significantly repaired in the past week, driving up the production enthusiasm of steel enterprises. The sustainability of profit repair needs further observation. For the five major steel products, both production and demand declined last week, and the decline in demand slowed down. Considering the cold weather, the demand for construction steel may continue to be suppressed. In terms of inventory, steel mills have returned to the state of replenishing inventory on demand, with the available inventory days at a relatively low level of 21 days this year. The port inventory has continued to accumulate and has now exceeded 150 million tons, and it is expected that the port inventory will continue to accumulate slightly in the future [10][11] 3.2 Industry News - According to Pengpai News, on November 18, the Chinese Foreign Ministry made solemn representations to Japan regarding the wrong remarks of Japanese Prime Minister Takamori Sanae on China - related issues. According to data from the National Bureau of Statistics, China's crude steel output in October 2025 was 71.997 million tons, a year - on - year decrease of 12.1%; the cumulative crude steel output from January to October was 817.874 million tons, a year - on - year decrease of 3.9% [12] 3.3 Data Overview - The report provides multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price difference between high - grade ore and PB powder at Qingdao Port, port iron ore inventory and dispatch volume, sample steel mills' tax - free pig iron cost, blast furnace operating rate and iron - making capacity utilization rate, electric furnace operating rate and capacity utilization rate, national daily average pig iron output, apparent consumption of five major steel products, weekly output of five major steel products, and steel mills' inventory of five major steel products. The data sources are Mysteel and the Research and Development Department of CCB Futures [14][29][34]