铁矿石周度数据（20251128）-20251128

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The iron ore supply - demand pattern continues to be weak. Steel mill production is weakening, and the terminal consumption of ore is constantly declining. The daily average hot metal production and imported ore consumption of sample steel mills decreased again this week. With the unimproved profitability of steel mills and production - restriction disturbances, ore demand will continue to weaken, which may drag down ore prices. Meanwhile, the arrival of ore at domestic ports has increased significantly, overseas miners' shipments remain at a high level this year, and domestic ore production is stable, so the ore supply is high. In the short - term, the fermentation of positive factors supports the ore price to rise oscillatingly, but the demand is weakening while the supply remains high. The fundamentals of the ore market are weak, and the upward driving force is not strong. Once the market operation logic returns to the industrial end, the ore price may be weak. Attention should be paid to the performance of steel products [2]. Group 3: Summary of Related Data Inventory - 45 - port iron ore inventory is 15,210.12, with a week - on - week increase of 155.47, a monthly increase of 667.64 compared to the end of last month, and an increase of 163.23 compared to the same period [1]. - 247 steel mills' imported ore inventory is 8,942.48, with a week - on - week decrease of 58.75, a monthly increase of 92.62, and a decrease of 343.06 compared to the same period [1]. Supply - 45 - port iron ore arrival volume is 2,817.10, with a week - on - week increase of 548.20, a monthly increase of 788.00, and an increase of 519.90 compared to the same period [1]. - Global 19 - port iron ore shipment volume is 3,278.40, with a week - on - week decrease of 237.98, a monthly decrease of 109.95, and an increase of 184.80 compared to the same period [1]. Demand - The daily average hot metal production of 247 steel mills is 234.68, with a week - on - week decrease of 1.60, a monthly decrease of 1.68, and an increase of 0.81 compared to the same period [1]. - 45 - port daily average ore - evacuation volume is 331.58, with a week - on - week increase of 1.66, a monthly increase of 11.42, and a decrease of 4.29 compared to the same period [1]. - The daily consumption of imported ore by 247 steel mills is 289.43, with a week - on - week decrease of 2.25, a monthly decrease of 2.19, and a decrease of 0.34 compared to the same period [1]. - The weekly average of main - port iron ore transactions is 108.00, with a week - on - week increase of 29.62, a monthly increase of 25.82, and a decrease of 6.16 compared to the same period [1].