铁矿石12月月报：终端需求低位，矿价高位承压-20251128

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Terminal demand is at a low level, and iron ore prices are under pressure at high levels [1] 3. Summary by Directory Second Part: Iron Ore Market Data Review - The report presents multiple graphs including the 62% Platts iron ore price, PB powder price, price spreads between different iron ore products, spreads between steel mill cash profits and high - medium - low grade iron ore, and basis differences between the optimal delivery product and different contracts [9][13][16][17] Third Part: Iron Ore Supply and Demand Analysis - Supply Side - Import quantity graphs of iron ore from different regions such as Australia, Brazil, and India are shown, as well as global shipment volume graphs of major iron ore producers like VALE, Rio Tinto, BHP, and FMG [23][26][28][30] - A table shows the incremental changes in global seaborne iron ore supply from 2020 - 2026E for major suppliers. For example, in 2025E compared to 2024, FMG's supply is expected to increase by 5 million tons, and in 2026E compared to 2025E, it is expected to increase by another 5 million tons [43] - Domestic refined iron powder production graphs for different regions in China are presented, including national, North China, Northeast China, and East China [50][52] - Demand Side - Graphs related to downstream demand are shown, such as real estate new construction area, infrastructure investment growth rate (excluding electricity), 247 steel mill hot metal production, domestic steel demand, construction steel demand, manufacturing steel demand, overseas iron ore consumption, global iron ore consumption, overseas steel demand, and global total steel demand [60][65][67][76][78] - Inventory graphs are presented, including import iron ore port total inventory, import iron ore trade ore total inventory, import iron ore total inventory, and the entire industrial chain iron element total inventory [86][88] Fourth Part: Iron Ore Market Outlook - No specific content provided in the given text