铁矿石周度数据（20251219）-20251219

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The supply - demand pattern of iron ore is weak. At the end of the year, steel mill production is weakening, and the terminal consumption of ore is continuously declining. The average daily hot metal production and imported ore consumption of sample steel mills decreased again this week, both reaching relatively low levels. The profit situation of steel mills has not improved, and the weak demand pattern remains unchanged, continuing to put pressure on steel prices. Attention should be paid to whether the pre - Spring Festival stockpiling can bring about demand improvement. - Domestic port arrivals have increased significantly, and overseas miners' shipments have continued to increase, hitting a new high for the single - week within the year. They are actively ramping up production at the end of the year. Even though domestic mine production is weakening, the overall ore supply remains at a high level. - In general, iron ore demand continues to weaken, and supply remains high. The supply - strong and demand - weak situation leads to poor fundamentals of the ore. The ore price is under pressure at a high level, but the structural contradiction in the spot market is unresolved, providing support for the ore price. It is expected that the ore price will maintain a high - level oscillating trend, and caution should be exercised regarding the shift of the trading logic to the real - world situation [2]. 3) Summary by Related Catalogs Inventory - 45 - port iron ore inventory is 15,512.63, with a week - on - week increase of 81.21, an increase of 302.51 compared to the end of last month, and an increase of 465.74 compared to the same period (lunar calendar). - 247 steel mills' imported ore inventory is 8,723.95, with a week - on - week decrease of 107.25, a decrease of 218.53 compared to the end of last month, and a decrease of 561.59 compared to the same period (lunar calendar) [1]. Supply - Domestic 45 - port iron ore arrivals are 2,723.40, with a week - on - week increase of 242.90, a decrease of 93.70 compared to last month, and an increase of 426.20 compared to the same period (lunar calendar). - Global iron ore shipments are 3,592.50, with a week - on - week increase of 223.94, an increase of 314.08 compared to last month, and an increase of 498.90 compared to the same period (lunar calendar) [1]. Demand - The average daily hot metal production of 247 steel mills is 226.55, with a week - on - week decrease of 2.65, a decrease of 8.13 compared to last month, and a decrease of 7.32 compared to the same period (lunar calendar). - 45 - port average daily ore removal volume is 313.45, with a week - on - week decrease of 5.74, a decrease of 18.13 compared to last month, and a decrease of 22.42 compared to the same period (lunar calendar). - 247 steel mills' imported ore daily consumption is 280.56, with a week - on - week decrease of 2.71, a decrease of 8.87 compared to last month, and a decrease of 9.21 compared to the same period (lunar calendar). - The weekly average of main - port iron ore transactions is 92.13, with a week - on - week decrease of 4.71, a decrease of 11.59 compared to last month, and a decrease of 22.03 compared to the same period (lunar calendar) [1].