到港压力不减，铁矿震荡为主

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The demand side shows that last week's hot metal production continued to stabilize, the in - plant inventory increased slightly, and the steel mills' restocking efforts were average. The supply side indicates that after the year - end mine rush, overseas iron ore shipments declined last week, and there will be significant arrival pressure in the next 1 - 2 weeks, with port inventories at a high level. Overall, supply is stronger than demand, short - term sentiment has eased, and it is expected that the futures price will mainly fluctuate [1][4][6]. 3. Summary by Related Catalogs Transaction Data - SHFE rebar had a closing price of 3144 yuan/ton, a rise of 22 yuan, a gain of 0.70%, a total trading volume of 6567825 lots, and a total open interest of 2367759 lots [2]. - SHFE hot - rolled coil had a closing price of 3294 yuan/ton, a rise of 24 yuan, a gain of 0.73%, a total trading volume of 2987286 lots, and a total open interest of 1440895 lots [2]. - DCE iron ore had a closing price of 814.5 yuan/ton, a rise of 25.0 yuan, a gain of 3.17%, a total trading volume of 1706517 lots, and a total open interest of 636674 lots [2]. - DCE coking coal had a closing price of 1195.5 yuan/ton, a rise of 80.5 yuan, a gain of 7.22%, a total trading volume of 7162354 lots, and a total open interest of 621167 lots [2]. - DCE coke had a closing price of 1748.0 yuan/ton, a rise of 55.0 yuan, a gain of 3.25%, a total trading volume of 158354 lots, and a total open interest of 39551 lots [2]. Market Review - Last week, iron ore futures first rose and then fell, with the center of the futures price moving up. During the week, the fluctuations increased due to the drive of coking coal and coke. In the spot market, the price of Rizhao Port PB powder was 822 yuan/ton, a week - on - week increase of 14 yuan/ton, and the price of Super Special powder was 701 yuan/ton, a week - on - week increase of 21 yuan/ton. The price difference between high - and low - grade PB powder and Super Special powder was 122 yuan/ton [4]. - On the demand side, last week, the hot metal production of 247 steel mills continued to stabilize. The blast furnace operating rate was 79.31%, a week - on - week increase of 0.37 percentage points and a year - on - year increase of 2.13 percentage points; the blast furnace iron - making capacity utilization rate was 86.04%, a week - on - week increase of 0.78 percentage points and a year - on - year increase of 1.80 percentage points; the steel mill profitability rate was 37.66%, a week - on - week decrease of 0.44 percentage points and a year - on - year decrease of 12.99 percentage points; the daily average hot metal production was 229.5 tons, a week - on - week increase of 2.07 tons and a year - on - year increase of 5.13 tons [4]. - On the supply side, after the year - end mine rush, overseas iron ore shipments declined last week. The total global iron ore shipments were 3213.7 tons, a week - on - week decrease of 463.4 tons. The total shipments from Australia and Brazil were 2742.7 tons, a week - on - week decrease of 316.9 tons. The inventory of imported iron ore at 47 ports in China was 17044.44 tons, a week - on - week increase of 322.65 tons; the daily average port clearance volume was 336.96 tons, a decrease of 3.25 tons [5]. Industry News - The US President Trump claimed that the US had successfully attacked Venezuela, captured Venezuelan President Maduro and his wife, and taken them out of Venezuela. UN Secretary - General Guterres was deeply shocked by the recent escalation of the situation in Venezuela. The UN Security Council will hold an emergency meeting on the US military action against Venezuela at 10:00 local time on January 5 [10]. - The 2026 work conference of the People's Bank of China was held from January 5 - 6. The meeting emphasized continuing to implement a moderately loose monetary policy, leveraging the integrated effects of incremental and existing policies, and increasing counter - cyclical and cross - cyclical adjustment efforts. It also mentioned flexibly and efficiently using various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain ample liquidity [10]. - In December 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 10.3266 million square meters, a month - on - month increase of 52.5% and a year - on - year decrease of 28.5%. During the same period, the total transaction (signing) area of second - hand housing in 10 key cities was 9.7901 million square meters, a month - on - month increase of 7.1% and a year - on - year decrease of 27% [10]. Relevant Charts - The report provides multiple charts including those on the futures and spot price trends of rebar, hot - rolled coil, and iron ore, as well as the basis spread of iron ore, and various production, shipment, inventory, and price - related charts of iron ore [9].