铁矿石：价格走弱，关注下游补库节奏

Report Title - The report is titled "Iron Ore: Weakening Prices, Focus on Downstream Restocking Rhythm" [2] Report Date - The report is dated January 21, 2026 [1] Core View - The price of iron ore is weakening, and attention should be paid to the downstream restocking rhythm [2] Industry Investment Rating - No industry investment rating is provided in the report Summary by Directory 1. Fundamental Tracking - Futures Data: The closing price of I2605 was 789.5 yuan/ton, down 4.5 yuan/ton or -0.57%. The position was 586,412 hands, down 29,929 hands [3] - Spot Price: Imported ore prices decreased, with declines of 5 yuan/ton for Carajás fines (65%), PB fines (61.5%), and Jimbara fines (61%), and a 3 yuan/ton decline for Super Special fines (56.5%). Domestic ore prices remained unchanged [3] - Price Spreads: The basis for I2605 against Super Special fines increased by 1.2 yuan/ton, while the basis against Jimbara fines decreased by 0.9 yuan/ton. The spread between I2605 and I2609 increased by 0.5 yuan/ton, and the spread between I2601 and I2605 decreased by 1.0 yuan/ton. The spreads between Carajás fines and PB fines, PB fines and Jimbara fines remained unchanged, and the spread between PB fines and Super Special fines decreased by 2.0 yuan/ton [3] 2. Macro and Industry News - On January 20, the 1-year LPR was 3% and the 5-year LPR was 3.5%, both unchanged from the previous month [3] 3. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral outlook [3]