瑞达期货铁矿石产业链日报-20260225

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Wednesday, the I2605 contract showed a strong performance. The tariff adjustment by the US has affected market sentiment. The supply of iron ore remains loose, but the downward momentum of the futures price weakens below 750. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA rebound from low levels, with the green column turning red. It is recommended for short - term trading with risk control [2] Group 3: Summary by Directory Futures Market - The closing price of the I main contract is 752.50 yuan/ton, up 12.00 yuan; the position volume is 528,484 hands, up 9280 hands. The 5 - 9 contract spread is 17 yuan/ton, up 1.00 yuan. The net position of the top 20 in the I contract is - 35228 hands, down 6176 hands. The Dalian Commodity Exchange warehouse receipt is 2,900.00 hands, unchanged. The Singapore iron ore main contract is quoted at 98.7 dollars/ton as of 15:00, up 2.06 dollars [2] Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 800 yuan/dry ton, down 7 yuan; the price of 60.5% Mac fine ore is 788 yuan/dry ton, down 9 yuan. The price of 56.5% Super Special fine ore at Jingtang Port is 707 yuan/dry ton, down 5 yuan. The basis of the I main contract (Mac fine dry ton - main contract) is 36 yuan, down 21 yuan. The 62% Platts iron ore index (previous day) is 96.90 dollars/ton, up 0.50 dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fine ore at Qingdao Port is 3.34, up 0.03. The estimated import cost is 774 yuan/ton, up 3 yuan [2] Industry Situation - The global iron ore shipping volume (weekly) is 3,320.90 million tons, up 631.00 million tons. The arrival volume at 47 ports in China (weekly) is 2,321.10 million tons, down 174.60 million tons. The iron ore inventory at 47 ports (weekly) is 17,732.12 million tons, down 182.56 million tons. The iron ore inventory of sample steel mills (weekly) is 10,703.93 million tons, up 387.29 million tons. The iron ore import volume (monthly) is 11,965.00 million tons, up 911.00 million tons. The available days of iron ore (weekly) is 29.00 days, down 3 days. The daily output of 266 mines (weekly) is 38.90 million tons, up 0.39 million tons. The operating rate of 266 mines (weekly) is 61.27%, unchanged. The iron concentrate inventory of 266 mines (weekly) is 39.55 million tons, up 0.48 million tons. The BDI index is 2,129.00, up 17.00. The iron ore freight rate from Tubarao, Brazil to Qingdao is 24.42 dollars/ton, up 0.10 dollars; the freight rate from Western Australia to Qingdao is 10.174 dollars/ton, unchanged [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 80.15%, up 0.60%. The blast furnace capacity utilization rate of 247 steel mills (weekly) is 86.43%, up 0.72%. The domestic crude steel output (monthly) is 6,818 million tons, down 169 million tons [2] Option Market - The 20 - day historical volatility of the underlying (daily) is 16.39%, up 1.44%. The 40 - day historical volatility of the underlying (daily) is 17.48%, up 0.49%. The implied volatility of at - the - money call options (daily) is 24.51%, up 3.83%. The implied volatility of at - the - money put options (daily) is 15.43%, down 0.66% [2] Industry News - From February 16 to February 22, 2026, the global iron ore shipping volume was 3320.9 million tons, a week - on - week increase of 631.0 million tons. The shipping volume from Australia and Brazil increased by 394.9 million tons. The shipping volume from Brazil was 702.5 million tons, a week - on - week increase of 58.2 million tons. The total shipping volume from Australia was 2010.8 million tons, a week - on - week increase of 540.2 million tons, and the volume shipped to China was 1709.1 million tons. From February 16 to February 22, 2026, the arrival volume at 47 ports in China was 2321.1 million tons, a week - on - week decrease of 174.6 million tons; the arrival volume at 45 ports was 2152.4 million tons, a week - on - week decrease of 265.6 million tons; the arrival volume at six northern ports was 1027.7 million tons, a week - on - week decrease of 303.3 million tons [2]