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Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - After the end of the weather impact, overseas supply has recovered, and high inventory restricts the price increase. There are still structural issues to be resolved. The demand side shows a decent recovery in molten iron production. It is expected that the price will fluctuate weakly. Attention should be paid to the policy guidance from the important meetings in March. Also, note the impact of the overseas conflict situation on the market [11][14]. 3. Summary by Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - Supply (2026/02/16 - 2026/02/22): Global iron ore shipments totaled 33.209 million tons, a week - on - week increase of 6.31 million tons. Shipments from Australia and Brazil totaled 27.133 million tons, a week - on - week increase of 5.984 million tons. Australia's shipments were 20.108 million tons, a week - on - week increase of 5.402 million tons, with 17.091 million tons sent to China, a week - on - week increase of 3.949 million tons. Brazil's shipments were 7.025 million tons, a week - on - week increase of 0.582 million tons. China's 47 - port arrivals totaled 23.211 million tons, a week - on - week decrease of 1.746 million tons; 45 - port arrivals totaled 21.524 million tons, a week - on - week decrease of 2.656 million tons [11]. - Demand: The daily average molten iron output was 2.3328 million tons, a week - on - week increase of 0.0279 million tons. The steel mill profitability rate was 39.83%, a week - on - week increase of 1.30 percentage points. The blast furnace operating rate was 80.22%, a week - on - week increase of 0.09 percentage points [11]. - Inventory: The imported iron ore inventory at 47 domestic ports was 178.913 million tons, a week - on - week increase of 1.5918 million tons. The daily average port clearance volume was 3.1353 million tons, a week - on - week decrease of 0.5364 million tons [11]. 3.2. Futures and Spot Market - Price Difference: The PB - Super Special powder price difference was 114 yuan/ton, a pre - holiday change of + 2.0 yuan/ton. The Carajás - PB powder price difference was 128 yuan/ton, a pre - holiday change of + 29.0 yuan/ton. The Carajás - Jinbuba powder price difference was 182 yuan/ton, a pre - holiday change of + 24.0 yuan/ton. The ((Carajás + Super Special powder)/2 - PB powder) price difference was 7.0 yuan/ton, a pre - holiday change of + 13.5 yuan/ton [19][22]. - Feed Ratio and Scrap Steel: The pellet feed ratio was 14.3%, a change of + 0.18 percentage points from the previous period. The lump ore feed ratio was 12.41%, a change of + 0.21 percentage points from the previous period. The sinter feed ratio was 73.3%, a change of - 0.39 percentage points from the previous period. The scrap steel price in Tangshan was 2165 yuan/ton, with a week - on - week change of 0 yuan/ton. The scrap steel price in Zhangjiagang was 2160 yuan/ton, with a week - on - week change of 0 yuan/ton [25]. - Profit: The steel mill profitability rate was 39.83%, a week - on - week change of + 1.3 percentage points. The PB powder import profit was 14.75 yuan/wet ton [28]. 3.3. Inventory - 45 - Port Imported Iron Ore Inventory: It was 170.9196 million tons, a week - on - week change of + 1.4564 million tons. The pellet inventory was 3.6473 million tons, a week - on - week change of - 0.1603 million tons. The iron concentrate powder inventory at ports was 15.6726 million tons, a week - on - week change of - 0.2529 million tons. The lump ore inventory at ports was 19.6457 million tons, a week - on - week change of + 0.1399 million tons [35][38]. - Australian and Brazilian Ore Port Inventory: The Australian ore port inventory was 80.8764 million tons, a week - on - week change of + 2.0616 million tons. The Brazilian ore port inventory was 53.291 million tons, a week - on - week change of - 0.9477 million tons [41]. - Steel Mill Imported Iron Ore Inventory: The imported iron ore inventory of 247 steel mills was 90.851 million tons, a week - on - week change of - 16.1883 million tons [46]. 3.4. Supply Side - Overseas Shipments: The latest 19 - port Australian shipments to China were 16.673 million tons, a week - on - week change of + 3.532 million tons. Brazilian shipments were 6.866 million tons, a week - on - week change of + 0.617 million tons. Rio Tinto's shipments to China were 5.568 million tons, a week - on - week increase of 1.685 million tons. BHP's shipments to China were 5.166 million tons, a week - on - week increase of 1.272 million tons. Vale's shipments were 5.161 million tons, a week - on - week increase of 1.34 million tons. FMG's shipments to China were 4.075 million tons, a week - on - week increase of 0.307 million tons [51][54][57]. - China's Arrivals and Non - Australian and Brazilian Imports: The 45 - port arrivals were 21.524 million tons, a week - on - week decrease of 2.656 million tons. In December, China's non - Australian and Brazilian iron ore imports were 21.9278 million tons, a month - on - month increase of 2.9236 million tons [60]. - Domestic Mine Production: The latest domestic mine capacity utilization rate was 55.34%, a month - on - month change of - 2.68 percentage points. The daily average output of iron concentrate powder from domestic mines was 432,400 tons, a month - on - month change of - 21,000 tons [66]. 3.5. Demand Side - Molten Iron Output and Blast Furnace Utilization: The domestic daily average molten iron output was 2.3328 million tons, a week - on - week change of + 0.0279 million tons. The blast furnace capacity utilization rate was 87.45%, a week - on - week change of + 1.04 percentage points [71]. - Port Clearance and Steel Mill Consumption: The 45 - port daily average iron ore clearance volume was 2.9848 million tons, a week - on - week change of - 0.5271 million tons. The daily consumption of imported iron ore by 247 steel mills was 2.8871 million tons, a week - on - week change of + 0.0317 million tons [74]. 3.6. Basis - As of February 27, the calculated BRBF basis of iron ore was 34.27 yuan/ton, and the basis ratio was 4.37% [79].