铁矿石：等待钢厂复产，矿价低位反弹

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report focuses on the iron ore market, stating that it is waiting for steel mills to resume production, and the iron ore price rebounds at a low level [1]. Group 3: Summary by Directory 1. Fundamental Tracking - Futures Data: The closing price of I2605 is 752.0 yuan/ton, with a decrease of 1.5 yuan/ton and a decline rate of -0.20%. The yesterday's position is 525,573 hands, with a change of -7,288 hands [1]. - Spot Price: The prices of imported ores such as Carajás fines (65%), PB (61.5%), Jinbuba (61%), and Super Special (56.5%) all decreased, while the prices of domestic ores such as Hanxing (66%) and Laiwu (65%) remained unchanged [1]. - Basis and Spread: The basis of I2605 against Super Special decreased by 1.8 yuan/ton, and the basis against Jinbuba decreased by 0.7 yuan/ton. The spread of I2605 - I2609 remained unchanged at 20.5, and the spread of I2609 - I2701 increased by 0.5 to 14.0. The spreads of Carajás fines - PB, PB - Jinbuba, and PB - Super Special all changed to some extent [1]. 2. Macro and Industry News - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference opened at 3:00 p.m. on March 4 in the Great Hall of the People in Beijing [1]. - Five departments in Shanghai jointly issued the "Notice on Further Optimizing and Adjusting the Real Estate Policy in this City" on February 25, which came into effect on February 26, 2026 [2]. 3. Trend Intensity - The trend intensity of iron ore is 1, with the range of [-2, 2]. -2 represents the most bearish, and 2 represents the most bullish [3].