大越期货铁矿石早报-20260319

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The supply - side disturbances have pushed up the price of iron ore, but the port inventory has continued to increase and the molten iron output has reached a new stage - low, with prominent real - world supply - demand pressure. The expected resumption of production and restocking demand of steel mills support the price, but part of the supply - side news has been priced in. Without substantial improvement in demand, the price is expected to move in a volatile manner [1]. 3. Summary by Relevant Catalogs 3.1 Spot and Basis - The spot price of PB powder at Rizhao Port converted to the futures price is 837 yuan/ton, with a basis of 26; the spot price of Brazilian mixed ore at Rizhao Port converted to the futures price is 847 yuan/ton, with a basis of 36. The basis situation is bullish [1]. 3.2 Supply and Inventory - The port inventory of iron ore is 17947.32 tons, showing a month - on - month and year - on - year increase, which is bearish [1]. 3.3 Demand and Downstream - The expected resumption of production and restocking demand of steel mills support the price, but in the absence of substantial improvement in demand, the price is expected to move in a volatile manner [1]. 3.4 Profit No information provided.