供应扰动仍存，矿价高位运行

Report Title - The report is titled "Iron Ore April Report" dated March 27, 2026 [6][17][25] Report Industry Investment Rating - No information about the industry investment rating is provided in the given content. Core Viewpoint - The core view is that supply disturbances still exist, and iron ore prices are operating at a high level [1] Summary by Directory 1. Iron Ore Market Data Review - The report presents multiple graphs showing historical price trends of iron ore, including the Platts iron ore price, PB powder price, price spreads between different iron ore products, and relationships between steel mill cash profits and price spreads of high, medium, and low - grade iron ores [10][11][12] 2. Iron Ore Supply and Demand Analysis Supply - Import Volume: Graphs display the import volume of iron ore from different regions such as total imports, Australia, Brazil, and India over the years from 2021 - 2026 [29][30][31] - Global Shipment Volume: It shows the global shipment volume of iron ore, including total global shipments, shipments from Australia and Brazil, and shipments from major mining companies like VALE, Rio Tinto, BHP, and FMG [37][38][39] - Supply Forecast: A table provides the supply - side data of major iron ore producers from 2020 - 2026E, including RIO, BHP, FMG, etc., along with year - on - year changes [54] - Domestic Concentrate Production: Graphs show the domestic concentrate production in different regions of China, such as the total domestic concentrate production, and production in North China, Northeast China, and East China [62][65] Demand - Domestic Demand: It includes data on real estate new construction area, fixed - asset investment, 247 steel mill hot metal production, domestic steel demand, construction steel demand, and manufacturing steel demand [71][72][73] - Global Demand: Graphs show overseas iron ore consumption, global iron ore consumption, overseas steel demand, and global total steel demand [87][88][89] - Inventory: Graphs display various inventory data, including import iron ore port total inventory, import iron ore trade ore total inventory, import iron ore total inventory, and the total inventory of iron elements in the entire industry chain [96][97][98] 3. Iron Ore Market Outlook - No specific content about the market outlook is provided other than the title.