Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The current supply of iron ore remains at a high level, while the molten iron production has been decreasing for four consecutive weeks. Considering the decent profit per ton of steel, the molten iron production may fluctuate at a high level, and the downward trend may not be smooth. The short - term rebound pressure is at 90 (722) US dollars, and participation should be cautious [9] Summary by Directory Part I: Fundamental Analysis and Conclusions - **Price**: Last week, iron ore spot prices fluctuated within a narrow range. The Platts 62% index closed at $96.1 on June 6, down $0.7 week - on - week, equivalent to about 805 yuan after exchange - rate conversion. The optimal deliverable is NM powder, with a latest quotation of about 724 yuan/ton and a converted warehouse - receipt price of about 745 yuan/ton. The 09 iron ore contract is at a discount to the spot [6] - **Inventory**: China's 47 - port iron ore inventory decreased week - on - week and is lower than the same period last year. As of now, the total inventory is 14,400.31 tons, a decrease of 69 tons week - on - week, 1,210 tons lower than the beginning of the year, and 1,137 tons lower than the same period last year. It is predicted that the 47 - port inventory may slightly increase in the next period [6] - **Supply - Shipment**: The global iron ore shipment volume this period is 3,510.4 tons, an increase of 79.4 tons week - on - week. The shipment volume from 19 ports in Australia and Brazil is 2,839.4 tons, an increase of 8.8 tons week - on - week. Australia's shipment volume is 2,093.6 tons, an increase of 196.8 tons week - on - week, and the volume shipped to China is 1,815.8 tons, an increase of 336.5 tons week - on - week. Brazil's shipment volume is 745.8 tons, a decrease of 188.0 tons week - on - week [7] - **Supply - Arrival**: From June 2 to June 8, 2025, the arrival volume at China's 47 ports is 2,673.9 tons, an increase of 76.5 tons week - on - week; the arrival volume at 45 ports is 2,609.3 tons, an increase of 72.8 tons week - on - week; the arrival volume at the six northern ports is 1,383.6 tons, a decrease of 157.2 tons week - on - week. The arrival volume of non - mainstream ores increased by 4.5 tons to 335.2 tons [7] - **Demand**: The average daily molten iron production of 247 sample steel mills continued to decline this period, at 241.8 tons per day, a decrease of 0.11 tons per day week - on - week. It is expected that the molten iron production will slightly decrease in the next period. As of June 6, the long - process cash - inclusive cost of rebar in East China is 2,972 yuan, with a profit of about 148 yuan; the long - process cash - inclusive profit of hot - rolled coils is about 128 yuan. In the electric - arc furnace sector, the flat - rate electricity cost in East China is about 3,260 yuan, and the off - peak electricity cost is about 3,128 yuan [8] Part II: Data Sorting - **Iron Ore Warehouse - Receipt Price**: Presents the chemical indicators, quality premiums, brand premiums, spot prices, and converted warehouse - receipt prices of various iron ore varieties. The optimal deliverable is Newman powder with a warehouse - receipt price of 745 yuan, and the second - best is BRBF with a warehouse - receipt price of 754 yuan [14] - **Iron Ore Inter - Delivery Spreads**: Displays the historical data of iron ore 09 - 01, 01 - 05, and 05 - 09 inter - delivery spreads [16] - **Iron Ore Import Profit**: No specific data analysis provided - **High - and Low - Grade Price Difference**: No specific data analysis provided - **Premium Index**: Shows the historical data of the premium indices of 62.5% lump ore and 65% pellet [25] - **Brand Premium (Discount) and Inventory**: Displays the inventory and premium (discount) data of various iron ore brands such as Mac, PB, JMB, and Newman [27] - **Steel Mill Sintered Ore Fines Inventory**: The inventory of imported sintered ore fines of 64 sample steel mills decreased by 48.5 tons week - on - week, a decrease of 4.00%; the inventory of domestic sintered ore fines decreased by 0.1 tons week - on - week, a decrease of 0.10%; the average inventory days of imported ores decreased by 1.0 days week - on - week, a decrease of 5.00% [30] - **247 Steel Mills' Imported Ore Inventory and Daily Consumption**: The imported ore inventory of 247 steel mills decreased by 64.15 tons week - on - week, a decrease of 0.73%; the daily consumption increased by 0.80 tons, an increase of 0.27%; the inventory - to - sales ratio decreased by 0.29, a decrease of 0.99% [33] - **Port Inventory and Berthing**: No specific data analysis provided - **Port Inventory by Ore Type**: The inventory of imported lump ore at ports decreased by 60 tons week - on - week, a decrease of 3.85%; the inventory of pellet ore increased by 3 tons, an increase of 0.64%; the inventory of iron concentrate decreased by 79 tons, a decrease of 6.30%; the inventory of coarse ore increased by 96 tons, an increase of 0.91% [39] - **Surcharge**: Displays the historical data of iron ore surcharge from 2020 to 2025 [42] - **Iron Ore In - Transit Volume**: Displays the historical data of China's total in - transit iron ore volume and the in - transit volume from Brazil, non - mainstream countries, and Australia to China [45] - **Iron Ore Import Quantity**: Displays the historical import volume data of iron ore in China, Australia, Brazil, South Africa, and other countries [49] - **Australia's Iron Ore Shipment**: Australia's shipment to China increased by 337 tons week - on - week, an increase of 22.75%; the total shipment increased by 196.8 tons, an increase of 10.38%; the proportion of shipment to China increased by 8.7%, an increase of 11.21% [58] - **Brazil's Iron Ore Shipment**: Brazil's global shipment decreased by 188 tons week - on - week, a decrease of 20.13% [63] - **Four Major Mines' Iron Ore Shipment**: The total shipment of the four major mines remained basically unchanged week - on - week. Rio Tinto's shipment decreased by 1 ton, a decrease of 0.14%; BHP's shipment increased by 72 tons, an increase of 14.02%; Vale's shipment decreased by 220 tons, a decrease of 31.15%; FMG's shipment increased by 149 tons, an increase of 44.52% [65] - **Iron Ore Arrival**: The arrival volume at 45 ports increased by 73 tons week - on - week, an increase of 2.9%; the arrival volume at northern ports decreased by 157 tons, a decrease of 10.2% [73] - **Freight Rate**: Displays the historical data of iron ore freight rates from Brazil's Tubarão to Qingdao and from Western Australia to Qingdao [75] - **Domestic Ore Production (Estimated)**: The production of iron concentrate in 266 mines decreased by 0.2 tons week - on - week, a decrease of 0.28%; the inventory decreased by 2 tons [78] - **Steel Mill Ore Fines Daily Consumption and Capacity Utilization**: The blast - furnace capacity utilization rate of 247 steel mills decreased by 0.04%, and the average daily molten iron production decreased by 0.11 tons. The daily consumption of imported sintered ore fines increased by 0.84 tons, an increase of 1.42%; the daily consumption of domestic sintered ore fines decreased by 0.05 tons, a decrease of 0.61% [80] - **Pig Iron Production**: The daily average pig iron production data from the National Bureau of Statistics and the China Iron and Steel Association are presented, along with year - on - year and month - on - month growth rates [86] - **Global Pig Iron Production**: Displays the historical data of global, Chinese, and non - Chinese pig iron production [89] - **Global (Excluding China) Pig Iron Production**: Presents the historical data of non - Chinese pig iron production and the year - on - year and month - on - month growth rates [94]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The short - term, medium - term, and intraday views of iron ore 2509 are "oscillation", "oscillation", and "oscillation with a weak bias" respectively. It is recommended to pay attention to the support at the MA5 line. The core logic is that the supply - demand pattern is weakly stable, and the ore price oscillates at a low level [2]. - The iron ore fundamentals are weakly stable. The steel mill production is weak in the off - season, resulting in weak ore demand. Meanwhile, the overseas ore supply is active with an expected end - of - fiscal - year volume rush. The overall supply pressure increases, presenting a situation of strong supply and weak demand. However, the futures price is deeply discounted, and the market sentiment has improved recently, so the downward resistance is large. The ore price is expected to continue the low - level oscillation, and the performance of finished steel should be monitored [3]. 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - For iron ore 2509, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a weak bias. The reference is to pay attention to the support at the MA5 line, and the core logic is the weakly stable supply - demand pattern and low - level ore price oscillation [2]. 3.2 Market Driving Logic - The iron ore fundamentals run weakly and stably. The steel mill production in the off - season is weak, leading to weak ore demand and limited positive effects. The overseas ore supply is positive with an expected end - of - fiscal - year volume rush. Although domestic ore production is restricted and the output declines, the overall supply pressure increases. The supply - demand situation is weak, and the ore price is under pressure. But due to the deep discount of the futures price and the improved market sentiment, the downward resistance is large. The ore price is expected to continue to oscillate at a low level, and the performance of finished steel should be observed [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The iron ore market shows a weak and stable operation, with the price continuing to fluctuate. The short - term, medium - term, and intraday trends of iron ore 2509 are respectively "oscillation", "oscillation", and "weak oscillation". Attention should be paid to the support at the MA5 line [1]. - The iron ore fundamentals are relatively stable. The steel mill production is weakening, and the ore demand is falling from a high level with room for further reduction in the off - season. The port arrivals and overseas miners' shipments are rising, and the overseas ore supply remains high. The domestic ore production decline due to inspections is not sustainable. The supply - strong and demand - weak situation makes the iron ore fundamentals weak and stable, and the price is under pressure. However, due to the large futures price discount, there is resistance to downward movement. The price maintains a low - level oscillation, and attention should be paid to the performance of finished products [2]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For iron ore 2509, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. The reference view is to pay attention to the support at the MA5 line, and the core logic is that the fundamentals are weak and stable, and the ore price continues to oscillate [1]. Market Driving Logic - The iron ore fundamentals are relatively stable. Steel mill production is weakening, and ore demand is falling from a high level. There is still room for reduction in the off - season, but the current decline is not large, which supports the ore price. Port arrivals and overseas miners' shipments are rising, and the overseas ore supply remains high. The domestic ore production decline due to inspections is not sustainable. The supply - strong and demand - weak situation makes the fundamentals weak and stable, and the price is under pressure. Due to the large futures price discount, there is resistance to downward movement. The price maintains a low - level oscillation, and attention should be paid to the performance of finished products [2].