1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore market remains in a state of high - level oscillation, with a short - term, medium - term, and intraday view of "oscillation" or "oscillation on the weak side". The fundamental situation has not improved, and the upward driving force is weak [1]. - The supply - demand pattern of iron ore has not improved. Steel mill production has stabilized, terminal ore consumption has weakened, and subsequent demand will continue to be weak. Meanwhile, domestic port arrivals have rebounded significantly, overseas miners' shipments are still at a high level this year, and domestic ore supply is stable, resulting in high - level supply. Although the ore price has shown a relatively strong trend due to the switching of arbitrage logic and the limited liquidity of some spot varieties, the fundamentals have not improved [2]. 3. Summary by Related Contents Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term view is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation on the weak side", with an overall view of "oscillation on the weak side". The core logic is that the fundamentals have not improved and the upward driving force is weak [1]. Market Driving Logic - The supply - demand pattern of iron ore has not improved. Steel mill production is stable, terminal ore consumption is weakening, and subsequent demand will continue to be weak. Domestic port arrivals have rebounded significantly, overseas miners' shipments, though slightly decreased, are still at a high level this year, and domestic ore supply is stable. The ore price has shown a relatively strong trend due to the switching of arbitrage logic and the limited liquidity of some spot varieties, but the fundamentals have not improved, and the subsequent trend will continue to oscillate at a high level. Attention should be paid to the performance of steel [2].

Core Viewpoint - The iron ore market is experiencing fluctuations, with a slight increase in supply and a mixed demand outlook, leading to expectations of high-level oscillations in iron ore prices [7] Supply - Global iron ore shipments increased to 35.164 million tons, up by 4.774 million tons week-on-week, while the port arrival volume decreased to 22.689 million tons, down by 4.723 million tons [5] - The September import volume for the country reached 116.326 million tons, an increase of 1.101 million tons month-on-month [5] Demand - As of November 19, the average daily pig iron production was 2.3688 million tons, an increase of 26,600 tons week-on-week; the blast furnace operating rate was 82.81%, down by 0.32%; and the steel mill profit margin was 38.96%, down by 0.87% [4] - The daily consumption of imported ore was 2.9263 million tons, an increase of 39,300 tons week-on-week [4] Inventory - As of November 19, port inventory saw a slight decrease, with an average daily dispatch volume increasing week-on-week; however, steel mills' imported ore inventory rose by 661,000 tons [6] - The total inventory at 45 ports was 151.1445 million tons, down by 153,000 tons [6] Market Dynamics - The iron ore futures market showed volatility, with the main contract closing at 791.5 yuan per ton, down by 0.5 yuan (-0.06%) [2] - The basis for optimal delivery products such as lump ore and PB ore showed variances, with PB ore at 843.6 yuan per ton [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The iron ore 2601 contract is expected to be weak in the short - term, oscillate in the medium - term, and oscillate weakly during the day. It is recommended to pay attention to the pressure at the MA60 line, as the supply - demand pattern has not improved and the upward driving force is not strong [1]. - The iron ore market is expected to maintain an oscillating trend. Although the demand has improved, the supply remains high, and the market fundamentals have not improved. The short - term positive factor is the change in the variety arbitrage logic. It is necessary to pay attention to the performance of steel [2]. 3. Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term outlook is weak, the medium - term is oscillating, and the intraday view is oscillating weakly. The reference view is to pay attention to the pressure at the MA60 line, with the core logic being that the supply - demand pattern has not improved and the upward driving force is not strong [1]. Market Driving Logic - The supply - demand pattern of iron ore has changed little. The resumption of production by steel mills has increased the terminal consumption of ore, but due to poor profitability of steel mills and unsolved industrial contradictions in the steel market, the demand improvement space is limited and the positive effect is weak. - The arrival of ore at domestic ports has continued to decline, but the shipments from overseas miners have increased significantly and returned to the high level of the year. According to the shipping schedule, the subsequent arrivals will bottom out and rebound. The supply of foreign ore is active, and the supply of domestic ore is stable with a slight increase, resulting in a high supply of ore. - Currently, the demand for iron ore has improved, but the supply remains high, so the fundamentals of the ore market have not improved and the upward driving force is not strong. The short - term positive factor is the change in the variety arbitrage logic. It is expected that the ore price will maintain an oscillating trend, and the performance of steel should be monitored [2].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The iron ore market is expected to continue to fluctuate. The demand for iron ore has improved, but its sustainability is questionable, and the supply remains at a high level. The upward driving force is not strong. The relatively positive factor is the switching of the arbitrage logic of black varieties. Under the game of multiple and short factors, the ore price is expected to continue to fluctuate. Attention should be paid to the steel mill production situation [2] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term view is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation and weakening". It is recommended to pay attention to the support at the MA5 line. The core logic is that the fundamentals have not improved, and the upward movement of the ore price is questionable [1] Market Driving Logic - There have been changes in both the supply and demand sides of iron ore. Steel mills have resumed production, and the terminal consumption of ore has increased slightly. However, the industrial contradictions in the steel market remain unresolved, and the room for improvement in ore demand is questionable. At the same time, the arrival of ore at domestic ports has declined from a high level, and the shipments of overseas miners have continued to decrease, but both are still at the highest levels of the year. The domestic ore production has stabilized, and the pressure on ore supply has not receded [2]

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoint of the Report - The short - term, medium - term, and intraday trends of Iron Ore 2601 are expected to be oscillatory, oscillatory, and weakly oscillatory respectively. Attention should be paid to the support at the MA5 line. The fundamental situation is weak, and the ore price is under pressure [1]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term, medium - term, and intraday trends are oscillatory, oscillatory, and weakly oscillatory respectively. The reference view is to focus on the support at the MA5 line, and the core logic is that the fundamental performance is weak, causing the ore price to be under pressure [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. Inventory has continued to increase. Steel mills have resumed production, and the terminal consumption of ore has slightly increased. However, the industrial contradictions in the steel market have not been alleviated, and the room for improvement in ore demand is limited, with a weak positive effect. Meanwhile, the arrival of ore at domestic ports has declined from a high level, and the shipments from overseas miners have continued to decrease, but both are still at a high level for the year. The domestic ore production has stabilized, and the supply pressure of ore has not subsided. Currently, although the demand for iron ore has improved, the supply remains at a high level. The fundamental situation of the ore market is still weak, which is likely to suppress the ore price. The relatively positive factor is the switching of the arbitrage logic, and the short - term trend will continue to oscillate. Attention should be paid to the production situation of steel mills [2].

1. Report's Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The fundamentals of iron ore show that steel mills' hot metal production has started to decline, the arrival level this month has decreased, the overall supply - demand is loose, port inventories have decreased, and there will be policies to reduce crude steel production, while the trade war has eased, presenting a neutral situation [2]. - The basis shows that the spot - converted prices of Rizhao Port PB powder and Brazilian Blend are at a premium to futures, being bullish [2]. - Port inventories are 15,272.93 tons, increasing month - on - month and decreasing year - on - year, being neutral [2]. - The price is below the 20 - day line and the 20 - day line is downward, being bearish [2]. - The net long position of the main iron ore contract has changed from short to long, being bullish [2]. - With the expected decrease in domestic demand and the impact of capacity - reduction plans, the market is expected to fluctuate at a high level [2]. 3. Summary by Related Catalogs 3.1. Factors Affecting Iron Ore Bullish factors - Hot metal production remains at a high level [6]. - Port inventories have decreased [6]. - There are import losses [6]. - The downstream steel prices are rising and can bear high - priced raw materials [6]. Bearish factors - Future shipment volumes will increase [6]. - Terminal demand remains weak [6]. 3.2. Market Indicators - **Iron ore port spot prices**: Not elaborated on in the provided content - **Iron ore basis**: Rizhao Port PB powder spot converted to the futures price is 825 with a basis of 49; Rizhao Port Brazilian Blend spot converted to the futures price is 846 with a basis of 70, and the spot is at a premium to the futures [2]. - **Iron ore import profit**: Not elaborated on in the provided content - **Iron ore shipment volume**: Future shipment volumes will increase [6]. - **Iron ore port and steel mill inventories**: Port inventories are 15,272.93 tons, increasing month - on - month and decreasing year - on - year [2]. - **Iron ore arrival and clearance volumes**: Not elaborated on in the provided content - **Iron ore daily consumption**: Not elaborated on in the provided content - **Steel enterprise production situation**: Steel mills' hot metal production has started to decline [2]. - **Iron ore daily port transactions and steel mills' daily hot metal**: Not elaborated on in the provided content

Market Review - Iron ore futures for the main contract 2601 experienced a slight increase, closing at 769.5 yuan with a rise of 0.13% [1] Fundamental Summary - Australian iron ore producers exported 62 million tons of iron ore through two major ports in Western Australia in September, a year-on-year decrease of 0.4%, indicating a shift in export market structure with reduced shipments to China and increased exports to Northeast Asia [2] - Vale reported a total iron ore production of 94.4 million tons for Q3 2025, reflecting a quarter-on-quarter increase of 12.9% and a year-on-year increase of 3.8%. Total sales reached 86 million tons, with a quarter-on-quarter increase of 11.21% and a year-on-year increase of 5.1% [2] - BHP's Q3 2025 report indicated a production of 70.2 million tons of iron ore from its Pilbara operations, showing a quarter-on-quarter decline of 9.3% and a year-on-year decline of 1.9% [2] Institutional Perspectives - According to Everbright Futures, both Australian and Brazilian shipments have seen slight recoveries, while other countries also show increased shipments. However, iron and steel production decreased slightly, and steel mill profitability continues to decline, with rebar inventory pressures persisting. The overall sentiment in the black commodity market is weak, although iron ore demand remains high, providing significant price support [3] - Zhengxin Futures noted that a potential visit by U.S. officials to China in early 2026 has led to a minor rebound in commodity prices, but weak demand for finished steel and continuous accumulation of port inventories are limiting the rebound in iron ore prices. The supply-demand structure for iron ore has slightly improved, with market attention on the accelerated progress of the West Moudou project, which may lead to increased supply [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The iron ore market's fundamentals are weakening, with high - valued ore prices under pressure to run weakly, and attention should be paid to steel performance [2] - For the iron ore 2601 contract, the short - term and intraday trends are weakly oscillating, the medium - term trend is oscillating, and it is necessary to focus on the pressure at the MA5 line [1] Group 3: Summary According to Related Contents Variety View Reference - For the iron ore 2601 contract, the short - term view is weakly oscillating, the medium - term view is oscillating, the intraday view is weakly oscillating, and the reference is to focus on the pressure at the MA5 line. The core logic is that the demand expectation is weakening and the ore price is under pressure [1] Market Driving Logic - The supply - demand pattern of iron ore is continuously weakening. Steel mill production is weakening, and the terminal consumption of ore continues to decline. The supply pressure is increasing due to high port arrivals, high miner shipments, and the recovery of domestic ore supply. The demand downside pressure is fermenting, and the high - valued ore price is under pressure [2]

Core Viewpoint - Iron ore futures have experienced a significant decline, with the main contract dropping by 3% to 774 yuan per ton on October 14 [1] Group 1 - The main contract for iron ore futures has seen a day-to-day decrease of 3% [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The iron ore market shows limited improvement in fundamentals, and the high - valued ore price has weak upward drivers. The price is expected to continue high - level oscillations before the holiday, and attention should be paid to the change in positions [1][2]. 3) Summary by Relevant Catalogs Variety View Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be oscillatory, while the intraday trend is expected to be weakly oscillatory. It is recommended to pay attention to the support at the MA10 line. The core logic is the limited improvement in fundamentals and high - level oscillations of ore prices [1]. Market Driving Logic - The supply and demand sides of iron ore have changed. Steel mill production is stable, terminal consumption remains high, and ore demand is fair, which supports the ore price. However, contradictions in the downstream steel market are accumulating, restocking is nearing completion, and the positive effect of demand is weak. - Domestic port arrivals have risen as expected, miner shipments have declined from the high level, overseas supply is relatively high, and domestic mine supply has recovered, increasing the supply pressure. - Overall, ore demand is fair but expected to weaken, supply is rising, and the supply - demand pattern is expected to deteriorate, resulting in weak upward drivers for high - valued ore prices [2].