1. Report Industry Investment Rating - The report maintains a bullish view on the iron ore industry, suggesting that the price of iron ore will continue to be strongly supported [2]. 2. Core View of the Report - Due to positive macro - level expectations and the continued support of molten iron demand, the iron ore price is expected to remain strong. Technically, the 1 - hour MACD indicator of the I2509 contract shows a golden cross at a high level, with the red bar expanding. It is recommended to conduct short - term bullish trading while paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract is 785.50 yuan/ton, up 12.50 yuan; the position volume is 703,244 hands, up 12,867 hands. The I 9 - 1 contract spread is 33 yuan/ton, up 1.50 yuan; the net position of the top 20 in the I contract is - 6,516 hands, down 1,368 hands. The Dalian Commodity Exchange warehouse receipt is 3,000.00 hands, unchanged. The Singapore iron ore main contract is quoted at 100.75 US dollars/ton at 15:00, up 0.81 US dollars [2]. 3.2现货市场 - The price of 61.5% PB fines at Qingdao Port is 835 yuan/dry ton, up 9 yuan; the price of 60.8% Mac fines is 808 yuan/dry ton, up 9 yuan. The price of 56.5% Super Special fines at Jingtang Port is 714 yuan/dry ton, up 11 yuan. The basis of the I main contract (Mac fines dry ton - main contract) is 22 yuan, down 4 yuan. The 62% Platts iron ore index (previous day) is 99.10 US dollars/ton, up 0.95 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port is 3.36, down 0.04. The estimated import cost is 815 yuan/ton, up 7 yuan [2]. 3.3 Industrial Situation - The weekly shipment volume of iron ore from Australia and Brazil is 2,987.10 million tons, down 7.80 million tons; the weekly arrival volume at 47 ports in China is 2,883.20 million tons, up 347.70 million tons. The weekly inventory at 47 ports is 14,346.89 million tons, down 139.01 million tons; the weekly inventory of sample steel mills is 8,979.64 million tons, up 61.07 million tons. The monthly import volume of iron ore is 10,594.80 million tons, up 781.80 million tons. The available days of iron ore are 21 days, up 3 days. The daily output of 266 mines is 39.68 million tons, down 0.72 million tons; the operating rate of 266 mines is 62.83%, down 1.57%. The iron concentrate inventory of 266 mines is 50.72 million tons, down 1.59 million tons. The BDI index is 1,906.00, up 40.00. The freight rate of iron ore from Tubarao, Brazil to Qingdao is 21.01 US dollars/ton, up 0.50 US dollars; the freight rate from Western Australia to Qingdao is 8.47 US dollars/ton, up 0.29 US dollars [2]. 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills is 83.13%, down 0.31%; the weekly blast furnace capacity utilization rate is 89.87%, down 0.40%. The monthly domestic crude steel output is 8,318 million tons, down 336 million tons [2]. 3.5 Option Market - The 20 - day historical volatility of the underlying is 15.99%, up 0.43%; the 40 - day historical volatility is 15.82%, up 0.39%. The implied volatility of at - the - money call options is 19.31%, up 0.25%; the implied volatility of at - the - money put options is 19.86%, up 1.68% [2]. 3.6 Industry News - From July 7th to July 13th, the total iron ore inventory at seven major ports in Australia and Brazil was 1,393.0 million tons, a week - on - week increase of 123.8 million tons, and the current inventory is at a relatively high level since the beginning of the year. According to Mysteel statistics, the total inventory of imported sinter powder of 114 steel mills under the new caliber is 2,718.82 million tons, a week - on - week decrease of 95.92 million tons. The total daily consumption of imported sinter powder is 112.15 million tons, a week - on - week decrease of 0.27 million tons. The inventory - to - consumption ratio is 24.24, a week - on - week decrease of 0.80 [2].

铁矿石产业链日报 2025/7/7 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、 复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 731.00 | -1.50↓ I 主力合约持仓量(手) | 647,845 | -3972↓ | | | I 9-1合约价差（元/吨） | 27 | +1.50↑ I 合约前20名净持仓(手) | -44642 | +146↑ | | | I 大商所仓单（手） | 3, ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、 复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 722.50 | +14.00↑ I 主力合约持仓量(手) | 647,875 | -6979↓ | | | I 9-1合约价差（元/吨） | 26 | +2.50↑ I 合约前20名净持仓(手) | -54413 | +992↑ | | | I 大商所仓单（手） | 3,300.00 | 0.00 | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On Thursday, the I2509 contract first declined and then rebounded. Macroscopically, Fed Chairman Powell reiterated in his second - day congressional testimony that due to uncertainties from unresolved tariff disputes, the Fed doesn't need to rush to cut interest rates. In terms of supply - demand, the shipment and arrival volume of Australian and Brazilian iron ore increased this period, while domestic port inventories decreased. The blast furnace operating rate and molten iron output of steel mills increased from a decline, temporarily supporting iron ore demand. Overall, the strong rebound of coking coal and coke in furnace materials supports the iron ore price, with a mixed fundamental situation. Attention should be paid to the trading rhythm. Technically, the 1 - hour MACD indicator of the I2509 contract shows that DIFF and DEA are running near the 0 - axis. Operationally, short - term intraday trading is recommended, with attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - I main contract closing price: 705.50 yuan/ton, up 3.00 yuan; I main contract position: 654,225 lots, down 17723 lots; I 9 - 1 contract spread: 26 yuan/ton, unchanged; I contract top 20 net position: - 41062 lots, up 7933 lots; I Dalian Commodity Exchange warehouse receipts: 3000 lots, unchanged; Singapore iron ore main contract quote at 15:00: 93.15 dollars/ton, up 0.41 dollars [2]. 3.2现货市场 - Qingdao Port 61.5% PB powder ore: 763 yuan/dry ton, down 1 yuan; Qingdao Port 60.8% Mac fine ore: 743 yuan/dry ton, down 2 yuan; Jingtang Port 56.5% Super Special fine ore: 659 yuan/dry ton, unchanged; I main contract basis (Mac fine dry ton - main contract): 38 yuan, down 5 yuan; Iron ore 62% Platts Index (previous day): 93.80 dollars/ton, up 0.75 dollars; Jiangsu scrap steel/Qingdao Port 60.8% Mac fine ore: 3.69, up 0.02; Import cost estimate: 774 yuan/ton, up 6 yuan; Australian and Brazilian iron ore shipment volume (weekly): 3506.70 million tons, up 154.00 million tons; China's 47 - port arrival volume (weekly): 2772.90 million tons, up 255.40 million tons; 45 - port iron ore inventory (weekly): 13894.16 million tons, down 38.98 million tons; Sample steel mill iron ore inventory (weekly): 8936.24 million tons, up 137.56 million tons [2]. 3.3 Industry Situation - Iron ore import volume (monthly): 9813 million tons, down 501 million tons; Iron ore available days (weekly): 18 days, down 4 days; 266 mines' daily output (weekly): 40.32 million tons, up 1.34 million tons; 266 mines' operating rate (weekly): 63.55%, up 2.13%; 266 mines' iron concentrate powder inventory (weekly): 51.87 million tons, down 6.46 million tons; BDI index: 1665, down 16; Iron ore freight rate: Tubarao, Brazil - Qingdao: 22.68 dollars/ton, up 0.02 dollars; Iron ore freight rate: Western Australia - Qingdao: 8.78 dollars/ton, down 0.30 dollars [2]. 3.4 Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 83.84%, up 0.45%; 247 steel mills' blast furnace capacity utilization rate (weekly): 90.81%, up 0.25%; Domestic crude steel output (monthly): 8655 million tons, up 53 million tons [2]. 3.5 Option Market - Underlying historical 20 - day volatility (daily): 11.38%, up 0.09%; Underlying historical 40 - day volatility (daily): 16.44%, down 0.42%; At - the - money call option implied volatility (daily): 16.18%, down 0.11%; At - the - money put option implied volatility (daily): 15.88%, up 0.32% [2]. 3.6 Industry News - Mysteel statistics: New - caliber 114 steel mills' imported sinter powder total inventory is 2664.42 million tons, down 55.05 million tons from the previous period. Imported sinter powder total daily consumption is 115.94 million tons, down 1.87 million tons from the previous period. Inventory - to - consumption ratio is 22.98, down 0.10 from the previous period. Old - caliber 64 steel mills' imported sinter powder total inventory is 1229.68 million tons, up 13.54 million tons from the previous period. From June 16th to June 22nd, 2025, China's 47 - port arrival volume is 2772.9 million tons, up 255.4 million tons; 45 - port arrival volume is 2562.7 million tons, up 178.2 million tons; Northern six - port arrival volume is 1153.5 million tons, down 65.5 million tons [2]. 3.7 Key Points to Watch - Friday's domestic iron ore port inventory, steel mill blast furnace operating rate and capacity utilization rate [2].

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 铁矿石产业链日报 2025/6/19 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 698.00 | +2.50↑ I 主力合约持仓量(手) | 678,221 | -6843↓ | | 期货市场 | I 9-1合约价差（元/吨） | 26 | +1.00↑ I 合约前20名净持仓(手) | -49494 | +1083↑ | | | I 大商所仓单（手） | 3,100.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 92.75 | +0.35↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 768 | -2↓ 青岛港60.8%麦克粉矿 (元/干吨) | 750 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 660 | -5↓ I 主力合约基差 (麦克粉干吨-主力合约) ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On Tuesday, the I2509 contract fluctuated weakly. The conflict between Israel and Iran continues, and the impact on iron ore needs further attention. Technically, the 1 - hour MACD indicator of the I2509 contract shows that DIFF and DEA are running below the 0 - axis. In terms of supply and demand, the shipments and arrivals of iron ore from Australia and Brazil declined this period, while domestic port inventories increased. The blast furnace operating rate and daily hot metal output of steel mills continued to decline, weakening the support for iron ore demand. The short - term may maintain range - bound trading, and attention should be paid to rhythm and risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract was 699.00 yuan/ton, a decrease of 5.50 yuan; the position of the I main contract was 675,663 lots, a decrease of 9,829 lots; the price difference between the I 9 - 1 contracts was 29 yuan/ton, a decrease of 0.50 yuan; the net position of the top 20 in the I contract was - 51,664 lots, a decrease of 13,822 lots; the warehouse receipt of the I Dalian Commodity Exchange was 3,100.00 lots, an increase of 400.00 lots; the quotation of the Singapore iron ore main contract as of 15:00 was 92.65 US dollars/ton, a decrease of 1.42 US dollars [2] 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port was 780 yuan/dry ton, a decrease of 4 yuan; the price of 60.8% Mac fines at Qingdao Port was 761 yuan/dry ton, a decrease of 4 yuan; the price of 56.5% Super Special fines at Jingtang Port was 673 yuan/dry ton, a decrease of 3 yuan; the basis of the I main contract (Mac fines dry ton - main contract) was 62 yuan, an increase of 1 yuan; the 62% Platts iron ore index (previous day) was 94.25 US dollars/ton, a decrease of 0.35 US dollars; the ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.56, unchanged; the estimated import cost was 779 yuan/ton, a decrease of 3 yuan [2] 3.3 Industry Situation - The weekly shipment of iron ore from Australia and Brazil was 3,352.70 million tons, a decrease of 157.70 million tons; the weekly arrival volume at 47 ports in China was 2,517.50 million tons, a decrease of 156.40 million tons; the inventory at 45 ports was 13,933.14 million tons, an increase of 106.45 million tons; the inventory of sample steel mills was 8,798.68 million tons, an increase of 108.50 million tons; the monthly import volume of iron ore was 9,813.10 million tons, a decrease of 500.90 million tons; the available days of iron ore were 22 days, an increase of 5 days; the daily output of 266 mines was 38.98 million tons, an increase of 0.50 million tons; the operating rate of 266 mines was 61.42%, an increase of 0.23%; the inventory of iron concentrate in 266 mines was 58.33 million tons, a decrease of 4.46 million tons; the BDI index was 1,975.00, an increase of 7.00; the freight rate of iron ore from Tubarao, Brazil to Qingdao was 26.75 US dollars/ton, an increase of 0.49 US dollars; the freight rate of iron ore from Western Australia to Qingdao was 11.05 US dollars/ton, an increase of 0.08 US dollars [2] 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 83.39%, a decrease of 0.15%; the weekly blast furnace capacity utilization rate of 247 steel mills was 90.56%, a decrease of 0.07%; the monthly domestic crude steel output was 8,655 million tons, an increase of 53 million tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying was 13.40%, an increase of 0.02%; the 40 - day historical volatility of the underlying was 18.98%, an increase of 0.02%; the implied volatility of at - the - money call options was 17.16%, a decrease of 1.17%; the implied volatility of at - the - money put options was 14.38%, a decrease of 3.56% [2] 3.6 Industry News - From June 9th to June 15th, 2025, the global iron ore shipment was 3,352.7 million tons, a decrease of 157.7 million tons compared with the previous period. The total shipment from Australia and Brazil was 2,842.1 million tons, with Australian shipments of 2,059.3 million tons, a decrease of 110.6 million tons, and the volume shipped from Australia to China was 1,797.1 million tons, a decrease of 94.9 million tons; Brazilian shipments were 782.8 million tons, an increase of 33.2 million tons. The arrival volume at 47 ports in China was 2,517.5 million tons, a decrease of 156.4 million tons; the arrival volume at 45 ports was 2,384.5 million tons, a decrease of 77.3 million tons; the arrival volume at the six northern ports was 1,219.0 million tons, a decrease of 164.6 million tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On Monday, the I2509 contract fluctuated with a slight upward trend. The Middle - East situation is tense as on June 14, two refineries in Iran's southern Bushehr province were attacked by Israel, the first direct strike on Iran's energy infrastructure by Israel. The supply and demand situation shows that the shipments and arrivals of Australian and Brazilian iron ore have declined this period, while domestic port inventories have increased. The blast furnace operating rate of steel mills and the daily average hot metal output have continued to decline, weakening the support for iron ore demand. However, the tense Middle - East situation makes the market worry that Iran's iron ore production may be affected, which supports the short - term market. Technically, the 1 - hour MACD indicator of the I2509 contract shows that DIFF and DEA are running near the 0 - axis. The operation suggestion is to conduct intraday short - term trading, paying attention to rhythm and risk control [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract is 704.50 yuan/ton, up 1.50 yuan; the position volume is 685,492 hands, down 10,148 hands. The I 9 - 1 contract spread is 29.5 yuan/ton, down 1.00 yuan; the net position of the top 20 in the I contract is - 37,842 hands, down 7,590 hands. The DCE warehouse receipt is 2,700 hands, unchanged. The quote of the Singapore iron ore main contract at 15:00 is 94.2 dollars/ton, up 0.04 dollars [2]. 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port is 782 yuan/dry ton, up 2 yuan; the price of 60.8% Mac fines at Qingdao Port is 761 yuan/dry ton, up 1 yuan. The price of 56.5% Super Special fines at Jingtang Port is 677 yuan/dry ton, up 1 yuan. The basis of the I main contract (Mac fines dry ton - main contract) is 56 yuan, unchanged. The 62% Platts iron ore index (previous day) is 94.60 dollars/ton, down 0.35 dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port is 3.56, down 0.02. The estimated import cost is 782 yuan/ton, down 3 yuan. The weekly shipment volume of Australian and Brazilian iron ore is 3,352.70 million tons, down 157.70 million tons; the weekly arrival volume at 47 ports in China is 2,517.50 million tons, down 156.40 million tons. The weekly inventory at 45 ports is 13,933.14 million tons, up 106.45 million tons; the weekly inventory of sample steel mills is 8,798.68 million tons, up 108.50 million tons [2]. 3.3 Industry Situation - The monthly import volume of iron ore is 9,813.10 million tons, down 500.90 million tons. The available days of iron ore are 22 days, up 5 days. The daily output of 266 mines is 38.98 million tons, up 0.50 million tons; the operating rate of 266 mines is 61.42%, up 0.23%. The inventory of iron concentrate in 266 mines is 58.33 million tons, down 4.46 million tons. The BDI index is 1,968.00, up 64.00. The freight rate of iron ore from Tubarao, Brazil to Qingdao is 26.26 dollars/ton, up 1.45 dollars; the freight rate from Western Australia to Qingdao is 10.97 dollars/ton, up 1.26 dollars [2]. 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills is 83.39%, down 0.15%; the weekly blast furnace capacity utilization rate of 247 steel mills is 90.56%, down 0.07%. The monthly domestic crude steel output is 8,655 million tons, up 53 million tons [2]. 3.5 Option Market - The 20 - day historical volatility of the underlying is 13.38%, down 0.36%; the 40 - day historical volatility of the underlying is 18.96%, down 0.16%. The implied volatility of at - the - money call options is 18.33%, up 1.46%; the implied volatility of at - the - money put options is 17.94%, down 0.51% [2]. 3.6 Industry News - From June 9 to June 15, 2025, the global iron ore shipment volume was 3,352.7 million tons, down 157.7 million tons. The shipment volume from Australia and Brazil was 2,842.1 million tons, with Australia's shipment volume of 2,059.3 million tons, down 110.6 million tons (1,797.1 million tons to China, down 94.9 million tons) and Brazil's shipment volume of 782.8 million tons, up 33.2 million tons. The arrival volume at 47 ports in China was 2,517.5 million tons, down 156.4 million tons; the arrival volume at 45 ports was 2,384.5 million tons, down 224.8 million tons; the arrival volume at the six northern ports was 1,219.0 million tons, down 164.6 million tons [2].

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、 复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 704.00 | -3.00↓ I 主力合约持仓量(手) | 716,699 | -12525↓ | | | I 9-1合约价差（元/吨） | 33 | 0.00 I 合约前20名净持仓(手) | -18370 | +3247↑ | | | I 大商所仓单（手） | 2,600.00 | 0.00 | | ...

Group 1: Market Data Futures Market - I main contract closing price: 707 yuan/ton, up 8.50 yuan [2] - I main contract open interest: 716,254 lots, down 5,254 lots [2] - I 9 - 1 contract spread: 37 yuan/ton, up 2.50 yuan [2] - I contract top 20 net open interest: -22,751 lots, up 2,128 lots [2] - I Dalian Commodity Exchange warehouse receipts: 1,900 lots, unchanged [2] - Singapore iron ore main contract quote (as of 15:00): 96.95 dollars/ton, up 0.86 dollars [2] Spot Market - Qingdao Port 61.5% PB fine ore: 799 yuan/dry ton, up 4 yuan [2] - Qingdao Port 60.8% Mac fine ore: 778 yuan/dry ton, up 5 yuan [2] - Jingtang Port 56.5% Super Special fine ore: 683 yuan/dry ton, up 3 yuan [2] - I main contract basis (Mac fine dry ton - main contract): 71 yuan, down 3 yuan [2] - Iron ore 62% Platts Index (previous day): 96.90 dollars/ton, up 0.45 dollars [2] - Import cost estimate: 802 yuan/ton, up 4 yuan [2] Industrial Situation - Australia - Brazil iron ore shipments (weekly): 3,188.70 tons, down 159.10 tons [2] - China's 47 - port arrivals (weekly): 2,344.10 tons, up 63.70 tons [2] - 45 - port iron ore inventory (weekly): 13,987.83 tons, down 178.26 tons [2] - Sample steel mills' iron ore inventory (weekly): 8,925.48 tons, down 35.68 tons [2] - Iron ore imports (monthly): 10,314 tons, up 917 tons [2] - Iron ore available days (weekly): 18 days, down 5 days [2] - 266 mines' daily output (weekly): 42.44 tons, up 0.78 tons [2] - 266 mines' operating rate (weekly): 66.95%, up 0.54% [2] - 266 mines' iron concentrate inventory (weekly): 59.40 tons, down 4.01 tons [2] - BDI Index: 1,303, up 7 [2] - Iron ore freight rate: Tubarao - Qingdao: 19.24 dollars/ton, up 0.32 dollars [2] - Iron ore freight rate: Western Australia - Qingdao: 8.31 dollars/ton, down 0.10 dollars [2] Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 83.67%, down 0.46% [2] - 247 steel mills' blast furnace capacity utilization rate (weekly): 91.30%, down 0.44% [2] - Domestic crude steel output (monthly): 8,602 tons, down 682 tons [2] Option Market - Underlying historical 20 - day volatility (daily): 21.04%, up 0.47% [2] - Underlying historical 40 - day volatility (daily): 24.08%, up 0.01% [2] - At - the - money call option implied volatility (daily): 18.25%, up 0.61% [2] - At - the - money put option implied volatility (daily): 18.08%, up 0.88% [2] Group 2: Industry News - Mysteel's new - caliber 114 steel mills' imported sintered powder total inventory: 2,599.09 tons, down 75.94 tons from the previous period; total daily consumption: 115.59 tons, down 1.51 tons from the previous period; inventory - to - consumption ratio: 22.49, down 0.35 from the previous period [2] - May 19 - May 25, Australia and Brazil's seven major port iron ore inventory: 1,417.4 tons, up 41.1 tons, showing a slight inventory build - up, reaching the maximum since the beginning of the year [2] Group 3: Core View - On Thursday, the I2509 contract rebounded with reduced positions. Macroscopically, the Fed meeting minutes showed that policymakers generally believed that economic uncertainty was higher than before, and it was appropriate to be cautious about interest rate cuts and wait for clearer impacts of policies like Trump administration's tariffs before taking action. In terms of supply - demand, this period saw a decrease in iron ore shipments, an increase in arrivals, and a continuous decline in domestic port inventories. Although rebar production declined, hot - rolled coil production increased more, and the rebound in apparent demand supported the iron ore price. Technically, the 1 - hour MACD indicator of the I2509 contract showed that DIFF and DEA rebounded at a low level. The operation suggestion is short - term intraday trading, paying attention to rhythm and risk control [2] Group 4: Key Focus - Friday's domestic iron ore port inventory, steel mills' blast furnace operating rate, and capacity utilization rate [2]

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 698.50 | 0.00 I 主力合约持仓量(手) | 721,508 | +504↑ | | 期货市场 | I 9-1合约价差（元/吨） | 34.5 | 0.00 I 合约前20名净持仓(手) | -24879 | +4842↑ | | | I 大商所仓单（手） | 1,900.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 96.25 | +0.18↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 797 | -5↓ 青岛港60.8%麦克粉矿 (元/干吨) | 775 | -7↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 679 | -11↓ I 主力合约基差 (麦克粉干吨-主力合约) | 77 | -7↓ | | | 铁矿石6 ...