1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On May 27, the I2509 contract decreased with reduced positions. The third round and fourth batch of central ecological and environmental protection inspections have been fully launched. In terms of supply and demand, the current iron ore shipments have decreased while arrivals have increased, and domestic port inventories have declined for three consecutive weeks. The blast furnace operating rate of steel mills decreased by 0.46%, and molten iron production decreased by 1.17 tons, with a continued downward trend expected, weakening demand support. Technically, the 1 - hour MACD indicator of the I2509 contract shows that DIFF and DEA are moving downward. The operation suggestion is to sell on rebounds, 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 698.50 yuan/ton, a decrease of 8.00 yuan; the position volume is 721,004 lots, a decrease of 10,680 lots. The I 9 - 1 contract spread is 34.5 yuan/ton, a decrease of 0.50 yuan; the net position of the top 20 in the I contract is - 29,721 lots, a decrease of 8,283 lots. The DCE warehouse receipt is 1,900.00 lots, unchanged. The quote of the Singapore iron ore main contract as of 15:00 is 96.05 US dollars/ton, a decrease of 1.02 US dollars [2] 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port is 802 yuan/dry ton, a decrease of 14 yuan; the price of 60.8% Mac fines at Qingdao Port is 782 yuan/dry ton, a decrease of 13 yuan. The price of 56.5% Super Special fines at Jingtang Port is 690 yuan/dry ton, a decrease of 11 yuan. The basis of the I main contract (Mac fines dry ton - main contract) is 83 yuan, a decrease of 5 yuan. The 62% Platts iron ore index (previous day) is 97.65 US dollars/ton, a decrease of 1.30 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port is 3.52, an increase of 0.06. The estimated import cost is 825 yuan/ton, a decrease of 11 yuan [2] 3.3 Industry Situation - The weekly shipment volume of Australian and Brazilian iron ore is 3,188.70 tons, a decrease of 159.10 tons; the weekly arrival volume at 47 ports in China is 2,344.10 tons, an increase of 63.70 tons. The weekly inventory at 45 ports is 13,987.83 tons, a decrease of 178.26 tons; the weekly inventory of sample steel mills is 8,925.48 tons, a decrease of 35.68 tons. The monthly import volume of iron ore is 10,314.00 tons, an increase of 917.00 tons. The available days of iron ore are 18.00 days, a decrease of 5 days. The daily output of 266 mines is 42.44 tons, an increase of 0.78 tons; the operating rate of 266 mines is 66.95%, an increase of 0.54%. The iron concentrate inventory of 266 mines is 59.40 tons, a decrease of 4.01 tons. The BDI index is 1,340.00, unchanged. The freight rate from Tubarao, Brazil to Qingdao is 18.84 US dollars/ton, a decrease of 0.02 US dollars; the freight rate from Western Australia to Qingdao is 8.53 US dollars/ton, an increase of 0.05 US dollars [2] 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills is 83.67%, a decrease of 0.46%; the weekly blast furnace capacity utilization rate of 247 steel mills is 91.30%, a decrease of 0.44%. The monthly domestic crude steel output is 8,602 tons, a decrease of 682 tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying is 21.25%, an increase of 0.09%; the 40 - day historical volatility of the underlying is 24.07%, an increase of 0.09%. The implied volatility of at - the - money call options is 17.66%, an increase of 0.09%; the implied volatility of at - the - money put options is 18.15%, an increase of 0.39% [2] 3.6 Industry News - On May 27, the National Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management organized a special joint consultation on flood control with meteorological, water conservancy, natural resources, housing and urban - rural development, transportation and other departments, conducted video dispatches to Fujian, Jiangxi, Hunan, Guangdong, Guangxi, Guizhou and other provinces, studied and judged the development trend of flood conditions, and deployed flood control work in key areas. The National Flood Control and Drought Relief Headquarters launched a level - IV emergency response for flood control in Jiangxi, Guangxi, Guizhou and other provinces, and sent 2 working groups to key areas to assist in guiding flood control and disaster relief work. From May 19 to May 25, 2025, the total global iron ore shipments were 3,188.7 tons, a decrease of 159.1 tons compared with the previous period. The total shipments from Australia and Brazil were 2,729.2 tons, an increase of 23.1 tons compared with the previous period. The total shipments from Australia were 1,970.8 tons, an increase of 143.0 tons compared with the previous period, and the shipments from Australia to China were 1,742.5 tons, an increase of 163.5 tons compared with the previous period. The total shipments from Brazil were 758.3 tons, a decrease of 120.0 tons compared with the previous period [2]

铁矿石产业链日报 2025/5/22 | 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） | 727.00 | -1.50↓ I 主力合约持仓量(手) | 756,347 | +8668↑ | | | I 9-1合约价差（元/吨） | 35.5 | 0.00 I 合约前20名净持仓(手) | -12803 | +2054↑ | | | I 大商所仓单（手） | 2,300.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 99.35 | -0.46↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 832 | -1↓ 青岛港60.8%麦克粉矿 (元/干吨) | 805 | +1↑ | | | 京唐港56.5%超特粉矿 (元/干吨) | 710 | 0.00 I 主力合约基差 (麦克粉干吨-主力合约) | 78 | +3↑ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 100. ...

Group 1: Report's Investment Rating for the Industry - No information provided Group 2: Core Viewpoints of the Report - The I2509 contract fluctuated strongly on Wednesday. The Reserve Bank of Australia cut the benchmark interest rate by 25 basis points to 3.85%, the second rate cut this year, in line with market expectations. In terms of supply and demand, the shipping volume of iron ore from Australia and Brazil increased by 3.188 million tons, the arrival volume decreased by 2.896 million tons, and the inventory at domestic ports continued to decline. The blast furnace operating rate of steel mills decreased slightly, and the expectation that pig iron production has peaked is strengthening. Overall, the decline in iron ore port inventory supports the strong operation of ore prices. Technically, the 1-hour MACD indicator of the I2509 contract shows that DIFF and DEA have retracted to near the 0 axis. For operation, conduct intraday short - term trading and pay attention to rhythm and risk control [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 728.50 yuan/ton, up 3.50 yuan; the trading volume was 747,679 lots, up 13,529 lots. The spread between the I 9 - 1 contracts was 35.5 yuan/ton, down 1.00 yuan. The net position of the top 20 in the I contract was - 14,857 lots, up 2,069 lots. The warehouse receipts of the Dalian Commodity Exchange were 2,300 lots, unchanged. The quotation of the Singapore iron ore main contract at 15:00 was 99.65 US dollars/ton, up 0.25 US dollars [2] Spot Market - The price of 61.5% PB fines at Qingdao Port was 829 yuan/dry ton, up 1 yuan; the price of 60.8% Mac fines was 809 yuan/dry ton, up 2 yuan. The price of 56.5% Super Special fines at Jingtang Port was 710 yuan/dry ton, unchanged. The basis of the I main contract (Mac fines dry ton - main contract) was 80 yuan, down 1 yuan. The 62% Platts iron ore index (previous day) was 100.35 US dollars/ton, down 0.75 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.39, down 0.01. The estimated import cost was 847 yuan/ton, down 6 yuan. The shipping volume of iron ore from Australia and Brazil was 33.478 million tons per week, up 3.188 million tons; the total arrival volume at 47 ports in China was 22.804 million tons per week, down 2.896 million tons. The inventory of iron ore at 45 ports was 141.6609 million tons per week, down 0.7262 million tons; the inventory of iron ore at sample steel mills was 89.6116 million tons per week, up 0.0218 million tons [2] Industry Situation - The monthly import volume of iron ore was 103.14 million tons, up 9.17 million tons. The available days of iron ore were 23 days per week, unchanged. The daily output of 266 mines was 416,600 tons per week, up 2,800 tons; the operating rate of 266 mines was 66.41%, up 0.91 percentage points. The inventory of iron ore concentrate at 266 mines was 634,100 tons per week, up 42,500 tons. The BDI index was 1,340, down 7. The freight rate of iron ore from Tubarao, Brazil to Qingdao was 18.45 US dollars/ton, down 0.68 US dollars; the freight rate from Western Australia to Qingdao was 7.59 US dollars/ton, down 0.39 US dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills was 84.13% per week, down 0.51 percentage points; the blast furnace capacity utilization rate was 91.74% per week, down 0.37 percentage points. The monthly output of domestic crude steel was 86.02 million tons, down 6.82 million tons [2] Option Market - The 20 - day historical volatility of the underlying was 23.03%, down 0.44 percentage points; the 40 - day historical volatility was 24.60%, up 0.02 percentage points. The implied volatility of at - the - money call options was 9.47%, down 5.25 percentage points; the implied volatility of at - the - money put options was 9.57%, down 9.71 percentage points [2] Industry News - On May 19, 2025, the total inventory of imported iron ore at 47 ports in China was 146.2763 million tons, a decrease of 2.5825 million tons from the previous Monday; the total inventory at 45 ports was 140.5563 million tons, a decrease of 2.8525 million tons. The total arrival volume at the six northern ports was 10.578 million tons, a decrease of 2.036 million tons compared with the previous period. From May 12 to May 18, 2025, the total arrival volume at 47 ports in China was 22.804 million tons, a decrease of 2.896 million tons compared with the previous period; the total arrival volume at 45 ports in China was 22.713 million tons, a decrease of 0.833 million tons [2]

铁矿石产业链日报 2025/5/15 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 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） | 736.50 | -0.50↓ I 主力合约持仓量(手) | 757,976 | +13617↑ | | | I 9-1合约价差（元/吨） | 38.5 | +1.00↑ I 合约前20名净持仓( ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On Tuesday, the I2509 contract first rose and then declined. Macroscopically, Sino - US trade negotiations are still challenging, but the tariff cut in this round exceeded expectations. In terms of supply and demand, the current shipment and arrival volumes of Australian and Brazilian iron ore continue to decrease, domestic port inventories have changed from increasing to decreasing, but there is an expectation of increased spot supply of iron ore; the blast furnace operating rate of steel mills has been slightly increased, and hot metal production remains at a high level. Overall, the sharp rebound of ore prices increases the upward resistance, and the short - term market may fluctuate. Technically, the 1 - hour MACD indicator of the I2509 contract shows that DIFF and DEA are running above the 0 - axis. The operation suggestion is to conduct intraday short - term trading and pay attention to risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the I main contract is 714.50 yuan/ton, down 4.00 yuan; the trading volume is 714,025 lots, up 9,557 lots. The spread between the I 9 - 1 contracts is 30 yuan/ton, down 1.50 yuan; the net position of the top 20 in the I contract is 1,734 lots, down 13,057 lots. The warehouse receipts of the Dalian Commodity Exchange are 3,200 lots, unchanged. The quote of the Singapore iron ore main contract as of 15:00 is 99.5 US dollars/ton, down 0.50 US dollars [2]. 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port is 837 yuan/dry ton, down 1 yuan; the price of 60.8% Mac fines at Qingdao Port is 813 yuan/dry ton, down 2 yuan. The price of 56.5% Super Special fines at Jingtang Port is 696 yuan/dry ton, down 3 yuan. The basis of the I main contract (Mac fines dry ton - main contract) is 99 yuan, up 2 yuan. The 62% Platts iron ore index (previous day) is 98.60 US dollars/ton, up 0.60 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port is 3.37, down 0.04. The estimated import cost is 832 yuan/ton, up 5 yuan [2]. 3.3 Industry Situation - The weekly shipment volume of Australian and Brazilian iron ore departing from ports is 2,422.50 million tons, down 117.90 million tons; the weekly arrival volume at 47 Chinese ports is 2,570.00 million tons, down 64.40 million tons. The weekly inventory at 45 ports is 14,238.71 million tons, down 63.77 million tons; the weekly inventory of sample steel mills is 8,958.98 million tons, down 376.07 million tons. The monthly import volume of iron ore is 10,313.80 million tons, up 916.80 million tons. The available days of iron ore are 23 days, unchanged. The daily output of 266 mines is 41.38 million tons, up 1.75 million tons; the operating rate of 266 mines is 65.50%, up 2.44 percentage points. The inventory of iron ore concentrate in 266 mines is 59.16 million tons, down 6.10 million tons. The BDI index is 1,304.00, up 5.00. The freight rate of iron ore from Tubarao, Brazil to Qingdao is 18.35 US dollars/ton, down 0.02 US dollars; the freight rate from Western Australia to Qingdao is 7.56 US dollars/ton, down 0.01 US dollars [2]. 3.4 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills is 84.64%, up 0.29 percentage points; the weekly blast furnace capacity utilization rate is 92.11%, up 0.08 percentage points. The monthly domestic crude steel output is 9,284 million tons, up 1,687 million tons [2]. 3.5 Option Market - The historical 20 - day volatility of the underlying is 20.63%, down 1.64 percentage points; the historical 40 - day volatility is 24.85%, down 0.01 percentage points. The implied volatility of at - the - money call options is 19.82%, down 3.81 percentage points; the implied volatility of at - the - money put options is 21.15%, down 2.70 percentage points [2]. 3.6 Industry News - From May 5th to May 11th, 2025, the total shipment volume of Australian and Brazilian iron ore is 2,422.5 million tons, down 117.9 million tons. The Australian shipment volume is 1,797.2 million tons, up 28.0 million tons, and the volume shipped to China is 1,593.8 million tons, up 75.4 million tons. The Brazilian shipment volume is 625.2 million tons, down 146.0 million tons. - From May 5th to May 11th, 2025, the arrival volume at 47 Chinese ports is 2,570.0 million tons, down 64.4 million tons; the arrival volume at 45 ports is 2,354.6 million tons, down 95.1 million tons; the arrival volume at six northern ports is 1,261.4 million tons, down 73.3 million tons [2].

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） | 718.50 | +22.50↑ I 主力合约持仓量(手) | 704,468 | +4329↑ | | | I 9-1合约价差（元/吨） | 31.5 | +5.50↑ I 合约前20名净持仓(手) | 14791 | +7187↑ | | | I 大商所仓单（手） | 3,200.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 99.65 | ...

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） | 708.00 | +3.50↑ I 主力合约持仓量(手) | 660,279 | +18761↑ | | | I 9-1合约价差（元/吨） | 27 | +2.00↑ I 合约前20名净持仓(手) | 232 | -7943↓ | | | I 大商所仓单（手） | 3,200.00 | 0.00 | | | ...

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The I2505 contract fluctuated strongly on Wednesday. The market should continue to focus on the impact of US tariff policies in the short - term. Technically, the 1 - hour MACD indicator of the I2505 contract shows that DIFF and DEA cross upwards. It is recommended to conduct intraday short - term trading, paying attention to the operation rhythm and risk control [2]. 3. Key Points by Category Futures Market - The closing price of the I main contract was 791.50 yuan/ton, down 0.50 yuan; the position volume was 337,143 lots, down 18,053 lots. The I 5 - 9 contract spread was 44 yuan/ton, down 0.50 yuan; the net position of the top 20 in the I contract was - 11,488 lots, up 135 lots. The DCE warehouse receipt of I was 3,300 lots, up 3,300 lots. The quote of the Singapore iron ore main contract at 15:00 was 102.8 dollars/ton, down 0.09 dollars [2]. Spot Market - The price of 61.5% PB fines at Qingdao Port was 859 yuan/dry ton, up 11 yuan; the price of 60.8% Mac fines at Qingdao Port was 839 yuan/dry ton, up 8 yuan. The price of 56.5% Super Special fines at Jingtang Port was 712 yuan/dry ton, up 16 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 48 yuan, up 8 yuan. The 62% Platts iron ore index (previous day) was 101.65 dollars/ton, down 1.85 dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.23, down 0.09. The estimated import cost was 855 yuan/ton, down 15 yuan [2]. Industry Situation - The weekly shipment volume of Australian and Brazilian iron ore was 2,647.80 million tons, up 132.60 million tons; the weekly arrival volume at 47 ports in China was 2,372.30 million tons, down 267.30 million tons. The inventory at 45 ports was 14,520.40 million tons, up 57.91 million tons; the inventory of sample steel mills was 9,110.45 million tons, down 14.41 million tons. The monthly import volume of iron ore was 9,421.00 million tons, down 294.00 million tons; the available days of iron ore were 19 days, down 5 days. The daily output of 266 mines was 41.12 million tons, down 0.01 million tons; the operating rate of 266 mines was 65.05%, down 0.22%. The inventory of iron ore concentrate in 266 mines was 64.13 million tons, up 8.35 million tons. The BDI index was 1,587.00, down 11.00. The freight rate from Tubarao, Brazil to Qingdao was 22.96 dollars/ton, down 0.03 dollars; the freight rate from Western Australia to Qingdao was 8.73 dollars/ton, up 0.09 dollars [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 82.13%, up 0.15%; the weekly blast furnace capacity utilization rate of 247 steel mills was 89.10%, up 0.38%. The monthly domestic crude steel output was 7,597 million tons, down 243 million tons [2]. Option Market - The 20 - day historical volatility of the underlying was 21.14%, down 0.59%; the 40 - day historical volatility of the underlying was 21.95%, down 0.19%. The implied volatility of at - the - money call options was 21.55%, up 0.88%; the implied volatility of at - the - money put options was 21.04%, down 0.26% [2]. Industry News - From March 24 to March 30, 2025, the total shipment of Australian and Brazilian iron ore was 2647.8 million tons, a week - on - week increase of 132.6 million tons. The Australian shipment was 1986.4 million tons, a week - on - week increase of 107.8 million tons, and the shipment from Australia to China was 1527.0 million tons, a week - on - week increase of 34.4 million tons. The Brazilian shipment was 661.4 million tons, a week - on - week increase of 24.9 million tons. From March 24 to March 30, 2025, the arrival volume at 47 ports in China was 2372.3 million tons, a week - on - week decrease of 267.3 million tons; the arrival volume at 45 ports was 2243.6 million tons, a week - on - week decrease of 267.0 million tons; the arrival volume at six northern ports was 1049.5 million tons, a week - on - week decrease of 191.2 million tons [2].

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Viewpoints - On Tuesday, the I2505 contract rebounded with a reduction in positions. Macroscopically, as of March 31, 29 cities introduced 33 property market relaxation policies, including canceling housing restrictive measures, supporting the sale of completed homes, organizing housing promotion activities, and launching "good housing" policies. In terms of supply and demand, the current Australian and Brazilian iron ore shipments increased by 132.6 tons, the arrival volume decreased by 267.3 tons, and the port inventory increased by 64.91 tons. The blast furnace operating rate and molten iron output of steel mills continued to rise, but the increase narrowed. The larger reduction in short - positions of mainstream holdings supported the rebound of ore prices. In the short term, continue to pay attention to US tariff policies. Technically, the 1 - hour MACD indicator of the I2505 contract shows that DIFF and DEA stopped falling and rebounded. The operation suggestion is intraday short - term trading, paying attention to the operation rhythm and risk control [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 792.00 yuan/ton, up 19.00 yuan; the position volume was 355,196 hands, down 11,036 hands. The I 5 - 9 contract spread was 44.5 yuan/ton, up 3.50 yuan; the net position of the top 20 in the I contract was - 11,623 hands, up 9,710 hands. The Dalian Commodity Exchange warehouse receipts were 0.00 hands, down 2,000.00 hands. The Singapore iron ore main contract was quoted at 102.7 US dollars/ton as of 15:00, up 1.71 US dollars [2]. Spot Market - The price of 61.5% PB powder ore at Qingdao Port was 840 yuan/dry ton, down 10 yuan; the price of 60.8% Mac fine ore was 818 yuan/dry ton, down 8 yuan. The price of 56.5% Super Special fine ore at Jingtang Port was 696 yuan/dry ton, down 11 yuan. The basis of the I main contract (Mac fine dry ton - main contract) was 26 yuan, down 27 yuan. The 62% Platts iron ore index (previous day) was 101.65 US dollars/ton, down 1.85 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fine ore at Qingdao Port was 3.33, up 0.03. The estimated import cost was 854 yuan/ton, down 15 yuan [2]. Industry Situation - The weekly departure volume of Australian and Brazilian iron ore shipments was 2,647.80 tons, up 132.60 tons; the weekly arrival volume at 47 ports in China was 2,372.30 tons, down 267.30 tons. The weekly inventory at 45 ports was 14,520.40 tons, up 57.91 tons; the weekly inventory of sample steel mills was 9,110.45 tons, down 14.41 tons. The monthly import volume of iron ore was 9,421.00 tons, down 294.00 tons. The available days of iron ore were 19.00 days, down 5 days. The daily output of 266 mines was 41.12 tons, down 0.01 tons; the operating rate was 65.05%, down 0.22%. The iron concentrate inventory of 266 mines was 64.13 tons, up 8.35 tons. The BDI index was 1,598.00, down 4.00. The freight rate from Tubarao, Brazil to Qingdao was 22.99 US dollars/ton, down 0.49 US dollars; the freight rate from Western Australia to Qingdao was 8.64 US dollars/ton, unchanged [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 82.13%, up 0.15%; the weekly blast furnace capacity utilization rate was 89.10%, up 0.38%. The monthly domestic crude steel output was 7,597 tons, down 243 tons [2]. Option Market - The 20 - day historical volatility of the underlying was 19.90%, down 1.19%; the 40 - day historical volatility was 21.26%, up 0.28%. The implied volatility of at - the - money call options was 21.86%, up 0.87%; the implied volatility of at - the - money put options was 21.43%, up 1.27% [2]. Industry News - From March 24 to March 30, 2025, the total Australian and Brazilian iron ore shipments were 2,647.8 tons, a week - on - week increase of 132.6 tons. Australian shipments were 1,986.4 tons, up 107.8 tons, and the volume shipped to China was 1,527.0 tons, up 34.4 tons. Brazilian shipments were 661.4 tons, up 24.9 tons. From March 24 to March 30, 2025, the arrival volume at 47 ports in China was 2,372.3 tons, a week - on - week decrease of 267.3 tons; the arrival volume at 45 ports was 2,243.6 tons, a week - on - week decrease of 267.0 tons; the arrival volume at six northern ports was 1,049.5 tons, a week - on - week decrease of 191.2 tons [2].