Report Information - Report Type: Iron Ore Daily Review [1] - Date: November 6, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The current fundamentals of iron ore show an expectation of increased supply and weakening demand due to the profit constraints of downstream steel enterprises, leading to a weak overall fundamental situation and a downward trend in ore prices. The current iron ore futures market lacks a clear main operating logic, and the price fluctuates within the previous trading range. It is necessary to observe whether there are signs of improvement in steel enterprise profits and the support level of the lower edge of the previous trading range. Considering that the current ratio of rebar to iron ore is at a historically low level, an arbitrage strategy of "going long on rebar and short on iron ore" can be considered [11]. 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Futures Market - On November 5, the main 2601 contract of iron ore futures fluctuated weakly, opening lower and then rising slightly, closing at 776.0 yuan/ton, down 0.26% [7]. - The table shows the price, trading volume, and open interest of steel and iron ore futures main contracts on November 5. For example, the RB2601 contract closed at 3024 yuan/ton, down 1.21%; the I2601 contract closed at 776 yuan/ton, down 0.26% [5]. - The table also shows the open interest of the top 20 long and short positions in the black - series futures on November 5. The long - short position difference of the I2601 contract was - 7,262, with a deviation of - 2.06% [8]. 3.1.2 Spot Market and Technical Analysis - On November 5, the main iron ore overseas quotes decreased by 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port remained unchanged from the previous trading day [9]. - Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the daily MACD indicator formed a death cross [9]. 3.1.3 Future Outlook - Supply: The shipments from Australia and Brazil have increased, and the arrivals have significantly rebounded after two consecutive weeks of low levels. Considering the cumulative shipments of 109.784 billion tons in the past four weeks, a 3.78% increase compared with the previous four - week period, it is expected that the shipment volume will remain at a relatively high level, and the arrivals in November will fluctuate at a relatively high level, showing a pattern of being low in the first half and high in the second half. The first shipment of iron ore from Simandou in Guinea is expected to be sent in November, which may suppress the prices of far - month iron ore contracts [10][11]. - Demand: The daily average pig iron production has continued to decline and has been below 2.4 million tons for two consecutive weeks, mainly due to the continuous narrowing of steel production profits, with more than half of steel enterprises in a loss state. It is expected that the pig iron production will continue to decline. The production and demand of the five major steel products have recovered, but there is a divergence from the pig iron production data, and the sustainability of the demand recovery needs to be observed. Considering the cooling weather, the demand for construction steel may be suppressed [11]. - Inventory: Steel mills have returned to the state of replenishing inventory on demand, with the inventory available days at a relatively low level of 20 - 21 days this year. The port inventory has continued to accumulate and has reached 145 million tons, and it is expected that the port inventory will continue to accumulate slightly [11]. 3.2 Industry News - According to Mysteel data, from October 27 to November 2, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 1.7436 million square meters, a 3% increase compared with the previous period and a 35.9% decrease compared with the same period last year. The total transaction (signing) area of second - hand housing was 2.1225 million square meters, a 5.9% decrease compared with the previous period and an 18.5% decrease compared with the same period last year [12]. - On the afternoon of October 31, President Xi Jinping met with Canadian Prime Minister Justin Trudeau during the 32nd APEC Economic Leaders' Meeting in Gyeongju, South Korea, reaching important consensus and providing strategic guidance for the improvement and development of China - Canada relations. The Chinese side is willing to work with the Canadian side to resume and restart exchanges and cooperation in various fields and promote the solution of specific economic and trade issues of mutual concern [12]. 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade/low - grade ores and PB powder, the basis between iron ore spot and the January contract, the shipment volumes from Brazil and Australia, the arrivals at 45 ports, domestic mine capacity utilization, main port iron ore trading volumes, steel mill iron ore inventory available days, imported sintered powder ore inventory, port iron ore inventory and dispatch volumes, sample steel mill tax - free pig iron costs, blast furnace and electric furnace operating rates and capacity utilization rates, national daily average pig iron production, the apparent consumption of the five major steel products, the weekly production of the five major steel products, and the steel mill inventory of the five major steel products. All data sources are from Mysteel and the Research and Development Department of CCB Futures [16][20][26][28][29][35][40][45]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石月报 日期 2025 年 11 月 3 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 供应有增长预期，而需求在钢企利润的压制下持续走 弱，基本面整体偏弱，观察后续利润修复情况 请阅读正文后的声明 ＃summary＃ 月度报告 近期研究报告 复情况》 2025-10-09 或跟随黑色板块整体回调》 2025-08-01 观点摘要 请阅读正文后的声明 - 2 - ＃本s月um行m情ar：y＃10 月以来铁矿石期货 2601 合约表现为"小幅反 弹—快速回落—明显反弹"，10 月 9 日开盘自 782.0 元/吨 小幅反弹，随后快速回落，于 10 月 21 日创下月间最低水平 760.0 元/ ...