Report Summary 1) Report Industry Investment Rating No specific investment rating is provided in the report. 2) Core Viewpoints - The overall supply and demand of iron ore are loose, with steel mills' hot metal production starting to decrease and the monthly arrival level at ports decreasing. The port inventory has decreased, and there are plans to introduce crude steel production reduction policies, while the trade war has eased. The market is expected to be in a high - level shock pattern due to reduced domestic demand and the impact of capacity - reduction plans [2]. - The basis shows that the spot price is at a premium to the futures price, which is a bullish factor. The price is above the 20 - day line and the 20 - day line is upward, also bullish. However, the net position of the main iron ore contract is short and the short positions are decreasing, which is bearish [2]. 3) Summary by Relevant Catalogs Daily Viewpoints - **Fundamentals**: Steel mills' hot metal production is decreasing, supply arrival at ports this month is lower, overall supply - demand is loose, port inventory is decreasing, there will be crude steel production reduction policies, and the trade war is easing, with a neutral outlook [2]. - **Basis**: The spot price of PB powder at Rizhao Port converted to the futures - equivalent price is 834, with a basis of 34; the spot price of Brazilian blend at Rizhao Port converted to the futures - equivalent price is 841, with a basis of 41. The spot is at a premium to the futures, which is bullish [2]. - **Inventory**: Port inventory is 14,456.12 tons, increasing month - on - month and decreasing year - on - year, with a neutral outlook [2]. - **Disk**: The price is above the 20 - day line and the 20 - day line is upward, which is bullish [2]. - **Main Position**: The net position of the main iron ore contract is short and the short positions are decreasing, which is bearish [2]. - **Expectation**: With reduced domestic demand and the impact of capacity - reduction plans, a high - level shock pattern is expected [2]. Factors Affecting the Market - **Bullish Factors**: High hot metal production, decreasing port inventory, import losses, and rising downstream steel prices with strong tolerance for high - priced raw materials [6]. - **Bearish Factors**: Increased future shipments and weak terminal demand [6]. Other Aspects - The report also includes information on iron ore port spot prices [8], iron ore futures - spot basis [10], iron ore import profit [13], iron ore shipments [16], iron ore port and steel mill inventories [18], iron ore arrival and port clearance volumes [20], iron ore daily consumption [22], steel enterprise production conditions [25], and iron ore daily port trading volume and steel mills' daily hot metal production [27].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The fundamentals of iron ore show that steel mill hot metal production is decreasing, the arrival level this month has decreased, overall supply - demand is loose, port inventories are decreasing, and there will be a crude steel production reduction policy, with trade war easing, presenting a neutral situation [2]. - The basis indicates that the spot price of PB powder at Rizhao Port converted to the futures price is 817 with a basis of 40, and the spot price of Brazilian Blend at Rizhao Port converted to the futures price is 831 with a basis of 54, showing that the spot price is at a premium to the futures price, which is a bullish factor [2]. - Port inventories are 14,388.02 tons, decreasing both month - on - month and year - on - year, presenting a neutral situation [2]. - The price is below the 20 - day moving average and the 20 - day moving average is flat, which is a bearish factor [2]. - The net position of the iron ore main contract is short and short positions are increasing, which is a bearish factor [2]. - With the domestic demand decreasing and the plan of capacity reduction impacting the market, the market is expected to fluctuate at a high level [2]. 3. Summary by Relevant Catalogs 3.1. Daily Viewpoints - Fundamentals: Steel mill hot metal production starts to decrease, supply arrival this month is lower, overall supply - demand is loose, port inventories decrease, there will be a crude steel production reduction policy, and trade war eases, neutral [2]. - Basis: Rizhao Port PB powder spot converted to futures price is 817, basis 40; Rizhao Port Brazilian Blend spot converted to futures price is 831, basis 54, spot premium to futures, bullish [2]. - Inventory: Port inventory is 14,388.02 tons, decreasing both month - on - month and year - on - year, neutral [2]. - Disk: Price below 20 - day moving average, 20 - day moving average flat, bearish [2]. - Main Position: Net short position in the main iron ore contract, short positions increasing, bearish [2]. - Expectation: Domestic demand decreases, capacity reduction plan impacts the market, high - level fluctuation thinking [2]. 3.2. Bullish Factors - Hot metal production remains at a high level [6]. - Port inventories decrease [6]. - Import losses [6]. - Downstream steel prices rise, with strong ability to bear high - priced raw materials [6]. 3.3. Bearish Factors - Later shipping volume will increase [6]. - Terminal demand remains weak [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamentals of iron ore show that steel mill hot metal production has started to decline, the arrival level this month has decreased, overall supply and demand is loose, port inventories have decreased, a crude steel production cut policy will be introduced, and the trade war has eased, presenting a neutral situation [2]. - The basis shows that the spot price of PB powder at Rizhao Port converted to the futures price is 802, with a basis of 36; the spot price of Brazilian Blend at Rizhao Port converted to the futures price is 820, with a basis of 54, indicating that the spot price is at a premium to the futures price, which is bullish [2]. - Port inventories stand at 143.8802 million tons, showing a decrease both on a month - on - month and year - on - year basis, presenting a neutral situation [2]. - The price is below the 20 - day moving average, and the 20 - day moving average is flat, which is bearish [2]. - The net position of the iron ore main contract is short, and the short position is decreasing, which is bearish [2]. - With the expected decrease in domestic demand and the impact of the capacity - reduction plan on the market, a high - level consolidation approach is recommended [2]. Summary by Related Catalogs Positive Factors - Hot metal production remains at a high level [6]. - Port inventories are decreasing [6]. - There are import losses [6]. - The price of downstream steel products is rising, and the ability to bear high - priced raw materials is strong [6]. Negative Factors - The future shipping volume will increase [6]. - Terminal demand remains weak [6]. Iron Ore Port Spot Price No specific content provided for summary. Iron Ore Futures - Spot Basis No specific content provided for summary. Iron Ore Import Profit No specific content provided for summary. Iron Ore Shipping Volume No specific content provided for summary. Iron Ore Port Inventory and Steel Mill Inventory No specific content provided for summary. Iron Ore Arrival and Dispatching Volume No specific content provided for summary. Iron Ore Daily Consumption No specific content provided for summary. Steel Enterprise Production Situation No specific content provided for summary. Iron Ore Port Daily Transactions and Steel Mill Daily Hot Metal No specific content provided for summary.

Report Industry Investment Rating No specific investment rating is provided in the report. Core Viewpoints - The fundamentals of iron ore show that steel mill hot metal production is decreasing, the arrival level this month has dropped, overall supply and demand are loose, port inventories are decreasing, a crude steel production cut policy will be introduced, and the trade war is easing, presenting a neutral situation [2]. - The basis indicates that the spot prices of PB powder and Brazilian mix at Rizhao Port are at a premium to futures, which is bullish [2]. - Port inventories are 143.8157 million tons, increasing month - on - month and decreasing year - on - year, being neutral [2]. - The price on the disk is above the 20 - day line and the 20 - day line is flat, which is bullish [2]. - The net position of the iron ore main contract is short and the short position is increasing, which is bearish [2]. - With the expected decline in domestic demand and the impact of the capacity - reduction plan on the market, the market is expected to fluctuate at a high level [2]. Summary by Related Catalogs 利多 (Bullish Factors) - Hot metal production remains at a high level [6]. - Port inventories are decreasing [6]. - There are import losses [6]. - The prices of downstream steel products are rising, with a strong ability to bear high - priced raw materials [6]. 利空 (Bearish Factors) - Future shipment volumes will increase [6]. - Terminal demand remains weak [6]. Other Related Information - The report also contains information on iron ore port spot prices [7], iron ore basis [12], iron ore import profit [15], iron ore shipment volume [17], iron ore port and steel mill inventories [20], iron ore arrival and port clearance volume [22], iron ore daily consumption [25], steel enterprise production situation [28], and iron ore daily port transactions and steel mill daily hot metal production [30].

Summary of Key Points 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The overall supply and demand of iron ore are loose, with a decrease in port inventory. There are rumors of a crude steel production reduction policy, and the trade war has eased. The market is expected to be volatile with a slight upward trend, considering factors such as reduced domestic demand, decreased shipping volume, and domestic capacity - reduction plans [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Analysis - Steel mill hot metal production has started to decrease, and the monthly arrival level on the supply side has decreased. The overall supply - demand is loose, and port inventory has decreased [2]. 3.2 Basis Analysis - The spot price of PB powder at Rizhao Port converted to the futures price is 787, with a basis of 23; the spot price of Super Special powder at Qingdao Port converted to the futures price is 855, with a basis of 91. The spot is at a premium to the futures [2]. 3.3 Inventory Analysis - Port inventory is 14,485.9 tons, increasing month - on - month and decreasing year - on - year [2]. 3.4 Market Trend Analysis - The price is above the 20 - day moving average, and the 20 - day moving average is upward [2]. 3.5 Main Position Analysis - The net position of the main iron ore contract is short, and the short position is decreasing [2]. 3.6 Expectation Analysis - Domestic demand is decreasing, shipping volume is decreasing, and domestic capacity - reduction plans will impact the market. The market is expected to be volatile with a slight upward trend [2]. 3.7 Factors Analysis - **Positive factors**: High hot metal production, decreasing port inventory, and import losses [5]. - **Negative factors**: Increased future shipping volume and weak terminal demand [5].