Supply - Global shipments decreased by 362.7 million tons to 29.949 million tons this week, with Australia and Brazil's total shipments at 24.178 million tons, down by 3.694 million tons [1] - The four major mining companies' shipments totaled 20.01 million tons, a decrease of 2.75 million tons [1] - Other non-mainstream countries shipped 5.77 million tons, an increase of 0.07 million tons [1] - The total arrival volume at 47 ports was 25.36 million tons, an increase of 1.22 million tons [1] Demand - Daily iron water production was 2.3981 million tons, down by 0.0104 million tons [1] - The blast furnace operating rate was 83.15%, a decrease of 0.31% [1] - The blast furnace ironmaking capacity utilization rate was 89.90%, down by 0.39% [1] - Steel mill profit margin was 59.74%, an increase of 0.43% [1] Inventory - As of July 10, the inventory at 47 ports was 143.4689 million tons, a decrease of 1.3901 million tons [1] - Daily port clearance volume slightly increased, with an increase in arrival volume leading to a small reduction in port inventory [1] - Steel mills' imported ore inventory increased by 0.6107 million tons to 89.7964 million tons [1] Market Outlook - Iron ore September contract showed a strong upward trend this week [2] - Global shipment volume decreased, with both Australia and Brazil's shipments down, while arrival volume at 47 ports slightly increased [2] - Steel mill repairs and production limits in Tangshan have led to a high-level decline in iron water production, but it remains around 2.4 million tons per day [2] - Despite seasonal demand risks, strong steel exports provide some support [2] - Port inventory saw a slight reduction, with a small increase in steel mills' rights ore inventory [2] - The forecast for July indicates a continued decline in iron water production, expected to maintain an average of 2.3-2.4 million tons [2] - The impact of Tangshan's production limits on iron ore demand is expected to be minimal, with new supply-side policy expectations emerging [2] - Short-term iron ore is expected to operate with fluctuations leaning towards strength, while the medium-term outlook for the September contract remains bearish [2] Trading Recommendations - The recommendation for last week was to buy on dips within the range of 700-750 [3] - The recommendation for this week is to buy on dips within the range of 730-800 [3]