铁矿石早报(2026 年 03 月 11 日) | | 主力合约 | i2605 收盘价：784.0 | | | | --- | --- | --- | --- | --- | | | 基本面 | 港口库存高企、落地利润转负与终端需求疲软形成压 | | | | | | 制，钢材去库压力正向上游传导；偏空 | | | | | 基差 | 日照港 PB 粉现货折合盘面价 814 元/吨，基差 30；日 | | | | 铁 | | 照港巴混现货折合盘面价 823，基差 39；偏多 | | | | 矿 | 库存 | 港口库存 17891.3 万吨，环比增加，同比增加；偏空 | | | | 石 | 盘面 | 价格在 20 日线上方，20 日线趋势向上；偏多 | | | | | 主力 持仓 | 主力持仓净多，多增；偏多 | | | | | | 两会释放的稳增长信号及财政货币宽松政策，为市场注 | 从业资格证号: | F03105325 | | | 预期 | | | | | | | 入强预期，支撑矿价短期偏强运行, 震荡偏强 | | | 交易咨询业务资格： 证监许可【2012】1091号 完稿时间:2026年03月11日 | ...

Report Basic Information - Report Name: Iron Ore Morning Report (March 9, 2026) [1] - Completion Time: March 9, 2026 [2] - Analyst: Hu Yuxiu, with qualification number F03105325 and investment consulting number Z0021337 [2] - Research Assistant: Huang Ruoyu, with qualification number F03145541 [2] Industry Investment Rating - Not provided Core View - The high port inventory, negative landing profit, and weak terminal demand form a constraint, and the pressure of steel de - stocking is being transmitted upstream; the market is bearish in terms of fundamentals. However, the signals of stable growth and loose fiscal and monetary policies released during the Two Sessions inject strong expectations into the market, supporting the short - term strong operation of the ore price, with a volatile and upward trend [1] Summary by Directory Spot and Basis - The closing price of the main contract i2605 is 772.0. The spot price of Rizhao Port PB powder converted to the disk price is 805 yuan/ton, with a basis of 33; the spot price of Rizhao Port Brazilian mixed ore converted to the disk price is 815, with a basis of 43, showing a bullish situation [1] Supply and Inventory - The port inventory is 17,891.3 tons, increasing both on a month - on - month and year - on - year basis, which is bearish [1] Demand and Downstream - The weak terminal demand forms a constraint, and the pressure of steel de - stocking is being transmitted upstream [1]