1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the macro - aspect, the escalation of geopolitical conflicts has led to a rise in global shipping costs, pushing up the import cost of iron ore. The negotiation deadlock between major mines and mineral resource groups has intensified the structural shortage of iron ore at ports. With strong inflation expectations and import supply disruptions, iron ore prices may maintain a volatile and upward - biased trend, and the overall price center of iron ore is expected to rise [5][33]. 3. Summary by Directory 3.1 Market Review - Last week, the iron ore 2605 contract rose 0.06% [4]. 3.2 Important Market Information - US officials revealed that the Pentagon is sending three warships and thousands of additional marines to the Middle East, while Trump insists not to send US troops into Iran. Fed Governor Waller planned to vote for a rate cut in this week's central bank meeting due to unexpected unemployment in February, but decided to be more cautious until the impact of the Iran war becomes clear [15]. 3.3 Supply - side Situation - As of February 2026, the import volume of iron ore and concentrates was 9,763.79 million tons, a decrease of 2,201.21 million tons from the previous month; the import average price was $101.34 per ton, an increase of $0.18 per ton from the previous month. The iron ore shipment volume from Australia was 5,231.4 million tons, a decrease of 879.8 million tons from the previous month; the shipment volume from Brazil was 2,293.7 million tons, an increase of 404.6 million tons from the first half of the month [18][20]. 3.4 Demand - side Situation - The average daily hot metal output of 247 steel mills increased, and the steel mill profitability rate also increased [5][30][32]. 3.5 Fundamental Analysis - The blast furnace operating rate of 247 steel mills was 79.78%, a month - on - month increase of 1.44% and a year - on - year decrease of 2.18%; the blast furnace iron - making capacity utilization rate was 85.53%, a month - on - month increase of 2.61% and a year - on - year decrease of 3.17%; the steel mill profitability rate was 42.42%, a month - on - month increase of 1.29% and a year - on - year decrease of 10.83%; the average daily hot metal output was 228.15 million tons, a month - on - month increase of 6.95 million tons and a year - on - year decrease of 8.11 million tons. The total inventory of imported iron ore at 45 ports in the country was 17,098.40 million tons, a month - on - month decrease of 89.12 million tons; the average daily port clearance volume was 320.97 million tons, an increase of 3.07 million tons; the number of ships at ports was 100, a decrease of 10. The total inventory of imported iron ore at 47 ports in the country was 17,814.18 million tons, a month - on - month decrease of 133.14 million tons; the average daily port clearance volume was 335.92 million tons, an increase of 3.59 million tons [30][32]. 3.6 Future Outlook - Due to geopolitical conflicts and supply - side issues, iron ore prices may maintain a volatile and upward - biased trend, and the price center is expected to rise [5][33]. 3.7 Operation Strategy - Unilateral: Treat it with a mid - term low - buying and volatile - bullish approach. - Arbitrage: Stay on the sidelines. - Options: Buy the bull spread strategy of iron ore options [5][34].