Supply - In Q3, global shipments increased with an average weekly shipment of 31.94 million tons, a rise of 140,000 tons compared to Q2 [1] - The average weekly arrival at 45 ports was 24.61 million tons, up by 590,000 tons from Q2 [1] - August's national import volume reached 105.225 million tons, with a month-on-month increase of 602,000 tons [1] Demand - Daily average pig iron production in Q3 was 2.4 million tons, down by 25,000 tons per day compared to Q2 [1] - The average blast furnace operating rate was 83.35%, a decrease of 0.46% from Q2 [1] - The average utilization rate of blast furnace ironmaking capacity was 89.99%, down by 0.95% from Q2 [1] - Steel mill profit margin was 62.24%, an increase of 4.50% from Q2 [1] Inventory - Port inventory decreased, with an increase in daily port clearance volume, while steel mills' imported ore inventory rose [1] - The average inventory at 45 ports in Q3 was 138.06 million tons, down by 3.18 million tons from Q2 [1] - The daily average port clearance volume was 3.23 million tons, an increase of 40,000 tons from Q2 [1] - Steel mills' imported ore inventory was 90.63 million tons, up by 960,000 tons from Q2 [1] Market Outlook - In Q3, iron ore futures maintained a generally strong and fluctuating trend, with a slight increase in global shipment volume and port arrivals [2] - Steel mill profit margins showed a slight recovery, but high pig iron production may pressure future profits, providing support for iron ore prices [2] - Inventory levels at ports decreased, while steel mills' rights to ore inventory increased [2] - The market is expected to experience a "first suppress then rise" trend in Q4, with short-term strategies suggesting selling at highs and long-term buying at lows, with a reference range of 750-850 [2][4] Strategy Recommendations - Short-term strategy suggests selling at highs, while long-term strategy recommends buying at lows, with a reference range of 750-900 for iron ore [4] - The iron ore market is currently in a balanced but tight situation, with prices at yearly highs [2][4]