1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The iron ore futures fluctuated and rebounded last week, with the molten iron output rebounding, market sentiment improving, and spot prices rising. It is expected that the iron ore will show a fluctuating trend [1][4][6]. - On the demand side, some steel mills resumed production last week due to a long shutdown, and the molten iron output increased compared with the previous week. It is currently slightly higher than the same period last year and is expected to fluctuate within a narrow range in the future [1][4][6]. - On the supply side, although the overseas shipment volume and arrival volume decreased last week, they remained at relatively high levels in recent years. The port inventory continued to increase, and the supply pressure remained high [1][4][6]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3053 | 19 | 0.63 | 4907951 | 2731199 | Yuan/ton | | SHFE Hot - Rolled Coil | 3256 | 11 | 0.34 | 1702672 | 1302507 | Yuan/ton | | DCE Iron Ore | 772.5 | 12.0 | 1.58 | 1423894 | 494127 | Yuan/ton | | DCE Coking Coal | 1192.0 | - 78.0 | - 6.14 | 5024636 | 941024 | Yuan/ton | | DCE Coke | 1669.5 | - 87.0 | - 4.95 | 107554 | 48736 | Yuan/ton | [2] 3.2 Market Review - **Demand Side**: Last week, some steel mills resumed production due to a long shutdown. The molten iron output increased compared with the previous week, currently slightly higher than the same period last year, and is expected to fluctuate within a narrow range in the future. The blast furnace operating rate of 247 steel mills was 82.81%, a decrease of 0.32 percentage points from the previous week and an increase of 0.73 percentage points compared to the same period last year. The blast furnace iron - making capacity utilization rate was 88.8%, an increase of 0.99 percentage points from the previous week and an increase of 0.22 percentage points compared to the same period last year. The steel mill profitability rate was 38.96%, a decrease of 0.87 percentage points from the previous week and a decrease of 18.62 percentage points compared to the same period last year. The average daily molten iron output was 236.88 tons, an increase of 2.66 tons from the previous week and an increase of 0.94 tons compared to the same period last year [4]. - **Supply Side**: Last week, the overseas shipment volume and arrival volume decreased but remained at relatively high levels in recent years. The port inventory continued to increase, and the supply pressure remained high. The total global iron ore shipment was 3069.0 tons, a decrease of 144.8 tons from the previous week. The total shipment volume of iron ore from Australia and Brazil was 2548.6 tons, a decrease of 210.6 tons from the previous week. The inventory of imported iron ore at 47 ports across the country was 15812.84 tons, an increase of 188.71 tons from the previous week, and the average daily port clearance volume was 340.28 tons, an increase of 4.73 tons [5]. 3.3 Industry News - On November 11, the commissioning ceremony of the Simandou project was held in the Port of Mariabaya, Guinea [10]. - Brazil's CSN announced its Q3 2025 results, with the iron ore segment performing strongly, setting a record high in production and sales. In Q3, the company's iron ore production reached 1192.8 tons, a 2.8% increase from the previous quarter and a 4.3% increase year - on - year [10]. - From January to October, the national real estate development investment was 73563 billion yuan, a 14.7% year - on - year decrease. The housing construction area of real estate development enterprises was 652939 million square meters, a 9.4% year - on - year decrease [10]. 3.4 Related Charts The report includes multiple charts showing the trends of futures and spot prices of rebar, hot - rolled coil, iron ore, etc., as well as data on steel production, inventory, and iron ore shipment and arrival volume [9][11][13].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Demand side: Last week, there was a significant increase in steel mill maintenance, leading to a substantial adjustment in molten iron production. As the off - season approaches, molten iron production will be in a downward cycle. The blast furnace operating rate of 247 steel mills was 81.75%, a decrease of 2.96 percentage points from the previous week and 0.69 percentage points from the same period last year. The daily average molten iron production was 2.3636 million tons, a decrease of 35,400 tons from the previous week and an increase of 8,900 tons from the same period last year [1][4][5]. - Supply side: Last week, overseas shipments increased week - on - week, while arrivals decreased. Shipments were at a high level, and the supply remained strong. The total global iron ore shipments were 3.3884 million tons, an increase of 54,800 tons week - on - week. The inventory of imported iron ore at 47 ports across the country was 152.7293 million tons, an increase of 1.6344 million tons week - on - week, and the daily average port clearance volume was 3.3122 million tons, an increase of 91,500 tons [1][5]. - Overall: In the short term, the impact of the macro - environment has weakened, and demand has marginally declined. It is expected that iron ore will show a volatile and pressured trend [1][5]. 3. Summary by Relevant Catalogs Transaction Data | Contract | Closing Price | Change | Change Percentage (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3046 | 9 | 0.30 | 5713284 | 2644571 | Yuan/ton | | SHFE Hot - Rolled Coil | 3250 | 46 | 1.44 | 2311059 | 1501678 | Yuan/ton | | DCE Iron Ore | 771.0 | 0.0 | 0.00 | 1404210 | 561141 | Yuan/ton | | DCE Coking Coal | 1248.5 | 69.5 | 5.89 | 5960825 | 939022 | Yuan/ton | | DCE Coke | 1757.5 | 81.5 | 4.86 | 116416 | 49180 | Yuan/ton | [2] Market Review - Futures market: Last week, iron ore futures fluctuated upwards. The Fed cut interest rates as expected, and an important consensus was reached on Sino - US tariffs. Supported by a warm macro - atmosphere, the futures market was strong. - Spot market: The price of PB powder at Rizhao Port was 783 yuan/ton, an increase of 5 yuan/ton week - on - week, and the price of Super Special powder was 705 yuan/ton, an increase of 2 yuan/ton week - on - week. The price difference between high - and low - grade PB powder and Super Special powder was 78 yuan/ton [4]. Industry News - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)". It is proposed that in key areas, the total steel production capacity should not be increased, and the transfer of steel production capacity from non - key areas to key areas and between different key areas is prohibited. The capacity replacement ratio for iron - making and steel - making in each province (region, municipality) should not be less than 1.5:1. - On October 28, the suggestions for formulating the 15th Five - Year Plan for National Economic and Social Development were released, aiming to optimize and upgrade traditional industries. - The Fed cut interest rates by 25 basis points, lowering the federal funds rate to 3.75% - 4.00%, and announced the end of balance - sheet reduction starting from December 1. - The Ministry of Commerce introduced the consensus on the results of Sino - US economic and trade consultations. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. The US will suspend the implementation of the 50% penetration rule for export controls and the Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. China will adjust or suspend relevant counter - measures accordingly [9]. Relevant Charts The report includes multiple charts showing the trends of rebar, hot - rolled coil, iron ore futures and spot prices, basis, steel mill profits, steel production, inventory, and other aspects, with data sources from iFinD and Tongguan Jinyuan Futures [7][10][12] etc.

发运到港回落 铁矿震荡反弹 核心观点及策略 铁矿周报 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1/11 ⚫ 需求端：近期检修增加，铁水产量环比回落，根据高 炉停复产计划，预计下周铁水仍减少。上周247家钢 厂高炉开工率83.46%，环比上周减少0.36个百分点， 同比去年增加0.65个百分点，日均铁水产量 240.85 万吨，环比上周减少1.44万吨，同比去年增加1.53万 吨。 ⚫ 供应端：上周海外发运与到港均环比回落，预计 ...

021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 铁矿周报 2025 年 6 月 16 日 铁矿震荡偏弱 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 敬请参阅最后一页免责声明 1/11 海外发运高位 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 | 合约 | 收盘价 | 涨跌 | 涨跌幅% | 总成交量/手 | 总持仓量/手 | 价格单位 | | --- | --- | --- | --- | --- | --- | --- | | SHFE 螺纹钢 | 2969 | -6 | -0.20 | 8652225 | 3086173 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The iron ore market is expected to be mainly in a state of oscillatory adjustment due to the weakening fundamentals. The supply side shows that last week's shipping and arrival volumes both declined month - on - month, with shipping volume at a medium level in recent years and arrival volume at a relatively high level in recent years, indicating a relatively loose supply. On the demand side, the number of steel mill overhauls increased last week, combined with the weakening downstream demand, leading to a decline in molten iron production from its peak [1][5]. Summary by Relevant Catalogs Transaction Data - SHFE rebar had a closing price of 3082 yuan/ton, a rise of 60 yuan, a rise rate of 1.99%, a total trading volume of 9932652 lots, and a total open interest of 2795790 lots [2]. - SHFE hot - rolled coil had a closing price of 3226 yuan/ton, a rise of 69 yuan, a rise rate of 2.19%, a total trading volume of 3176582 lots, and a total open interest of 1362524 lots [2]. - DCE iron ore had a closing price of 728.0 yuan/ton, a rise of 32.0 yuan, a rise rate of 4.60%, a total trading volume of 2364452 lots, and a total open interest of 757976 lots [2]. - DCE coking coal had a closing price of 852.5 yuan/ton, a fall of 25.0 yuan, a fall rate of - 2.85%, a total trading volume of 2616452 lots, and a total open interest of 464062 lots [2]. - DCE coke had a closing price of 1445.5 yuan/ton, a fall of 1.0 yuan, a fall rate of - 0.07%, a total trading volume of 132073 lots, and a total open interest of 51651 lots [2]. Market Review - Last week, iron ore futures fluctuated and rose, mainly driven by the macro - environment, but were dragged down by the weakening molten iron production, resulting in a fall after reaching a high. In the spot market, the price of Rizhao Port PB powder was 765 yuan/ton, a month - on - month increase of 11 yuan/ton, and the price of Super Special powder was 638 yuan/ton, a month - on - month increase of 20 yuan/ton. The price difference between high - and low - grade PB powder and Super Special powder was 127 yuan/ton [4]. - On the demand side, the number of steel mill overhauls increased last week, combined with the weakening downstream demand, leading to a decline in molten iron production from its peak. The blast furnace operating rate of 247 steel mills was 84.15%, a month - on - month decrease of 0.47 percentage points and a year - on - year increase of 2.65 percentage points; the blast furnace iron - making capacity utilization rate was 91.76%, a month - on - month decrease of 0.33 percentage points and a year - on - year increase of 3.19 percentage points; the steel mill profitability rate was 59.31%, a month - on - month increase of 0.44 percentage points and a year - on - year increase of 7.36 percentage points; the daily average molten iron production was 244.77 tons, a month - on - month decrease of 0.87 tons and a year - on - year increase of 7.88 tons [4]. - On the supply side, last week's shipping and arrival volumes both declined month - on - month, with shipping volume at a medium level in recent years and arrival volume at a relatively high level in recent years, indicating a relatively loose supply. The total shipping volume of iron ore from Australia and Brazil was 2422.5 tons, a month - on - month decrease of 117.9 tons. The Australian shipping volume was 1797.2 tons, a month - on - month increase of 28.0 tons, and the volume shipped from Australia to China was 1593.8 tons, a month - on - month increase of 75.4 tons. The Brazilian shipping volume was 625.2 tons, a month - on - month decrease of 146.0 tons. The total global iron ore shipping volume was 3029.0 tons, a month - on - month decrease of 21.5 tons. In terms of inventory, the inventory of imported iron ore at 47 ports across the country was 14746.99 tons, a month - on - month decrease of 17.72 tons; the daily average port clearance volume was 339.59 tons, an increase of 11.08 tons [5]. Industry News - The joint statement of the China - US high - level economic and trade talks was released. Both sides agreed to significantly reduce bilateral tariff levels. The US cancelled 91% of the additional tariffs, and China correspondingly cancelled 91% of the counter - tariffs. The US suspended the implementation of 24% of the "reciprocal tariffs", and China also correspondingly suspended the implementation of 24% of the counter - tariffs. China also correspondingly suspended or cancelled non - tariff counter - measures against the US. Both sides will establish a mechanism to continue consultations on economic and trade relations [6][7]. - According to the data of the Ministry of Commerce, since the implementation of the automobile trade - in policy in 2024, the cumulative subsidy application volume has exceeded 10 million. As of May 11, 2025, the subsidy application volume for automobile trade - in reached 3.225 million, of which new - energy vehicles accounted for more than 53% [10]. - From January to April, the increment of social financing scale was 16.34 trillion yuan, 3.61 trillion yuan more than the same period last year; the new RMB loans were 10.06 trillion yuan. At the end of April, the money supply M2 increased by 8% year - on - year, 1 percentage point higher than last month [10]. Relevant Charts - The report includes multiple charts showing the trends of rebar and hot - rolled coil futures and spot prices, basis trends, steel mill profits, black metal smelting and rolling industry profitability, iron ore supply and demand indicators (such as shipping volume, arrival volume, inventory, etc.), and steel production and consumption indicators (such as daily and monthly production, apparent consumption, etc.) [9][11][13]