铁矿石产业链日报 2025/11/20 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 788.50 | -3.00↓ I 主力合约持仓量(手) | 477,486 | -3421↓ | | | I 1-5合约价差（元/吨） | 35.5 | -1.00↓ I 合约前20名净持仓(手) | 4175 | +7890↑ | | | I 大商所仓单（手） | 800.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.05 | -0.30↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 860 | -1↓ 青岛港60.8%麦克粉矿 (元/干吨) | 852 | 0.00 | | | 京唐港56.5%超特粉矿 (元/干吨) | 768 | -2↓ I 主力合约基差 (麦克粉干吨-主力合约) | 64 | +3↑ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 105. ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告 不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形 式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 791.50 | -0.50↓ I 主力合约持仓量(手) | 480,907 | +9616↑ | | | I 1-5合约价差（元/吨） | 36.5 | +2.00↑ I 合约前20名净持仓(手) | -3715 | +12461↑ | | | I 大商所仓单（手） | 800.00 | 0.00 | | ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告 不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形 式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 792.00 | +3.50↑ I 主力合约持仓量(手) | 471,291 | -10108↓ | | 期货市场 | I 1-5合约价差（元/吨） | 34.5 | +2.50↑ I 合约前20名净持仓(手) | -16176 | +10884↑ | | | I 大商所仓单（手） | 800.00 | -100.0 ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - On Monday, the I2601 contract rose. Macroscopically, many places in Henan and Hebei lifted the emergency response for heavy - pollution weather. In terms of supply and demand, the shipment of Australian and Brazilian iron ore increased this period, the arrival volume decreased, and domestic port inventories continued to rise; the utilization rate of steel mill blast furnace capacity and pig iron output stopped falling and rebounded, strengthening demand support. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA are rising. The market may remain oscillating and relatively strong, and risk control should be emphasized [2]. 3. Detailed Summary by Directory 3.1 Futures Market - The closing price of the I main contract is 788.50 yuan/ton, up 16.00 yuan; the position volume of the I main contract is 481,401 lots, up 1,021 lots; the net position of the top 20 in the I contract is - 21,825 lots, up 2,935 lots. The spread between the I 1 - 5 contracts is 32 yuan/ton. The warehouse receipt of the Dalian Commodity Exchange for I is 900 lots, with no change. The Singapore iron ore main contract was quoted at 104.35 US dollars/ton as of 15:00, up 1.76 US dollars [2]. 3.2 Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 858 yuan/dry ton, up 2 yuan; the price of 60.8% Mac fine ore is 850 yuan/dry ton, up 2 yuan; the price of 56.5% Super Special fine ore at Jingtang Port is 761 yuan/dry ton, up 2 yuan. The basis of the I main contract (Mac fine dry ton - main contract) is 62 yuan, down 14 yuan. The 62% Platts iron ore index (previous day) is 103.60 US dollars/ton, with no change. The ratio of Jiangsu scrap steel to 60.8% Mac fine ore at Qingdao Port is 3.13, down 0.01. The estimated import cost is 844 yuan/ton, with no change [2]. 3.3 Industry Situation - The global iron ore shipment volume (weekly) is 3,516.40 million tons, up 447.40 million tons; the arrival volume at 47 ports in China (weekly) is 2,369.90 million tons, down 399.40 million tons. The iron ore inventory at 47 ports (weekly) is 15,812.84 million tons, up 188.71 million tons; the iron ore inventory of sample steel mills (weekly) is 9,076.01 million tons, up 66.07 million tons. The iron ore import volume (monthly) is 11,130.90 million tons, down 502.10 million tons; the available days of iron ore (weekly) are 23 days, with no change. The daily output of 266 mines (weekly) is 40.43 million tons, up 0.44 million tons; the operating rate of 266 mines (weekly) is 63.74%, up 0.78%. The iron concentrate inventory of 266 mines (weekly) is 39.52 million tons, down 2.31 million tons. The BDI index is 2,125.00, up 48.00. The freight rate of iron ore from Tubarao, Brazil to Qingdao is 23.51 US dollars/ton, up 0.73 US dollars; the freight rate from Western Australia to Qingdao is 10.295 US dollars/ton, up 0.26 US dollars [2]. 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 82.79%, down 0.36%; the blast furnace capacity utilization rate of 247 steel mills (weekly) is 88.82%, up 1.03%. The domestic crude steel output (monthly) is 7,200 million tons, down 149 million tons [2]. 3.5 Option Market - The 20 - day historical volatility of the underlying (daily) is 17.92%, up 1.32%; the 40 - day historical volatility of the underlying (daily) is 16.81%, up 0.78%. The implied volatility of at - the - money call options (daily) is 26.01%, up 11.67%; the implied volatility of at - the - money put options (daily) is 18.65%, up 2.56% [2]. 3.6 Industry News - From November 10th to November 16th, 2025, the global iron ore shipment volume was 3,516.4 million tons, a week - on - week increase of 447.4 million tons. The total shipment volume of iron ore from Australia and Brazil was 2,908.7 million tons, a week - on - week increase of 360.1 million tons. The shipment volume from Australia was 2,050.4 million tons, a week - on - week increase of 239.6 million tons, of which the volume shipped from Australia to China was 1,873.0 million tons, a week - on - week increase of 339.0 million tons. The shipment volume from Brazil was 858.2 million tons, a week - on - week increase of 120.5 million tons. The arrival volume at 47 ports in China was 2,369.9 million tons, a week - on - week decrease of 399.4 million tons; the arrival volume at 45 ports in China was 2,268.9 million tons, a week - on - week decrease of 472.3 million tons; the arrival volume at six northern ports was 1,041.3 million tons, a week - on - week decrease of 484.5 million tons [2].

铁矿石产业链日报 2025/11/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 772.50 | -1.50↓ I 主力合约持仓量(手) | 494,127 | -7106↓ | | | I 1-5合约价差（元/吨） | 27 | +0.50↑ I 合约前20名净持仓(手) | -21825 | +2935↑ | | | I 大商所仓单（手） | 900.00 | +100.00↑ | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 102.7 | -0.08↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 848 | -5↓ 青岛港60.8%麦克粉矿 (元/干吨) | 841 | -5↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 750 | -5↓ I 主力合约基差 (麦克粉干吨-主力合约) | 69 | -4↓ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 10 ...

铁矿石产业链日报 2025/11/12 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告 不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形 式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 774.00 | +11.00↑ I 主力合约持仓量(手) | 501,233 | -29119↓ | | | I 1-5合约价差（元/吨） | 26.5 | +0.50↑ I 合约前20名净持仓(手) | -24760 | -330↓ | | | I 大商所仓单（手 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On Thursday, the I2601 contract rebounded slightly. Macroeconomically, the US ADP employment in October increased by 42,000, the largest increase since July 2025. In terms of supply and demand, the iron ore shipments from Australia and Brazil decreased this period, while the arrivals increased significantly. The domestic port inventory has increased for six consecutive weeks, and the hot metal production decreased, reducing the spot demand. Overall, steel mills maintain on - demand restocking, and the rebound of steel prices supports the iron ore price. Attention should be paid to the industrial data on Friday. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA rebounded at a low level. For operation, short - term trading is recommended with risk control [2]. 3. Summary by Directory 3.1 Futures Market - I main contract closing price: 777.50 yuan/ton, up 1.50 yuan [2]. - I main contract open interest: 537,495 lots, down 7,164 lots [2]. - I 1 - 5 contract spread: 21.5 yuan/ton, down 0.50 yuan [2]. - I contract top 20 net open interest: - 20,239 lots, up 1,882 lots [2]. - I Dalian Commodity Exchange warehouse receipts: 1,000 lots, unchanged [2]. - Singapore iron ore main contract quote (as of 15:00): 103.9 dollars/ton, up 0.38 dollars [2]. 3.2 Spot Market - Qingdao Port 61.5% PB fine ore: 848 yuan/dry ton, up 4 yuan [2]. - Qingdao Port 60.8% Mac fine ore: 845 yuan/dry ton, up 2 yuan [2]. - Jingtang Port 56.5% Super Special fine ore: 766 yuan/dry ton, down 3 yuan [2]. - I main contract basis (Mac fine dry ton - main contract): 67 yuan, up 1 yuan [2]. - Iron ore 62% Platts Index (previous day): 104.90 dollars/ton, up 0.30 dollars [2]. - Jiangsu scrap steel/Qingdao Port 60.8% Mac fine ore: 3.18, down 0.05 [2]. - Import cost estimate: 855 yuan/ton, up 2 yuan [2]. 3.3 Industry Situation - Global iron ore shipments (weekly): 3,213.80 million tons, down 174.50 million tons [2]. - China's 47 - port arrivals (weekly): 3,314.10 million tons, up 1,229.80 million tons [2]. - 47 - port iron ore inventory (weekly): 15,272.93 million tons, up 163.44 million tons [2]. - Sample steel mills' iron ore inventory (weekly): 8,849.86 million tons, down 229.33 million tons [2]. - Iron ore imports (monthly): 11,633.00 million tons, up 1,111.00 million tons [2]. - Iron ore available days (weekly): 23 days, up 4 days [2]. - 266 mines' daily output (weekly): 40.35 million tons, up 0.20 million tons [2]. - 266 mines' operating rate (weekly): 63.97%, up 0.47 percentage points [2]. - 266 mines' iron concentrate inventory (weekly): 47.75 million tons, up 0.30 million tons [2]. - BDI Index: 2,003.00, up 45.00 [2]. - Iron ore freight rate: Tubarao, Brazil - Qingdao: 23.17 dollars/ton, up 0.18 dollars [2]. - Iron ore freight rate: Western Australia - Qingdao: 10.085 dollars/ton, up 0.60 dollars [2]. 3.4 Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 81.73%, down 3.00 percentage points [2]. - 247 steel mills' blast furnace capacity utilization rate (weekly): 88.59%, down 1.33 percentage points [2]. - Domestic crude steel output (monthly): 7,349 million tons, down 388 million tons [2]. 3.5 Option Market - Underlying historical 20 - day volatility (daily): 17.72%, down 0.61 percentage points [2]. - Underlying historical 40 - day volatility (daily): 16.12%, down 0.09 percentage points [2]. - At - the - money call option implied volatility (daily): 15.49%, down 1.04 percentage points [2]. - At - the - money put option implied volatility (daily): 15.31%, up 0.76 percentage points [2]. 3.6 Industry News - From October 27 to November 2, 2025, Mysteel's global iron ore shipments were 3,213.8 million tons, a week - on - week decrease of 174.5 million tons. The total shipments from Australia and Brazil were 2,759.2 million tons, a week - on - week decrease of 166.7 million tons. Australia's shipments were 1,895.1 million tons, a week - on - week decrease of 89.2 million tons, and the amount shipped from Australia to China was 1,605.8 million tons, a week - on - week decrease of 60.6 million tons. Brazil's shipments were 864.1 million tons, a week - on - week decrease of 77.5 million tons [2]. - Mysteel statistics show that the total inventory of imported sinter powder of 114 steel mills under the new caliber was 2,780.92 million tons, a week - on - week increase of 97.46 million tons. The total daily consumption of imported sinter powder was 112.92 million tons, a week - on - week increase of 2.18 million tons. The inventory - to - consumption ratio was 24.63, a week - on - week increase of 0.40 [2]. 3.7 Key Points of Attention Pay attention to the domestic iron ore port inventory, steel mills' blast furnace operating rate and capacity utilization rate on Friday [2].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 775.50 | -7.00↓ I 主力合约持仓量(手) | 547,754 | +12824↑ | | | I 1-5合约价差（元/吨） | 19.5 | -2.50↓ I 合约前20名净持仓(手) | -13848 | +7076↑ | | | I 大商所仓单（手） | 1,000.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 103.75 | -1.30↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 854 | -2↓ 青岛港60.8%麦克粉矿 (元/干吨) | 852 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 757 | -8↓ I 主力合约基差 (麦克粉干吨-主力合约) | 77 | +6↑ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 105.85 | -1.55↓ 江苏废钢 ...

Report Information - Report Title: Iron Ore Industry Chain Daily Report 2025/10/15 [1] - Researcher: Cai Yuehui [4] - Futures Practitioner Qualification Number: F0251444 [4] - Futures Investment Consulting Practitioner Certificate Number: Z0013101 [4] Report Industry Investment Rating - Not provided Core Viewpoints - The I2601 contract showed weak performance on Wednesday. With Rio Tinto accelerating iron ore shipments and the Simandou project ahead of schedule, along with tariff disturbances affecting market sentiment, iron ore prices may fluctuate weakly. Technically, the 1-hour MACD indicator of the I2601 contract shows DIFF and DEA adjusting downward. Operationally, short on rebounds, paying attention to rhythm and risk control [2] Summary by Directory Futures Market - I main contract closing price: 776.50 yuan/ton, down 5.50 yuan [2] - I main contract open interest: 508,365 lots, up 8,566 lots [2] - I 1 - 5 contract spread: 22.5 yuan/ton, up 1.50 yuan [2] - I contract top 20 net open interest: -10,311 lots, up 3,232 lots [2] - I Dalian Commodity Exchange warehouse receipts: 700 lots, down 100 lots [2] - Singapore iron ore main contract quote at 15:00: 105 dollars/ton, down 0.17 dollars [2] Spot Market - Qingdao Port 61.5% PB fine ore: 850 yuan/dry ton, down 4 yuan [2] - Qingdao Port 60.8% Mac fine ore: 843 yuan/dry ton, down 4 yuan [2] - Jingtang Port 56.5% Super Special fine ore: 766 yuan/dry ton, down 2 yuan [2] - I main contract basis (Mac fine dry ton - main contract): 67 yuan, up 1 yuan [2] - Iron ore 62% Platts Index (previous day): 106.20 dollars/ton, down 3.00 dollars [2] - Jiangsu scrap steel / Qingdao Port 60.8% Mac fine ore: 3.30, up 0.01 [2] - Import cost estimate: 867 yuan/ton, down 24 yuan [2] Industry Situation - Global iron ore shipment volume (weekly): 3,207.50 million tons, down 71.50 million tons [2] - China's 47-port arrival volume (weekly): 3,144.10 million tons, up 368.30 million tons [2] - 47-port iron ore inventory (weekly): 14,641.08 million tons, up 87.12 million tons [2] - Sample steel mills' iron ore inventory (weekly): 9,046.19 million tons, down 990.60 million tons [2] - Iron ore imports (monthly): 11,632.60 million tons, up 1,110.60 million tons [2] - Iron ore available days (weekly): 26 days, up 1 day [2] - 266 mines' daily output (weekly): 39.20 million tons, down 0.16 million tons [2] - 266 mines' operating rate (weekly): 62.54%, up 0.15% [2] - 266 mines' iron concentrate inventory (weekly): 47.95 million tons, down 0.78 million tons [2] - BDI Index: 2,022, down 122 [2] - Iron ore freight rate: Tubarao, Brazil - Qingdao: 23.71 dollars/ton, down 1.49 dollars [2] - Iron ore freight rate: Western Australia - Qingdao: 10.305 dollars/ton, down 1.85 dollars [2] Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 84.25%, down 0.02% [2] - 247 steel mills' blast furnace capacity utilization rate (weekly): 90.53%, down 0.10% [2] - Domestic crude steel output (monthly): 7,737 million tons, down 229 million tons [2] Option Market - Underlying historical 20-day volatility (daily): 16.15%, down 1.04% [2] - Underlying historical 40-day volatility (daily): 18.32%, down 0.33% [2] - At-the-money call option implied volatility (daily): 20.57%, down 0.31% [2] - At-the-money put option implied volatility (daily): 20.14%, down 0.02% [2] Industry News - The World Steel Association expects global steel demand in 2025 to be flat with 2024 at around 1.75 billion tons. China's steel demand decline will slow, while developing economies like India, Vietnam, Egypt, and Saudi Arabia will see strong growth, and European steel demand will have a long-awaited recovery [2] - Rio Tinto's Q3 report shows the Simandou project's overall commissioning progress is ahead of schedule, with the first batch of iron ore expected to be shipped to the port in October, about a month earlier than planned. Mysteel predicts the substantial growth from the Simandou project's capacity release will be more evident in 2026 [2] Viewpoint Summary - The I2601 contract's 1-hour MACD indicator shows DIFF and DEA adjusting downward. Operationally, short on rebounds, paying attention to rhythm and risk control [2]

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 铁矿石产业链日报 2025/10/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 804.50 | +9.50↑ I 主力合约持仓量(手) | 485,339 | +9148↑ | | | I 1-5合约价差（元/吨） | 23.5 | +3.00↑ I 合约前20名净持仓(手) | -3125 | +6339↑ | | | I 大商所仓单（手） | 800.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 107.45 | +2.59↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 857 | -3↓ 青岛港60.8%麦克粉矿 (元/干吨) | 846 | -4↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 777 | -5↓ I 主力合约基差 (麦克粉干吨-主力合约) ...