数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 | 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） | 754.50 | +4.00↑ I 主力合约持仓量(手) | 542,727 | -3955↓ | | | I 5-9合约价差（元/吨） | 21 | +1.50↑ I 合约前20名净持仓(手) | -39219 | +3286↑ | | | I 大商所仓单（手） | 2,900.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 99.1 | +0.74↑ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 802 | +1↑ 青岛港60.5%麦克粉矿 (元/干吨) | 792 | +1↑ | | | 京唐港56.5%超特粉矿 (元/干吨) | 707 | 0.00 I 主力合约基差 (麦克粉干吨-主力合约) | 38 | -3↓ | | | 铁矿石62%普氏指数 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 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。 铁矿石产业链日报 2026/2/25 | 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） | 752.50 | +12.00↑ I 主力合约持仓量(手) | 528,484 | +9280↑ | | | I 5-9合约价差（元/吨） | 17 | +1.00↑ I 合约前20名净持仓(手) ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The I2605 contract fluctuated weakly on Thursday. Macroeconomically, the seasonally - adjusted non - farm payrolls in the US increased by 130,000 in January, far exceeding market expectations, and the expectation of interest - rate cuts slowed down. In terms of supply and demand, the shipments and arrivals of iron ore from Australia and Brazil declined, the blast furnace operating rate of steel mills was stable, the molten iron output remained below 2.3 million tons, and the iron ore port inventory reached a new high. Overall, as the Spring Festival holiday approaches, the restocking demand of steel mills weakens, and the futures price continues to consolidate within a range. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA rebounded at a low level with shrinking red bars. The view is for short - term trading with attention to risk control. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 762.00 yuan/ton, a decrease of 0.50 yuan; the position volume was 497,918 lots, a decrease of 9039 lots. - The spread between the I 5 - 9 contracts was 17 yuan/ton, a decrease of 0.50 yuan; the net position of the top 20 in the I contract was - 24481 lots, a decrease of 2098 lots. - The warehouse receipts of the I Dalian Commodity Exchange were 2,900.00 lots, with no change. - The quote of the Singapore iron ore main contract as of 15:00 was 99.6 US dollars/ton, a decrease of 0.35 US dollars. [2] 现货市场 - The price of 61.5% PB powder ore at Qingdao Port was 821 yuan/dry ton, a decrease of 2 yuan; the price of 60.5% Macfarlane powder ore at Qingdao Port was 808 yuan/dry ton, a decrease of 1 yuan. - The price of 56.5% Chaote powder ore at Jingtang Port was 723 yuan/dry ton, with no change. The basis of the I main contract (Macfarlane powder dry ton - main contract) was 46 yuan, a decrease of 1 yuan. - The 62% Platts iron ore index (previous day) was 99.95 US dollars/ton, a decrease of 0.25 US dollars. The ratio of Jiangsu scrap steel to 60.5% Macfarlane powder ore at Qingdao Port was 3.25, an increase of 0.02. - The estimated import cost was 799 yuan/ton. The global weekly iron ore shipment volume was 2,535.30 million tons, a decrease of 559.30 million tons; the weekly arrival volume at 47 ports in China was 2,455.60 million tons, a decrease of 213.60 million tons. [2] Industry Situation - The weekly iron ore inventory at 47 ports was 17,914.68 million tons, an increase of 156.42 million tons; the weekly iron ore inventory of sample steel mills was 10,316.64 million tons, an increase of 348.05 million tons. - The monthly iron ore import volume was 11,965.00 million tons, an increase of 911.00 million tons. The available days of iron ore (weekly) were 32 days, an increase of 3 days. - The daily output of 266 mines (weekly) was 38.51 million tons, a decrease of 1.05 million tons; the operating rate of 266 mines (weekly) was 61.27%, a decrease of 1.67%. - The iron concentrate inventory of 266 mines (weekly) was 39.07 million tons, a decrease of 2.71 million tons. The BDI index was 1,958.00, an increase of 76.00. - The iron ore freight rate from Tubarao, Brazil to Qingdao was 22.86 US dollars/ton, an increase of 0.51 US dollars; the iron ore freight rate from Western Australia to Qingdao was 8.417 US dollars/ton, an increase of 0.47 US dollars. [2] Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 79.55%, an increase of 0.53%; the weekly blast furnace capacity utilization rate of 247 steel mills was 85.71%, an increase of 0.26%. - The monthly domestic crude steel output was 6,818 million tons, a decrease of 169 million tons. [2] Option Market - The historical 20 - day volatility of the underlying (daily) was 15.09%, a decrease of 0.13%; the historical 40 - day volatility of the underlying (daily) was 16.60%, a decrease of 0.20%. - The implied volatility of at - the - money call options (daily) was 21.36%, an increase of 1.68%; the implied volatility of at - the - money put options (daily) was 17.09%, a decrease of 1.03%. [2] Industry News - Mysteel statistics show that the weekly output of sintered ore of 54 steel mills was 756.70 million tons, an increase of 7.60 million tons or 1.01% compared with the previous period. The sintered ore inventory was 277.04 million tons, a decrease of 10.61 million tons or 3.69% compared with the previous period. - Mysteel statistics show that the total inventory of imported sintered powder of 114 steel mills under the new caliber was 3547.77 million tons, an increase of 84.62 million tons compared with the previous period. The total daily consumption of imported sintered powder was 112.99 million tons, a decrease of 0.89 million tons compared with the previous period. The inventory - to - consumption ratio was 31.4, an increase of 0.99 compared with the previous period. [2] Key Focus - The domestic iron ore port inventory, the blast furnace operating rate and capacity utilization rate of steel mills on Friday. [2]

铁矿石产业链日报 2026/2/9 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。 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 | 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） | 761.50 | +1.00↑ I 主力合约持仓量(手) | 513,384 | -1361↓ | | | I 5-9合约价差（元/吨） | 18.5 | +0.50↑ I 合约前20名净持仓(手) | -16661 | -3475↓ | | | I 大商所仓单（手） | ...

Report Industry Investment Rating - Not provided in the content Core View of the Report - On Tuesday, the I2605 contract rebounded but was blocked. Macroscopically, Ukrainian President Volodymyr Zelensky said that a new round of tripartite negotiations between Ukraine, the US, and Russia may be held on February 1st. In terms of supply and demand, Australian and Brazilian ports continued the inventory accumulation trend, and spot resources were relatively abundant. Technically, the 1 - hour MACD indicator of the I2605 contract showed that DIFF and DEA were running below the 0 - axis, and the red bars were shrinking. Iron ore shipments increased, arrivals decreased, the blast furnace operating rate of steel mills decreased slightly, molten iron production remained below 2.3 million tons, and iron ore port inventories continued to increase. Overall, refer to the pressure around 800 and pay attention to risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 788 yuan/ton, up 3.50 yuan; the position of the I main contract was 571,053 lots, up 2,878 lots; the I 5 - 9 contract spread was 18.5 yuan/ton; the net position of the top 20 in the I contract was - 15,262 lots, up 1,310 lots; the Dalian Commodity Exchange warehouse receipts were 1,100 lots; the Singapore iron ore main contract quoted 103.85 US dollars/ton as of 15:00, up 0.32 US dollars [2] Spot Market - The price of 61.5% PB fines at Qingdao Port was 850 yuan/dry ton, down 6 yuan; the price of 60.5% Mac fines at Qingdao Port was 846 yuan/dry ton, down 5 yuan; the price of 56.5% Super Special fines at Jingtang Port was 754 yuan/dry ton, down 3 yuan; the basis of the I main contract (Mac fines dry ton - main contract) was 58 yuan, down 9 yuan; the 62% Platts iron ore index (previous day) was 103.35 US dollars/ton, down 1.30 US dollars; the ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port was 3.09, up 0.03; the estimated import cost was 831 yuan/ton, down 10 yuan [2] Industry Situation - The global iron ore shipment volume (weekly) was 29.783 million tons, up 485,000 tons; the arrival volume at 47 ports in China (weekly) was 26.255 million tons, down 2.722 million tons; the iron ore inventory at 47 ports (weekly) was 174.9653 million tons, up 2.0783 million tons; the iron ore inventory of sample steel mills (weekly) was 93.8882 million tons, up 1.266 million tons; the iron ore import volume (monthly) was 119.65 million tons, up 9.11 million tons; the available days of iron ore (weekly) were 24 days, up 2 days; the daily output of 266 mines (weekly) was 403,100 tons, up 3,600 tons; the operating rate of 266 mines (weekly) was 63.76%, up 0.74 percentage points; the iron ore concentrate inventory of 266 mines (weekly) was 442,700 tons, up 8,300 tons; the BDI index was 1780, up 18; the iron ore freight rate from Tubarao, Brazil to Qingdao was 21.98 US dollars/ton, up 0.20 US dollars; the iron ore freight rate from Western Australia to Qingdao was 7.975 US dollars/ton, up 0.12 US dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 78.66%, down 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 85.53%, up 0.07 percentage points; the domestic crude steel output (monthly) was 6.818 million tons, down 169,000 tons [2] Option Market - The 20 - day historical volatility of the underlying (daily) was 19.70%, down 0.04 percentage points; the 40 - day historical volatility of the underlying (daily) was 16.51%, down 0.06 percentage points; the implied volatility of at - the - money call options (daily) was 17.41%, down 0.51 percentage points; the implied volatility of at - the - money put options (daily) was 16.53%, down 0.29 percentage points [2] Industry News - From January 19th to January 25th, 2026, the global iron ore shipment volume was 29.783 million tons, a week - on - week increase of 485,000 tons. The total iron ore shipment volume from Australia and Brazil was 23.943 million tons, a week - on - week increase of 1.476 million tons. Australia's shipment volume was 18.374 million tons, a week - on - week increase of 1.493 million tons, of which the volume shipped to China was 14.876 million tons, a week - on - week increase of 978,000 tons. Brazil's shipment volume was 5.568 million tons, a week - on - week decrease of 18,000 tons [2] - From January 19th to January 25th, 2026, the arrival volume at 47 ports in China was 26.255 million tons, a week - on - week decrease of 2.722 million tons; the arrival volume at 45 ports in China was 25.30 million tons, a week - on - week decrease of 1.297 million tons; the arrival volume at six northern ports was 12.381 million tons, a week - on - week decrease of 2.048 million tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report Core View - The I2605 contract's center of gravity moved down on Tuesday. With the current decline in Australian and Brazilian iron ore shipments and arrivals, a slight reduction in the blast furnace operating rate of steel mills, molten iron production remaining below 2.3 million tons, and the iron ore port inventory reaching a new high, the port continues the inventory accumulation trend, and the spot resources are relatively abundant. Additionally, the first shipment of 200,000 tons of iron ore from Simandou arrived at China Baowu Magang, putting short - term pressure on ore prices. The technical analysis of the I2605 contract shows that the 1 - hour MACD indicator has DIFF and DEA running below the 0 - axis. The reference view is oscillating and bearish, and risk control should be noted. [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the I main contract is 789.50 yuan/ton, down 4.50 yuan; the position volume of the I main contract is 586,412 lots, down 29,929 lots. The I 5 - 9 contract spread is 18 yuan/ton, up 0.50 yuan; the net position of the top 20 in the I contract is - 6,122 lots, up 5,773 lots. The Dalian Commodity Exchange's I warehouse receipts are 1,500 lots, up 700 lots. The Singapore iron ore main contract's quote as of 15:00 is 104 US dollars/ton, down 0.66 US dollars. [2] 3.2. Spot Market - The price of 61.5% PB fines at Qingdao Port is 845 yuan/dry ton, down 9 yuan; the price of 60.5% Mac fines at Qingdao Port is 837 yuan/dry ton, down 10 yuan. The price of 56.5% Super Special fines at Jingtang Port is 755 yuan/dry ton, down 11 yuan. The basis of the I main contract (Mac fines dry ton - main contract) is 48 yuan, down 5 yuan. The 62% Platts iron ore index (previous day) is 104.45 US dollars/ton, down 1.70 US dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port is 3.11, up 0.07. The estimated import cost is 841 yuan/ton, down 14 yuan. [2] 3.3. Industry Situation - The global iron ore shipment volume (weekly) is 2,929.80 tons, down 251.10 tons; the arrival volume at 47 ports in China (weekly) is 2,897.70 tons, down 117.30 tons. The iron ore inventory at 47 ports (weekly) is 17,288.70 tons, up 244.26 tons; the iron ore inventory of sample steel mills (weekly) is 9,262.22 tons, up 272.63 tons. The iron ore import volume (monthly) is 11,965.00 tons, up 911.00 tons; the available days of iron ore (weekly) are 22 days, up 5 days. The daily output of 266 mines (weekly) is 39.95 tons, up 0.81 tons; the operating rate of 266 mines (weekly) is 63.02%, up 1.30%. The iron concentrate inventory of 266 mines (weekly) is 43.44 tons, down 0.49 tons. The BDI index is 1,650, up 83. The iron ore freight rate from Tubarao, Brazil to Qingdao is 20.28 US dollars/ton, up 0.72 US dollars; the iron ore freight rate from Western Australia to Qingdao is 8.11 US dollars/ton, up 0.66 US dollars. [2] 3.4. Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 78.82%, down 0.51%; the blast furnace capacity utilization rate of 247 steel mills (weekly) is 85.46%, down 0.60%. The domestic crude steel output (monthly) is 6,818 tons, down 169 tons. [2] 3.5. Option Market - The 20 - day historical volatility of the underlying (daily) is 18.63%, up 0.12%; the 40 - day historical volatility of the underlying (daily) is 16.03%, up 0.04%. The implied volatility of at - the - money call options (daily) is 22.15%, up 0.14%; the implied volatility of at - the - money put options (daily) is 25.20%, up 0.79%. [2] 3.6. Industry News - From January 12th to January 18th, 2026, the global iron ore shipment volume was 2,929.8 million tons, a week - on - week decrease of 251.1 million tons. The total iron ore shipment volume from Australia and Brazil was 2,246.6 million tons, a week - on - week decrease of 359.8 million tons. The arrival volume at 47 ports in China was 2,897.7 million tons, a week - on - week decrease of 117.3 million tons; the arrival volume at 45 ports in China was 2,659.7 million tons, a week - on - week decrease of 260.7 million tons; the arrival volume at the six northern ports was 1,442.9 million tons, a week - on - week decrease of 26.3 million tons. [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report suggests a volatile and bearish outlook for iron ore prices, advising attention to risk control. The port inventory continues to accumulate, with relatively sufficient spot resources but uneven variety distribution. The arrival of the first 200,000 - ton shipment of Simandou iron ore in China may put short - term pressure on ore prices. The I2605 contract's 1 - hour MACD indicator shows DIFF and DEA adjusting downward [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the I main contract is 794.00 yuan/ton, down 18.00 yuan; the position is 616,341 lots, down 32,521 lots. The I 5 - 9 contract spread is 17.5 yuan/ton, down 1.00 yuan. The net position of the top 20 in the I contract is - 11,895 lots, up 6,714 lots. The DCE warehouse receipt is 800.00 lots, down 700.00 lots. The Singapore iron ore main contract's 15:00 quote is 104.65 US dollars/ton, down 1.69 US dollars [2]. 现货市场 - The price of 61.5% PB fines at Qingdao Port is 857 yuan/dry ton, down 7 yuan; the price of 60.5% Mac fines is 853 yuan/dry ton, down 4 yuan. The price of 56.5% Super Special fines at Jingtang Port is 761 yuan/dry ton, down 7 yuan. The basis of the I main contract (Mac fines dry ton - main contract) is 59 yuan, up 14 yuan. The 62% Platts iron ore index (previous day) is 106.15 US dollars/ton, down 0.55 US dollars. The ratio of Jiangsu scrap steel to Qingdao Port 60.5% Mac fines is 3.04, up 0.03. The estimated import cost is 855 yuan/ton, down 5 yuan [2]. Industry Situation - The global iron ore shipment volume (weekly) is 2,929.80 million tons, down 251.10 million tons. The arrival volume at 47 Chinese ports (weekly) is 2,897.70 million tons, down 117.30 million tons. The iron ore inventory at 47 ports (weekly) is 17,288.70 million tons, up 244.26 million tons. The iron ore inventory of sample steel mills (weekly) is 9,262.22 million tons, up 272.63 million tons. The iron ore import volume (monthly) is 11,965.00 million tons, up 911.00 million tons. The available days of iron ore (weekly) is 22.00 days, up 5 days. The daily output of 266 mines (weekly) is 39.95 million tons, up 0.81 million tons. The operating rate of 266 mines (weekly) is 63.02%, up 1.30 percentage points. The iron concentrate inventory of 266 mines (weekly) is 43.44 million tons, down 0.49 million tons. The BDI index is 1,567.00, up 35.00. The iron ore freight rate from Tubarao, Brazil to Qingdao is 19.56 US dollars/ton, up 0.30 US dollars; the freight rate from Western Australia to Qingdao is 7.45 US dollars/ton, up 0.23 US dollars [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 78.82%, down 0.51 percentage points. The blast furnace capacity utilization rate of 247 steel mills (weekly) is 85.46%, down 0.60 percentage points. The domestic crude steel output (monthly) is 6,818 million tons, down 169 million tons [2]. Option Market - The 20 - day historical volatility of the underlying (daily) is 18.51%, up 1.75 percentage points. The 40 - day historical volatility of the underlying (daily) is 15.99%, up 1.06 percentage points. The implied volatility of at - the - money call options (daily) is 22.01%, up 3.66 percentage points. The implied volatility of at - the - money put options (daily) is 24.41%, up 7.74 percentage points [2]. Industry News - From January 12th to January 18th, 2026, the global iron ore shipment volume was 2,929.8 million tons, a week - on - week decrease of 251.1 million tons. The shipment volume from Australia and Brazil was 2,246.6 million tons, a week - on - week decrease of 359.8 million tons. The arrival volume at 47 Chinese ports was 2,897.7 million tons, a week - on - week decrease of 117.3 million tons; the arrival volume at 45 Chinese ports was 2,659.7 million tons, a week - on - week decrease of 260.7 million tons; the arrival volume at the six northern ports was 1,442.9 million tons, a week - on - week decrease of 26.3 million tons. Also, on January 17th, local time, US President Trump announced that starting from February 1st, a 10% tariff will be imposed on all goods exported to the US from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, and the tariff will be increased to 25% by June 1st [2].

铁矿石产业链日报 2026/1/6 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 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） | 801.00 | +4.00↑ I 主力合约持仓量(手) | 640,868 | +22093↑ | | 期货市场 | I 5-9合约价差（元/吨） | 21 | -1.00↓ I 合约前20名净持仓(手) ...

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 铁矿石产业链日报 2025/12/24 | 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） | 779.50 | +1.00↑ I 主力合约持仓量(手) | 553,717 | -317↓ | | | I 1-5合约价差（元/吨） | 18.5 | +0.50↑ I 合约前20名净持仓(手) | 4593 | -394↓ | | | I 大商所仓单（手） | 1,300.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 104.1 | -0.27↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 846 | -1↓ 青岛港60.5%麦克粉矿 (元/干吨) | 840 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 762 | -4↓ I 主力合约基差 (麦克粉干吨-主力 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - On Tuesday, the I2605 contract traded within a range. China's December LPR remained unchanged for the 7th consecutive month. In terms of supply and demand, the shipments and arrivals of Australian and Brazilian iron ore decreased simultaneously, steel mills increased blast furnace maintenance, molten iron production continued to decline, and port inventories of iron ore continued to rise. Overall, port inventories showed an accumulation trend, supply was relatively abundant, steel mills made purchases as needed, but the spot price was firm, so the futures price might trade within a range. Technically, the 1 - hour MACD indicator of the I2605 contract showed that DIFF and DEA declined from high levels, with the green bar expanding. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 778.50 yuan/ton, down 3.00 yuan; the position volume was 554,034 lots, up 2081 lots. The 1 - 5 contract spread was 18 yuan/ton, up 2.00 yuan; the net position of the top 20 contract holders was 4987 lots, up 561 lots. The DCE warehouse receipt was 1,300.00 lots, unchanged. The Singapore iron ore main contract was quoted at 104.4 dollars/ton at 15:00, down 0.36 dollars [2] 现货市场 - The price of 61.5% PB fines at Qingdao Port was 854 yuan/dry ton, up 2 yuan; the price of 60.5% Mac fines was 846 yuan/dry ton, down 1 yuan. The price of 56.5% Super Special fines at Jingtang Port was 763 yuan/dry ton, down 3 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 68 yuan, up 2 yuan. The 62% Platts iron ore index was 108.25 dollars/ton (previous day), up 0.10 dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port was 3.10, unchanged. The estimated import cost was 878 yuan/ton, unchanged [2] Industry Situation - The global iron ore shipment volume (weekly, in 10,000 tons) was 3,464.50, down 128.00. The arrival volume at 47 Chinese ports (weekly, in 10,000 tons) was 2,790.20, down 137.90. The iron ore inventory at 47 ports (weekly, in 10,000 tons) was 16,225.53, up 114.06. The iron ore inventory of sample steel mills (weekly, in 10,000 tons) was 8,723.95, down 110.25. The iron ore import volume (monthly, in 10,000 tons) was 11,054.00, down 77.00. The available days of iron ore (weekly, in days) was 22.00, up 1. The daily output of 266 mines (weekly, in 10,000 tons) was 37.61, down 0.26. The operating rate of 266 mines (weekly, in %) was 59.52, down 0.55. The iron concentrate inventory of 266 mines (weekly, in 10,000 tons) was 47.80, up 2.83. The BDI index was 1,979.00, down 44.00. The iron ore freight rate from Tubarao, Brazil to Qingdao was 24.21 dollars/ton, up 0.04 dollars; the freight rate from Western Australia to Qingdao was 9.795 dollars/ton, down 0.30 dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly, in %) was 78.45, down 0.16; the blast furnace capacity utilization rate of 247 steel mills (weekly, in %) was 84.91, down 0.99. The domestic crude steel output (monthly, in 10,000 tons) was 6,987, down 213 [2] Option Market - The 20 - day historical volatility of the underlying (daily, in %) was 13.31, up 0.01; the 40 - day historical volatility of the underlying (daily, in %) was 14.70, down 0.08. The implied volatility of at - the - money call options (daily, in %) was 15.16, down 0.19; the implied volatility of at - the - money put options (daily, in %) was 14.93, down 0.30 [2] Industry News - From December 15th to December 21st, 2025, the global iron ore shipment volume was 3464.5 tons, a week - on - week decrease of 128.0 tons. The total shipment volume of Australian and Brazilian iron ore was 2814.7 tons, a week - on - week decrease of 150.8 tons. The Australian shipment volume was 1950.6 tons, a week - on - week decrease of 102.0 tons, and the volume shipped from Australia to China was 1694.5 tons, a week - on - week decrease of 7.6 tons. The Brazilian shipment volume was 864.1 tons, a week - on - week decrease of 48.8 tons. The arrival volume at 47 Chinese ports was 2790.2 tons, a week - on - week decrease of 137.9 tons; the arrival volume at 45 Chinese ports was 2646.7 tons, a week - on - week decrease of 76.7 tons; the arrival volume at the six northern ports was 1256.4 tons, a week - on - week decrease of 102.1 tons [2]