本周值 环比变化 上月末值 本月变化 同期值 同期变化 45港铁矿石库存 15,054.65 -75.06 14,542.48 512.17 15,319.38 -264.73 247家钢厂进口矿库存 9,001.23 -74.78 8,849.86 151.37 9,173.04 -171.81 45港铁矿石到货量 2,268.90 -472.30 2,029.10 239.80 2,782.00 -513.10 全球19港铁矿石发货量 3,516.40 447.38 3,388.35 128.05 3,010.90 505.50 247家钢厂日均铁水产量 236.28 -0.60 236.36 -0.08 235.80 0.48 45港日均疏港量 329.92 2.97 320.16 9.76 326.98 2.94 247家钢厂进口矿日耗 291.68 -0.95 291.62 0.06 292.61 -0.93 主港铁矿成交周均值 75.08 -30.88 82.18 -7.10 109.98 -34.90 数据来源：我的钢铁网 宝城期货金融研究所 铁矿石周度数据（20251121） 库存 供给 需求 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The iron ore market is expected to continue its oscillating trend with weak upward momentum, and attention should be paid to the performance of steel products. The current situation of the iron ore market is weak, and there is no substantial improvement in the fundamentals of the ore market, with high supply and limited improvement in demand [1][2]. 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term (within one week) and medium - term (two weeks to one month) trends are expected to be oscillating, while the intraday trend is expected to be weakly oscillating. It is recommended to pay attention to the support at the MA60 line. The core logic is that the current situation is weak and the upward driving force is not strong [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore has not improved. Although the terminal consumption of ore has increased, the profitability of steel mills is poor, and the industrial contradictions in the steel market remain unresolved, with limited room for improvement. - The arrival of ore at domestic ports has been continuously decreasing, but the shipments from overseas miners have increased significantly and reached a high for the year. According to the shipping schedule, the subsequent arrivals will increase. The supply of foreign ore remains active, and the supply of domestic ore is stable, so the ore supply remains at a high level. - Thanks to the switch of the arbitrage logic and the improvement of ore demand, the ore price has rebounded from a low level. However, due to the high supply, there is no substantial improvement in the fundamentals of the ore market, and the upward driving force is not strong [2].

Report Summary 1) Report Industry Investment Rating - Not provided in the content 2) Core View of the Report - The supply - demand pattern of iron ore has not improved, with continuous increase in inventory. Although the terminal consumption of ore has rebounded due to steel mill复产, the improvement in ore demand is questionable as the profitability of steel mills has not improved. The supply of ore remains high. The recent rebound in ore prices is driven by the change in the arbitrage logic, but under the real - world logic, ore prices will continue to face downward pressure. Attention should be paid to the production situation of steel mills [1] 3) Summary According to Related Catalogs Inventory - 45 - port iron ore inventory reached 15,129.71, a week - on - week increase of 230.88 and a month - to - date increase of 587.23 compared to the end of last month. It was 150.80 less than the same period last year [2] - 247 steel mills' imported ore inventory was 9,076.01, a week - on - week increase of 66.07 and a month - to - date increase of 226.15 compared to the end of last month. It was 22.28 more than the same period last year [2] Supply - 45 - port iron ore arrivals were 2,741.20, a week - on - week decrease of 477.20 but a month - to - date increase of 712.10 compared to last month. It was 414.20 more than the same period last year [2] - Global 19 - port iron ore shipments were 3,069.02, a week - on - week decrease of 144.82 and a month - to - date decrease of 319.33 compared to last month. It was 48.32 more than the same period last year [2] Demand - 247 steel mills' average daily hot metal production was 236.88, a week - on - week increase of 2.66 and a month - to - date increase of 0.52 compared to last month. It was 0.94 more than the same period last year [2] - 45 - port average daily port clearance volume was 326.95, a week - on - week increase of 6.02 and a month - to - date increase of 6.79 compared to last month. It was 1.29 more than the same period last year [2] - 247 steel mills' imported ore daily consumption was 292.63, a week - on - week increase of 3.93 and a month - to - date increase of 1.01 compared to last month. It was 0.26 less than the same period last year [2] - The weekly average of main - port iron ore transactions was 106.93, a week - on - week decrease of 18.15 but a month - to - date increase of 24.75 compared to last month. It was 2.81 less than the same period last year [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term and intraday view of Iron Ore 2601 is oscillating weakly, and the medium - term view is oscillating. Attention should be paid to the pressure at the MA5 line. The core logic is that the supply - demand pattern has weakened, and the ore price is under pressure [2]. - The supply - demand pattern of iron ore continues to weaken, with a significant increase in inventory. Under the disturbance of production restrictions, steel mill production weakens, the terminal consumption of ore continues to decline, and the weak demand in the steel market suppresses the ore price. The supply pressure continues to increase, and the ore price is under pressure to run weakly [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is oscillating weakly, the medium - term view is oscillating, and the intraday view is oscillating weakly. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the weakening supply - demand pattern and the ore price under pressure [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore continues to weaken, with a large inventory build - up. Steel mill production weakens under production restrictions, and ore terminal consumption declines. The weak demand in the steel market restrains the ore price. The arrival of ore at domestic ports has recovered as expected, and the overseas miners' shipments have declined but are still at a high level this year. The supply pressure continues to increase, and the ore price is under pressure [3].

Report Summary 1. Report Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View of the Report - The iron ore 2601 contract is expected to show a weak - oscillating trend in the short - term, medium - term, and intraday periods. The core logic is that the supply - demand pattern of iron ore has weakened, leading to a weakening of the ore price. The high - valued ore price continues to be under pressure and weakens under the dominance of the real - world logic, and attention should be paid to the performance of steel [2][3]. 3. Summary by Related Content Variety View Reference - For the iron ore 2601 contract, the short - term, medium - term, and intraday trends are all described as weak - oscillating. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the weakening of the supply - demand pattern and the weak operation of the ore price [2]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Port inventories are rapidly accumulating, steel mill production is weakening, terminal consumption of ore is declining, and the industrial contradictions in the steel market remain unresolved, with the weak demand pattern difficult to change, which continues to drag down the ore price. At the same time, the arrival of ore at domestic ports has increased significantly, while the shipments of overseas miners have slightly declined from the high level, but the overall supply of foreign ore is still active. Coupled with the increase in domestic ore supply, the supply pressure of ore is relatively large. In summary, the supply of iron ore is high, while the demand continues to weaken, and the fundamentals of ore are not good [3].

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The short - term view of Iron Ore 2601 is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the real - world logic dominates, and the ore price is under pressure to fall [2]. - The supply - demand pattern of iron ore continues to weaken. The terminal consumption of ore is continuously decreasing, and the demand in the steel market remains weak. The supply of iron ore is high, and the high - valued ore price is prone to fall under the pressure of the real - world logic. Attention should be paid to the performance of steel [3]. Group 3: Summary by Relevant Content Variety View Reference - For Iron Ore 2601, the short - term view is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is that the real - world logic dominates, and the ore price is under pressure to fall [2]. Market Driving Logic - The supply - demand pattern of iron ore continues to weaken. The terminal consumption of ore is decreasing, and the demand in the steel market remains weak. The arrival of ore at domestic ports has increased significantly, and although overseas miners' shipments have decreased, both remain at high levels. The supply of domestic ore has also increased. Overall, the supply of iron ore is high, and the high - valued ore price is prone to fall under the pressure of the real - world logic. Attention should be paid to the performance of steel [3].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The short - term and intraday view of Iron Ore 2601 is "shock and weak", and the medium - term view is "shock". It is recommended to pay attention to the support at the MA10 line. The core logic is that the fundamentals are poor and the ore price will decline with shocks [2]. 3. Summary by Relevant Content Variety View Reference - For Iron Ore 2601, the short - term and intraday performance is "shock and weak", the medium - term is "shock". The view is to focus on the MA10 line support, due to poor fundamentals and the ore price's decline with shocks [2]. Market Driving Logic - The supply - demand pattern of iron ore has little change. Under the influence of production restrictions, the terminal demand for ore continues to decline, and the industrial contradictions in the steel market remain unresolved, so the ore demand is in a weak state. The arrival at domestic ports has dropped to a low level, but the shipments from overseas miners are high. According to the shipping schedule, the subsequent arrivals will increase. Coupled with the increase in domestic ore supply, the ore supply remains at a high level. Although there are some positive factors supporting the ore price to return to a high level, the high supply and weakening demand lead to poor fundamentals, and the over - valued ore price will face downward pressure under the dominance of the real - world logic. Attention should be paid to the performance of steel [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The supply - demand pattern of iron ore continues to weaken. Under the disturbance of production restrictions, the terminal demand for ore is declining. With the steel market's industrial contradictions unresolved and seasonal production - restriction disturbances frequent, ore demand is expected to continue to decline, which may drag down the ore price. Although the arrival of ore at domestic ports has dropped significantly due to short - term weather factors, overseas miners' shipments remain high, and subsequent arrivals are expected to recover. Ore supply remains high while demand is weakening, so the fundamentals of the ore are not good, and the high - valued ore price is prone to fall back. Attention should be paid to the performance of steel [2]. 3) Summary by Related Catalogs Inventory - 45 - port iron ore inventory is 14,542.48, with a week - on - week increase of 118.89, a monthly increase of 564.69, and a year - on - year decrease of 877.50 [1]. - 247 steel mills' imported ore inventory is 8,849.86, with a week - on - week decrease of 229.33, a monthly decrease of 1,186.93, and a year - on - year decrease of 148.04 [1]. Supply - 45 - port iron ore arrival volume is 2,029.10, with a week - on - week decrease of 490.30, a monthly decrease of 331.40, and a year - on - year decrease of 432.80. The significant drop in domestic port arrivals is mainly due to short - term weather factors, and overseas miners' shipments remain high, so subsequent arrivals are expected to recover [1][2]. - Global 19 - port iron ore shipment volume is 3,288.40, with a week - on - week decrease of 45.15, a monthly decrease of 186.99, and a year - on - year increase of 203.20 [1]. Demand - 247 steel mills' daily average hot metal production is 236.36, with a week - on - week decrease of 3.54, a monthly decrease of 5.45, and a year - on - year increase of 0.89. The daily average hot metal production and imported ore consumption of sample steel mills have decreased week - on - week, and the decline is expanding, indicating a clear weakening of demand [1][2]. - 247 steel mills' imported ore daily consumption is 291.62, with a week - on - week decrease of 4.84, a monthly decrease of 7.18, and a year - on - year increase of 1.07 [1]. - 45 - port daily average ore - clearing volume is 320.16, with a week - on - week increase of 7.51, a monthly decrease of 16.24, and a year - on - year increase of 0.04 [1]. - The weekly average of main - port iron ore transactions is 82.83, with a week - on - week decrease of 14.07, a monthly increase of 43.46, and a year - on - year decrease of 21.29 [1].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The iron ore market has a poor fundamental situation with high supply and weakening demand, and the upward driving force is not strong. The high - valued price will continue to face downward pressure, and attention should be paid to the performance of steel [2]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - For the iron ore 2601 contract, the short - term trend is expected to be volatile, the medium - term trend is also volatile, and the intraday trend is expected to be weakly volatile. It is recommended to pay attention to the support level of the MA60 line. The core logic is that the continuous weakening of demand puts pressure on the ore price [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore continues to weaken. Under the influence of production restrictions, the terminal demand for ore is accelerating its decline, and the industrial contradictions in the steel market are not alleviated. Weak demand is likely to drag down the ore price. In terms of supply, the short - term arrival at domestic ports has declined, but the overseas miners' shipments remain high. According to the shipping schedule, the subsequent arrival will bottom out and rebound, and domestic ore production is stabilizing, so the ore supply remains high [2].

1. Report Industry Investment Rating - There is no content about the report industry investment rating in the provided documents. 2. Core Viewpoints of the Report - The iron ore market has a weak supply - demand pattern, with high - level supply and weakening demand. The high - valued ore price is under pressure, but market sentiment has improved. The ore price is expected to continue the oscillatory trend, and attention should be paid to the performance of finished steel products [2]. 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are oscillatory, and the intraday trend is weakly oscillatory. It is recommended to pay attention to the pressure at the MA60 line. The core logic is the weak supply - demand pattern, which makes the ore price under pressure [1]. 3.2 Market Driving Logic - The iron ore supply - demand pattern is weak. Steel mill production is weakening, terminal ore consumption is continuously declining with an expanding decline rate, and the industrial contradictions in the steel market are only slightly alleviated. With the reappearance of production restrictions, the demand weakening trend remains unchanged. Meanwhile, domestic port ore arrivals and miners' shipments are at a high level, overseas ore supply is active, and domestic ore supply has recovered, resulting in large supply pressure. The high - level supply and weakening demand lead to a poor fundamental situation for iron ore, and the high - valued ore price is under pressure [2].