Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - The supply - demand pattern of iron ore has improved. Steel mills are actively producing, and the terminal consumption of ore has been rising continuously. The daily average pig iron output and imported ore consumption of sample steel mills increased again on a week - on - week basis this week, and the ore demand has seen seasonal improvement. However, the industrial contradictions in the steel market have been alleviated to a limited extent, and the subsequent demand increment space needs to be tracked [2]. - The arrival of ore at domestic ports has increased slightly, while overseas ore shipments remain at a high level, but the lack of oil has caused short - term disturbances, and subsequent changes should be monitored. According to the shipping schedule, the subsequent arrivals are expected to be stable. Coupled with the increase in domestic ore supply and the high port inventory, there is still supply pressure [2]. - The positive factors remain, and the improvement in ore demand supports the high - level operation of ore prices. However, under the situation of strong supply and demand, the fundamentals of iron ore have not improved substantially, and the high - valued ore prices continue to face pressure. It is expected that the ore prices will maintain high - level fluctuations under the game of long and short factors. Attention should be paid to the performance of steel prices and the production situation of miners [2]. 3. Summary by Relevant Catalogs Inventory - 45 - port iron ore inventory is 16,950.31, with a week - on - week decrease of 148.09, a month - on - month decrease of 141.65, and an increase of 2,372.43 compared with the same period (lunar calendar). The 247 steel mills' imported ore inventory is 8,978.56, with a week - on - week decrease of 55.50, a month - on - month decrease of 106.54, and a decrease of 203.85 compared with the same period (lunar calendar) [1]. Supply - The arrival of iron ore at 45 domestic ports is 2,271.60, with a week - on - week increase of 56.60, a month - on - month increase of 119.20, and an increase of 468.40 compared with the same period (lunar calendar). The global iron ore shipment volume is 3,144.27, with a week - on - week increase of 95.49, a month - on - month decrease of 176.63, and a decrease of 251.13 compared with the same period (lunar calendar) [1]. Demand - The daily average pig iron output of 247 steel mills is 231.09, with a week - on - week increase of 2.94, a month - on - month decrease of 2.19, and an increase of 0.58 compared with the same period (lunar calendar). The 45 - port daily average ore - clearing volume is 315.17, with a week - on - week decrease of 5.80, a month - on - month increase of 16.69, and an increase of 11.52 compared with the same period (lunar calendar). The daily consumption of imported ore by 247 steel mills is 284.59, with a week - on - week increase of 3.44, a month - on - month decrease of 4.12, and a decrease of 1.42 compared with the same period (lunar calendar). The weekly average of iron ore transactions at main ports is 74.93, with a week - on - week increase of 17.39, a month - on - month increase of 18.03, and a decrease of 8.01 compared with the same period (lunar calendar) [1].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The iron ore price is expected to continue its high - level oscillation, and attention should be paid to steel performance [3] - For iron ore 2605, the short - term and medium - term trends are oscillatory, and the intraday trend is weakly oscillatory. Attention should be paid to the support at the MA5 line [2] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For iron ore 2605, the short - term, medium - term and intraday trends are oscillatory, weakly oscillatory, and weakly oscillatory respectively. The reference view is to pay attention to the MA5 line support, with the core logic being a weakly stable supply - demand pattern and weak upward drive [2] 3.2 Market Driving Logic - The supply and demand of iron ore have changed. Steel mills are actively resuming production, the terminal consumption of ore has rebounded from a low level, and demand has improved marginally. However, the contradictions in the steel market need to be resolved, and the incremental space for ore demand is questionable [3] - Although the arrival of goods at domestic ports has declined, the shipments of miners have increased. According to the shipping schedule, the subsequent arrival of goods will continue to be stable. In addition, the domestic ore supply is recovering, and the ore supply is increasing steadily [3] - In general, the iron ore demand has improved as expected, but the incremental space is limited, while the supply is increasing steadily. The ore fundamentals are stable, and high - valued ore prices are prone to pressure. The relative positive factor is that the previous positive factors have not subsided, providing support for the ore price. Under the game of long and short factors, the ore price is expected to continue the high - level oscillation [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand pattern of iron ore has not changed significantly. Steel mill production is restricted, and the terminal consumption of ore has been continuously declining. The daily average hot metal production and imported ore consumption of sample steel mills dropped significantly this week due to environmental protection restrictions during the Two Sessions. Although it will gradually recover later, the improvement in ore demand is limited due to the poor profitability of steel mills. Meanwhile, the arrival volume of iron ore at domestic ports has increased, while the overseas miners' shipments have declined from the high level and the sustainability is weak. According to the shipping schedule, the subsequent arrivals will be stable, and the domestic ore supply continues to recover, so the ore supply is increasing steadily. Overall, supported by the rising transportation cost and the liquidity problem caused by the restricted BHP varieties, the iron ore price has been strong recently. However, under the situation of stable supply and weak demand, the fundamentals of the iron ore market are weakly stable, and the upward driving force needs to be tracked. The subsequent trend is cautiously optimistic, and the performance of steel prices should be monitored [2] 3. Summary According to the Directory Inventory - 45 - port iron ore inventory is 17,187.52, with a week - on - week increase of 69.66, a monthly increase of 95.56 compared to the end of last month, and a year - on - year increase of 1,847.98 compared to the same period (lunar calendar). The inventory of imported ore in 247 steel mills is 8,929.10, with a week - on - week decrease of 82.47, a monthly decrease of 156.00 compared to the end of last month, and a year - on - year decrease of 241.60 compared to the same period (lunar calendar) [1] Supply - The arrival volume of iron ore at 45 domestic ports is 2,609.90, with a week - on - week increase of 463.00, a monthly increase of 457.50 compared to last month, and a year - on - year increase of 379.00 compared to the same period (lunar calendar). The global iron ore shipping volume is 2,897.80, with a week - on - week decrease of 442.94, a monthly decrease of 423.10 compared to last month, and a year - on - year increase of 1,209.60 compared to the same period (lunar calendar) [1] Demand - The daily average hot metal production of 247 steel mills is 221.20, with a week - on - week decrease of 6.39, a monthly decrease of 12.08 compared to last month, and a year - on - year decrease of 6.31 compared to the same period (lunar calendar). The 45 - port daily average ore - clearing volume is 317.90, with a week - on - week increase of 6.82, a monthly increase of 19.42 compared to last month, and a year - on - year increase of 20.24 compared to the same period (lunar calendar). The daily consumption of imported ore in 247 steel mills is 271.95, with a week - on - week decrease of 8.90, a monthly decrease of 16.76 compared to last month, and a year - on - year decrease of 11.22 compared to the same period (lunar calendar). The weekly average of iron ore transactions at main ports is 84.20, with a week - on - week increase of 3.64, a monthly increase of 27.30 compared to last month, and a year - on - year increase of 0.86 compared to the same period (lunar calendar) [1]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The short - term view of Iron Ore 2605 is oscillating and slightly bullish, the medium - term view is oscillating, and the intraday view is oscillating and slightly bearish. Attention should be paid to the support at the MA5 line, and the structural concerns are fermenting, causing increased volatility in ore prices [2] - The supply - demand pattern of iron ore has not changed significantly. Terminal consumption of ore is continuously decreasing due to environmental protection restrictions during the meeting, but it will gradually recover. However, the profit situation of steel mills is not good, so the incremental space is limited. The arrival of ore at domestic ports has increased significantly, while the shipment of miners has declined from the high level. According to the shipping schedule, the subsequent arrival will stabilize. The production of domestic mines has recovered, and the overall ore supply is increasing. Recently, the ore price has been strong due to the support of rising transportation costs and the liquidity problem caused by the restriction of BHP varieties. However, under the situation of stable supply and weak demand, the fundamentals of the ore market are weakly stable, and the upward driving force is questionable. The subsequent trend is cautiously optimistic, and attention should be paid to the performance of steel prices [3] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Iron Ore 2605, the short - term is oscillating and slightly bullish, the medium - term is oscillating, and the intraday is oscillating and slightly bearish. The reference view is to pay attention to the support at the MA5 line, and the core logic is that structural concerns are fermenting, causing increased volatility in ore prices [2] 3.2 Market Driving Logic - The supply - demand pattern of iron ore has little change. Terminal consumption of ore is decreasing due to environmental protection restrictions during the meeting and will gradually recover, but the profit of steel mills is poor, limiting the incremental space. The arrival at domestic ports has increased significantly, while miner shipments have declined from the high level. The subsequent arrival will stabilize according to the shipping schedule, and domestic mine production has recovered, increasing the overall ore supply. The ore price is strong recently due to rising transportation costs and BHP variety - related liquidity issues. Under stable supply and weak demand, the ore market fundamentals are weakly stable, the upward driving force is questionable, and the subsequent trend is cautiously optimistic, with attention on steel price performance [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The iron ore market is in a weak supply - demand pattern. Although the terminal consumption of ore is rising and steel mills' restocking after the festival has improved demand, the improvement is limited due to poor profitability of steel mills and accumulating industrial contradictions in the steel market. Meanwhile, domestic port arrivals are low but miner shipments are high, and subsequent arrivals are expected to increase. The iron ore fundamentals have not improved, and the upward driving force is not strong. The subsequent trend is cautiously optimistic, and attention should be paid to steel mills' production [3]. 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For iron ore 2605, the short - term and medium - term trends are both "oscillating", and the intraday trend is "oscillating weakly". It is recommended to pay attention to the support at the MA5 line. The core logic is that the fundamentals have not improved and the upward driving force is not strong [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore is weak. Terminal consumption of ore is rising, and demand has improved due to post - festival restocking by steel mills. However, the improvement is limited because of poor profitability of steel mills and accumulating industrial contradictions in the steel market. Domestic port arrivals are low, but miner shipments remain high, and subsequent arrivals are expected to increase according to shipping schedules. The supply of overseas ore is increasing, and domestic ore production is recovering, so the ore supply is back at a high level. During major conferences, domestic policy expectations have increased, and combined with the improved demand, the ore price has rebounded from a low level. But the improvement in demand is questionable, and the supply is rising again. The iron ore fundamentals have not improved, and the upward driving force is not strong. It is necessary to pay attention to steel mills' production [3].

Group 1: Report Industry Investment Rating - No information available Group 2: Core View of the Report - The supply - demand pattern of iron ore has changed. After the holiday, steel mills resumed production, and the terminal consumption of ore continued to rise. The daily average pig iron output and imported ore consumption of sample steel mills increased week - on - week, and steel mills may replenish stocks after the holiday, so the demand for ore has improved. However, the industrial contradictions in the steel market are accumulating, the incremental space is limited, and the positive effect remains to be seen. Meanwhile, although the arrival at domestic ports has continued to decline, the shipments of overseas miners have increased significantly. According to the shipping schedule, the subsequent arrivals will increase, and with the gradual recovery of domestic ore supply, the ore supply will return to a high level. Currently, although the iron ore demand has improved, the incremental space is uncertain, while the supply is back at a high level. The fundamentals of ore have not improved, and the ore price is still under pressure. The relatively positive factor is the strong policy expectation. Under the game of multiple and short factors, the subsequent ore price will mainly fluctuate at a low level. Attention should be paid to the resumption of production of steel mills. [2] Group 3: Summary of Relevant Catalogs Inventory - 45 - port iron ore inventory is 17,091.96, with a week - on - week increase of 145.64, a month - on - month increase of 69.70, and a year - on - year increase of 1,724.28 compared with the same period of the lunar calendar. - 247 steel mills' imported ore inventory is 9,085.10, with a week - on - week decrease of 1,618.83, a month - on - month decrease of 883.49, and a year - on - year decrease of 379.64 compared with the same period of the lunar calendar. [1] Supply - The arrival volume of iron ore at 45 domestic ports is 2,152.40, with a week - on - week decrease of 265.60, a month - on - month decrease of 377.60, and a year - on - year increase of 390.40 compared with the same period of the lunar calendar. - The global iron ore shipping volume is 3,320.90, with a week - on - week increase of 631.00, a month - on - month increase of 342.56, and a year - on - year decrease of 126.40 compared with the same period of the lunar calendar. [1] Demand - The daily average pig iron output of 247 steel mills is 233.28, with a week - on - week increase of 2.79, a month - on - month increase of 5.30, and a year - on - year increase of 4.84 compared with the same period of the lunar calendar. - The daily average port clearance volume at 45 ports is 298.48, with a week - on - week decrease of 52.71, a month - on - month decrease of 33.83, and a year - on - year increase of 29.81 compared with the same period of the lunar calendar. - The daily consumption of imported ore by 247 steel mills is 288.71, with a week - on - week increase of 3.17, a month - on - month increase of 7.75, and a year - on - year increase of 3.54 compared with the same period of the lunar calendar. - The weekly average of iron ore transactions at main ports is 60.23, with a week - on - week increase of 25.41, a month - on - month decrease of 30.43, and a year - on - year decrease of 7.70 compared with the same period of the lunar calendar. [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore 2605 contract is expected to be in a weak and volatile state in the short - term and intraday, and in a volatile state in the medium - term. Attention should be paid to the pressure at the MA5 line. The current situation of the iron ore market is not good, causing the price to decline under pressure [2]. - The iron ore price is expected to continue to decline under pressure due to the limited improvement in demand, the recovery of supply, and the ongoing concern of medium - term oversupply. Attention should be paid to the post - holiday resumption of production by steel mills [3]. 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term view is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. The reference view is to pay attention to the pressure at the MA5 line, with the core logic being the poor current situation and the downward pressure on the ore price [2]. 3.2 Market Driving Logic - During the holiday, the SGX iron ore swaps and spot prices declined. The supply - demand pattern of iron ore is weak. Although the terminal consumption of iron ore has increased with the stable production of steel mills and the increase in daily hot - metal production and imported ore consumption of sample steel mills before the holiday, the profit situation of steel mills is poor and the contradictions in the steel market are accumulating. The demand growth space is limited and the boosting effect is weak [3]. - During the holiday, the arrival of iron ore at domestic ports continued to decline, but the shipments of miners increased significantly, with the overseas supply of ore recovering as expected. The domestic ore production is weakly stable and the port inventory is high, so the supply pressure of iron ore is large [3].

Report Industry Investment Rating - Not provided Core View of the Report - The supply - demand pattern of iron ore has changed. The demand for iron ore has improved, but the supply has shrunk in the short term. However, the sustainability of the improvement is questionable, and the actual situation is relatively weak and stable. It is expected that the iron ore price will continue to fluctuate at a low level. During the holiday, attention should be paid to the inventory accumulation of finished steel and the shipping of mines [2] Summary by Relevant Catalogs Inventory - 45 - port iron ore inventory is 16,946.32, with a week - on - week decrease of 194.39, a month - on - month decrease of 75.94, and a year - on - year increase of 2,012.01 [1] - 247 steel mills' imported ore inventory is 10,703.93, with a week - on - week increase of 387.29, a month - on - month increase of 735.34, and a year - on - year decrease of 142.39 [1] Supply - The arrival volume of iron ore at 45 domestic ports is 2,361.30, with a week - on - week decrease of 123.40, a month - on - month decrease of 168.70, and a year - on - year increase of 302.00 [1] - The global iron ore shipping volume is 2,535.30, with a week - on - week decrease of 559.30, a month - on - month decrease of 443.04, and a year - on - year increase of 305.90 [1] Demand - The average daily hot metal output of 247 steel mills is 230.49, with a week - on - week increase of 1.91, a month - on - month increase of 2.51, and a year - on - year increase of 5.04 [1] - The average daily port clearance volume of 45 ports is 351.19, with a week - on - week increase of 10.11, a month - on - month increase of 18.88, and a year - on - year increase of 21.06 [1] - The daily consumption of imported ore by 247 steel mills is 285.54, with a week - on - week increase of 3.30, a month - on - month increase of 4.58, and a year - on - year increase of 4.52 [1] - The weekly average of iron ore transactions at major ports is 38.53, with a week - on - week decrease of 52.19, a month - on - month decrease of 52.13, and a year - on - year decrease of 35.59 [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The iron ore market is expected to continue to be under pressure and fluctuate at a low level. The fundamentals of iron ore have changed, with short - term supply contraction and slight improvement in demand, but the sustainability is questionable, and the current situation is weakly stable [2][3] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both "oscillation", the intraday trend is "oscillation and slightly stronger", and the overall view is "low - level oscillation". The core logic is that the fundamentals are weakly stable and the ore price continues to oscillate [2] Market Driving Logic - The supply - demand pattern of iron ore has changed. Steel mill production is stabilizing, and the terminal consumption of ore has increased. However, industrial contradictions in the steel market are accumulating, limiting the improvement in ore demand. On the supply side, domestic port arrivals have decreased, and miner shipments have dropped significantly due to hurricane disturbances, but the high inventory situation limits the relief of supply pressure. The short - term supply contraction and slight demand improvement in the iron ore market have changed the fundamentals, but the sustainability is in doubt, and the current pattern is weakly stable. During the holiday, attention should be paid to changes in miner shipments [3]

Core Viewpoint - After the recent price adjustment, iron ore valuations are at a neutral to low level, and with the dual support of steel mills' phased resumption after the holiday and expectations of macro policy strengthening, further downside is limited. However, throughout the year, iron ore is expected to enter a phase of oversupply, with price levels likely to decline further [1][10]. Group 1: Price Trends and Market Dynamics - Since the end of January, iron ore prices have declined primarily due to two reasons: changes in market expectations regarding interest rate cuts and liquidity easing after the appointment of the new Federal Reserve chairman, and cautious raw material restocking by steel mills, with iron ore inventories at 247 steel mills down by 5.2968 million tons year-on-year [2]. - As of February 11, the main iron ore futures contract closed at 762.5 yuan/ton, indicating limited further downside in the current price position [1][10]. Group 2: Production and Inventory Insights - Despite the impact of the Baosteel incident, the average daily pig iron output among 247 steel mills has remained between 2.27 million and 2.29 million tons this year, suggesting a potential for phased production increases as steel mills aim to meet annual production targets [3]. - With low iron ore inventories at steel mills, there is a high likelihood of increased restocking efforts once production resumes after the holiday [4]. Group 3: Supply and Demand Outlook - The first quarter is traditionally a low supply season for iron ore, with historical data indicating a decrease in shipments by 9.5 to 10 million tons compared to the previous quarter. However, due to fewer extreme weather events this winter and a later Spring Festival, January's global iron ore shipments remained high [6]. - The global iron ore shipment volume was 25.353 million tons in the first week of February, down by 5.593 million tons week-on-week, indicating a potential supply-demand mismatch in the weeks following the holiday [7]. Group 4: Policy and Economic Context - Expectations for policy strengthening remain, with the Central Economic Work Conference prioritizing domestic demand expansion as a key economic task for 2026. The People's Bank of China has already implemented a 0.25 percentage point reduction in structural monetary policy rates among other measures, with further policy support anticipated around the National People's Congress [8]. - The resilience of exports and gradual recovery in manufacturing demand may provide a boost to iron ore demand [8]. Group 5: Valuation and Long-term Projections - Current iron ore spot prices are around 100 USD/ton, which is near a five-year low. The profit margin for long-process rebar has widened to 126 yuan/ton compared to iron ore import profits, indicating that both absolute and relative valuations are at a neutral to low level [9]. - In the medium to long term, iron ore is expected to enter a phase of oversupply, with supply increases primarily from emerging mines and major producers. It is projected that iron ore supply will increase by 40 to 45 million tons by 2026, with a significant contribution from the Simandou project [9].