1. Report Industry Investment Rating The provided report does not mention the industry investment rating. 2. Core View of the Report - In February, overseas iron ore shipments are in the seasonal off - season, with expected slight decline in shipment volume but relatively high absolute volume. Attention should be paid to the possible impact of weather on the shipping end due to frequent hurricanes in Australia in the first quarter. The arrival volume is expected to decline accordingly. - In January, the annual planned maintenance of steel mills' blast furnaces was gradually completed, with more blast furnaces resuming production and a slight increase in molten iron. In February, the molten iron output is expected to continue to increase slowly, with the daily average molten iron output possibly rising above 2.3 million tons. - Port inventories continue to accumulate, reaching a high level in the same period of history, and there are also structural contradictions. The total inventory puts pressure on the absolute price level. - Overall, the upward space of iron ore prices is restricted by high inventory and the expectation of loose supply. At the same time, the marginal pressure of supply and demand is relatively controllable. It is expected to fluctuate weakly. Attention should be paid to the start - up of downstream demand after the Spring Festival [13][14]. 3. Summary According to the Directory 3.1 Monthly Assessment and Strategy Recommendation - **Supply**: In January, the weekly average of global iron ore shipments was 30.7948 million tons, a month - on - month decrease of 4.462 million tons. The weekly average of Australian shipments to China via 19 ports was 14.9714 million tons, a decrease of 1.4831 million tons from the previous month. The weekly average of Brazilian shipments was 6.495 million tons, a decrease of 1.9485 million tons from the previous month. The weekly average of arrivals at 45 ports was 26.7024 million tons, a month - on - month increase of 0.5724 million tons. - **Demand**: In January, the estimated domestic daily average molten iron output was 2.2834 million tons, an increase of 0.0044 million tons from the previous month. - **Inventory**: At the end of January, the inventory of imported iron ore at 45 ports nationwide was 170.2226 million tons, an increase of 10.932 million tons from the end of the previous month. The weekly average of the daily ore removal volume at 45 ports was 3.2228 million tons, an increase of 0.0574 million tons from the previous month. The weekly average of the daily consumption of imported iron ore by steel mills was 2.8173 million tons, a decrease of 0.0051 million tons from the previous month [13]. 3.2 Futures and Spot Market - **Price Difference**: At the end of January, the price difference between PB - Super Special Powder was 114 yuan/ton, a month - on - month change of -3 yuan/ton. The price difference between Carajás Fines - PB Powder was 90 yuan/ton, a month - on - month change of +8 yuan/ton. The price difference between Carajás Fines - Jinbuba Powder was 149 yuan/ton, a month - on - month change of +12 yuan/ton. The price difference between (Carajás Fines + Super Special Powder)/2 - PB Powder was -12 yuan/ton, a month - on - month change of +5.5 yuan/ton [19][22]. - **Feed Ratio and Scrap Steel**: At the end of January, the pellet feed ratio was 14.72%, an increase of 0.03 percentage points from the end of the previous month. The lump ore feed ratio was 12.45%, an increase of 0.47 percentage points from the end of the previous month. The sinter feed ratio was 72.83%, a decrease of 0.5 percentage points from the end of the previous month. The price of Tangshan scrap steel was 2,165 yuan/ton, an increase of 10 yuan/ton from the end of the previous month. The price of Zhangjiagang scrap steel was 2,130 yuan/ton, an increase of 50 yuan/ton from the end of the previous month [25]. - **Profit**: At the end of January, the profitability rate of steel mills was 39.39%, an increase of 2.16 percentage points from the end of the previous month [28]. 3.3 Inventory - At the end of January, the inventory of imported iron ore at 45 ports nationwide was 170.2226 million tons, an increase of 10.932 million tons from the end of the previous month. The pellet inventory was 4.0931 million tons, an increase of 0.5775 million tons from the end of the previous month. The iron concentrate powder inventory at ports was 15.5916 million tons, an increase of 2.0312 million tons from the end of the previous month. The lump ore inventory at ports was 21.6211 million tons, an increase of 0.1745 million tons from the end of the previous month. - The inventory of Australian ore at ports was 77.9919 million tons, an increase of 8.5793 million tons from the end of the previous month. The inventory of Brazilian ore at ports was 55.8397 million tons, a decrease of 0.8559 million tons from the end of the previous month. The inventory of imported iron ore in steel mills was 99.6859 million tons, an increase of 11.084 million tons from the end of the previous month [35][38][41][44]. 3.4 Supply Side - **Overseas Shipments**: In January, the weekly average of Australian shipments to China via 19 ports was 14.9714 million tons, a decrease of 1.4831 million tons from the previous month. The weekly average of Brazilian shipments was 6.495 million tons, a decrease of 1.9485 million tons from the previous month. - **Major Miners' Shipments**: In January, the weekly average of Rio Tinto's shipments was 5.9336 million tons, a month - on - month decrease of 1.5347 million tons. The weekly average of BHP's shipments was 5.5568 million tons, a month - on - month decrease of 0.1962 million tons. The weekly average of Vale's shipments was 4.8542 million tons, a month - on - month decrease of 1.1711 million tons. The weekly average of FMG's shipments was 3.8766 million tons, a month - on - month decrease of 0.0469 million tons. - **Arrival and Non - Mainstream Imports**: In January, the weekly average of arrivals at 45 ports was 26.7024 million tons, a month - on - month increase of 0.5724 million tons. In December, China's non - Australian and non - Brazilian iron ore imports were 21.9278 million tons, a month - on - month increase of 2.9236 million tons. - **Domestic Mines**: At the end of January, the capacity utilization rate of domestic mines was 59.98%, an increase of 4.45 percentage points from the end of the previous month. The daily average output of iron concentrate powder from domestic mines was 468,700 tons, an increase of 34,800 tons from the end of the previous month [50][53][56][59][62]. 3.5 Demand Side - In January, the estimated domestic molten iron output was 70.7857 million tons, with a daily average of 2.2834 million tons, an increase of 0.0044 million tons from the previous month. At the end of January, the blast furnace capacity utilization rate was 85.47%, an increase of 0.53 percentage points from the end of the previous month. - In January, the weekly average of the daily ore removal volume at 45 ports was 3.2228 million tons, an increase of 0.0574 million tons from the previous month. The weekly average of the daily consumption of imported iron ore by 247 steel mills was 2.8173 million tons, a decrease of 0.0051 million tons from the previous month [67][70]. 3.6 Basis As of January 30, the estimated basis of the main contract of iron ore BRBF was 27.87 yuan/ton, and the basis rate was 3.40% [75].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - This week, iron ore prices continued to decline from their highs, and as short - term market sentiment and capital disturbances came to an end, prices gradually returned to the fundamental logic. The supply side continued to contribute significant increments, the supply remained loose, and port inventories of imported iron ore continued to increase rapidly. The domestic terminal steel demand was unlikely to improve significantly. After the Spring Festival, the market trading logic would focus on the recovery of terminal steel demand in the first half of the year, which might fall short of expectations. The weakening of the domestic iron ore fundamentals was expected to continue, and the high valuation of iron ore was unlikely to be sustained. Overall, the current market was mainly dominated by macro and capital factors. This week, the macro sentiment cooled, the iron ore price valuation was moderately high, and the iron ore price was expected to be weak [4]. - The trading strategy suggested a weak - running trend for single - side trading and a wait - and - see approach for arbitrage and options trading [4]. Group 3: Summary by Directory Comprehensive Analysis and Trading Strategy - The iron ore price was expected to run weakly. The single - side trading was expected to be weak, while arbitrage and options trading should adopt a wait - and - see approach [4]. Iron Core Logic Analysis - **Global Iron Ore Shipment**: Since 2026, the weekly average of global iron ore shipments has been 30.79 million tons, a year - on - year increase of 11% or 15 million tons. Among them, Australia's weekly shipments were 17.82 million tons, a 7.4% or 6.1 million - ton increase year - on - year, and Brazil's were 6.5 million tons, a 5.5% or 1.7 million - ton increase. The shipments of major overseas mines remained at a high level year - on - year. In 2025, 1.26 billion tons of iron ore were imported, a year - on - year increase of 24 million tons. Since the third quarter of last year, the year - on - year increase in domestic imported iron ore has continued to grow [7]. - **Non - mainstream Iron Ore Shipment**: Since 2026, the weekly average of non - Australian and non - Brazilian iron ore shipments has been 6.48 million tons, a year - on - year increase of 29% or 7.3 million tons. The Simandou mining area is expected to contribute most of the increment in 2026, about 20 million tons for the whole year. It is expected to be in the production ramping - up stage in 2026 and enter the fast - lane of production release in 2027 [9]. - **Imported Iron Ore Port Inventory**: This week, the port inventory of imported iron ore continued to increase, and the steel mill inventory increased significantly, resulting in a 4 - million - ton increase in the total domestic imported iron ore inventory compared with the previous week. The current port inventory of imported iron ore is at the highest level in the past six years, and the domestic iron ore supply - demand pattern remains loose. Since January, the port inventory of imported iron ore has continued to increase significantly, with an inventory accumulation of about 15 million tons [11]. - **Domestic Terminal Steel Demand**: In December 2025, the year - on - year decline in real - estate new construction was 19%, and the sales area decreased by 17% year - on - year. Infrastructure investment (excluding electricity) decreased by 12% year - on - year, and the growth rate of manufacturing investment decreased by 11% year - on - year. The real - estate market improved marginally but remained at the bottom, while the growth rates of infrastructure and manufacturing investment declined significantly. In the first half of 2026, the demand might fall short of expectations. Since the second half of 2025, domestic steel demand has been declining, and it is expected to continue to decline in the first half of 2026 on the high - base background of the first half of 2025. Overseas, in 2025, the consumption of iron ore decreased by 1% or 9 million tons year - on - year, but the consumption of iron elements increased by 3.5% or 37 million tons year - on - year. From the second quarter to the end of the year, overseas iron - element consumption was at a high level and continued to contribute increments. India's crude - steel output increased by 10% or 15.5 million tons year - on - year in 2025, and its demand remained at a relatively high level [13]. Iron Ore Fundamental Data Tracking - **Imported Iron Ore Port Price**: The report provides data on the Platts iron ore price index, the prices of PB powder and Carajás fines at Qingdao Port, and the spread between high, medium, and low - grade powder and the cash profit of steel mills [19]. - **Imported Iron Ore Port Profit**: It presents the import profits of PB powder, Carajás fines, Super Special powder, Jinbuba, PB lump, and FMG [21]. - **Profit of Mainstream Steel Mills in East China**: It includes the cash profits of rebar and hot - rolled coils in East China, the iron - making cost (excluding tax), the cash cost of hot - rolled coils, the cost of billets (excluding tax), and the cash cost of rebar [23]. - **Domestic - Overseas US Dollar Spread**: It shows the spreads between SGX and DCE contracts (converted to PB pricing), and the premium rate of Singapore iron ore to domestic iron ore [25]. - **Iron Ore Main Contract Basis and Inter - period Spread**: It provides data on the basis between the optimal delivery product and different contracts, and inter - period spreads such as 9/1, 1/5, and 5/9 spreads [27]. - **Global Four Major Mines' Shipments**: It shows the global shipment volumes of Rio Tinto, Vale, BHP, FMG, and CSN iron ore, as well as the arrival volume at 45 ports [29]. - **Imported Iron Ore Port Inventory**: It includes the inventory of powder, lump, pellet, non - trade, iron concentrate, and non - Australian and non - Brazilian iron ore at ports [31].

Core Viewpoint - The iron ore market is experiencing fluctuations, with a notable increase in trading volume and changes in pricing dynamics across various ports and grades of iron ore [1][2][3]. Group 1: Market Performance - On January 26, the total iron ore transactions at major ports reached 105.4 million tons, representing a 33.08% increase compared to the previous period [2]. - The futures market saw the main iron ore contract close at 788.0 yuan/ton on January 27, with a decline of 0.51% from the previous day [1]. - Daily trading volume in the futures market reached 211,744 contracts, indicating active trading [1]. Group 2: Pricing Dynamics - The spot market reported prices for PB powder at 793 yuan/ton and for super special powder at 670 yuan/ton, with a price difference of 123 yuan/ton between high and low-grade products [1]. - The price of iron ore at various ports includes: - Jiangyin Port: 767 yuan/ton - Caofeidian Port: 777 yuan/ton - Tianjin Port: 728 yuan/ton - Qingdao Port: 751 yuan/ton - Rizhao Port: 751 yuan/ton [1]. Group 3: Supply and Demand Analysis - The global iron ore shipment totaled 29.78 million tons from January 19 to January 25, with an increase of 48.5 thousand tons compared to the previous week [2]. - Australian and Brazilian shipments accounted for 23.94 million tons, with Australia shipping 18.37 million tons, marking an increase of 149.3 thousand tons [2]. - Demand for iron ore is constrained by production issues and safety inspections, leading to a slower recovery in iron and steel production [3]. Group 4: Inventory and Price Support - Port inventories are accumulating, which is putting pressure on both spot and futures prices [3]. - Despite the weak fundamentals in the iron ore market, there is expected support for prices due to healthy steel fundamentals, good profit margins for steel mills, and anticipated rigid replenishment needs [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The overall supply - demand of iron ore is loose, with steel mills' hot metal production starting to decrease, terminal demand being weak, and port inventories piling up. However, due to strong macro - sentiment, an oscillatory view is taken. The factors influencing the market are mixed, with some being bullish and others bearish [2]. 3. Summary by Related Aspects Fundamental Analysis - The production of hot metal by steel mills is decreasing, the overall supply - demand is loose, port inventories are accumulating, and terminal demand is weak, which is bearish [2]. Basis Analysis - The spot price of PB powder at Rizhao Port converted to the futures price is 875, with a basis of 52; the spot price of Brazilian blend at Rizhao Port converted to the futures price is 886, with a basis of 64. The spot price is at a premium to the futures price, which is bullish [2]. Inventory Analysis - Port inventories are 17,044.44 tons, increasing both on a month - on - month and year - on - year basis, which is bearish [2]. Market Trend Analysis - The price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [2]. Position Analysis - The net long position of the main iron ore contract is held, but the long position is decreasing, which is bullish [2]. Bullish Factors - Hot metal production remains at a high level [6]. - Port inventories are decreasing [6]. - There are import losses [6]. - The price of downstream steel products is rising, and the ability to bear high - priced raw materials is strong [6]. Bearish Factors - The later shipping volume will increase [6]. - Terminal demand remains weak [6].

Group 1 - The main iron ore futures contract closed at 814.5 yuan/ton, with a weekly increase of 3.17% [1] - The total inventory of imported iron ore at steel mills nationwide reached 89.8959 million tons, an increase of 430,500 tons compared to the previous week [2] - The average daily consumption of imported iron ore by sample steel mills was 2.8328 million tons, up by 26,100 tons week-on-week [2] Group 2 - Nanhua Futures views the iron ore market as neutral, with a balance between supply and demand, but notes significant pressure on imports [4] - Guotai Junan Futures reports a decrease in global shipments from Australia and Brazil, while highlighting the mixed signals from the demand side due to furnace repairs and restarts [4] - The overall iron ore inventory remains high, but there are structural shortages, indicating potential policy risks affecting price stability [4]

Report Overview - Report Type: Iron Ore Daily Review [1] - Date: January 6, 2026 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply of iron ore is expected to increase, while the demand shows a slight recovery but remains weak overall. The fundamental pressure on iron ore remains unchanged. Considering the weakening sentiment in the black sector and the fundamental pressure, it is expected that the upward momentum of iron ore prices will be limited, and the prices may turn to a weakening oscillation in the future [10][11]. 3. Summary by Sections 3.1 Market Review and Future Outlook - **Market Review**: On January 5, the main 2605 contract of iron ore futures fluctuated strongly. After opening higher, it oscillated and closed at 797.0 yuan/ton, up 0.95%. The prices of major iron ore outer disks increased by 0 - 0.5 US dollars/ton compared with the previous trading day, and the prices of major iron ore grades at Qingdao Port increased by 2 - 6 yuan/ton compared with the previous trading day. The KDJ indicator of the daily line of the iron ore 2605 contract showed a divergent trend, with the K and J values turning up and the D value continuing to decline, showing a golden cross trend. The red column of the MACD indicator of the daily line of the iron ore 2605 contract turned to expand [7][9]. - **Future Outlook**: Last week, the shipments from Australia and Brazil increased significantly, and the arrival volume also increased. The overseas mines rushed to ship at the end of the year, and the subsequent arrival volume will further increase. On the demand side, the total output of the five major steel products turned up, and the daily average molten iron output increased slightly for two consecutive weeks, mainly affected by the repair of steel profits. The sustainability needs to be observed. In terms of inventory, currently, steel mills maintain the state of replenishing inventory on demand. The inventory available days increased by 1 day compared with last week to 20 days, and the pre - holiday replenishment was not obvious. The port inventory continued to accumulate, reaching nearly 160 million tons, the highest since late February 2022. It is expected that the port inventory will still accumulate slightly in the future [10][11]. 3.2 Industry News - On January 3, according to CCTV News, US President Trump claimed that the US had successfully attacked Venezuela, captured Venezuelan President Maduro and his wife, and taken them out of Venezuela. Trump said that the operation was carried out jointly with the US law enforcement department. Details will be announced later. A press conference will be held at Mar - a - Lago at 11:00 EST on the 3rd. - On January 3, according to CCTV International News, US President Trump told the US media that the US would deeply intervene in Venezuela's oil industry. Trump said that he would evaluate "whether Venezuelan opposition leader Machado should lead Venezuela" and "there is still a vice - president in Venezuela." - Venezuelan Acting President Rodriguez said that she had sent an invitation to the US government to start cooperation on a "cooperation agenda." According to CNN, Rodriguez pointed out that this agenda would be committed to "promoting common development within the framework of international law to strengthen long - lasting social coexistence." She also said that Venezuela would "give priority" to promoting "balanced and mutually respectful international relations" with the US and the region [12]. 3.3 Data Overview - The report presents multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price differences between high - grade ore, low - grade ore and PB powder at Qingdao Port, the basis between iron ore spot and the May contract at Qingdao Port, the shipment volumes of iron ore from Brazil and Australia, the arrival volumes of iron ore at 45 ports, the domestic mine capacity utilization rate, the trading volumes of iron ore at major ports, the inventory available days of iron ore for steel mills, the inventory of imported sintered powder ore, the port iron ore inventory and the port clearance volume, the tax - free molten iron cost of sample steel mills, the blast furnace operating rate and the iron - making capacity utilization rate, the electric furnace operating rate and the capacity utilization rate, the national daily average molten iron output, the apparent consumption volume of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products. All data sources are from Mysteel and the Research and Development Department of CCB Futures [14][20][22].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - After the impact of macro - events fades, the trading logic of iron ore will return to fundamentals. With weak rigid demand, inventory accumulation, and a steady recovery in shipments, the iron ore price will fluctuate in the near term [3] 3. Summary by Relevant Catalog Supply Side - The total global iron ore shipments in this period were 35.925 million tons, a week - on - week increase of 2.24 million tons. Shipments from Australia, Brazil, and non - mainstream countries all increased week - on - week. From December 8th to 14th, 2025, the total arrivals at 47 ports in China were 29.281 million tons, a week - on - week increase of 3.589 million tons. The arrivals continued to rise, and the impact of previous hurricanes on foreign ore shipments gradually diminished. With the motivation for year - end shipment volume surges, overall shipments will gradually recover steadily [1] Demand Side - This week, the daily average pig iron output was 2.292 million tons (- 0.031 million tons); the blast furnace operating rate of 247 steel mills was 78.63% (- 1.92%); the blast furnace iron - making capacity utilization rate was 85.92% (- 1.16%); the steel mill profitability rate was 35.93% (- 0.43%). Pig iron output continued to decline seasonally. The output of rebar and hot - rolled coils declined more than seasonally. Blast furnaces faced both environmental protection and annual maintenance recently. The daily consumption and inventory of sintered powder ore both declined. There is still an expectation of a continuous decline in pig iron output, and steel mills' demand for raw material replenishment remains at a slow pace [1] Inventory Side - Port inventory continued to increase. This week, the total inventory of imported iron ore at 47 ports was 161.1147 million tons, a week - on - week increase of 1.2036 million tons; the daily average port clearance volume was 3.3417 million tons, a decrease of 0.0006 million tons. Port inventory continued to accumulate, the ships at the port gradually unloaded, and the congestion situation improved. Steel mill inventory decreased week - on - week. The total inventory of imported iron ore in national steel mills was 88.342 million tons, a week - on - week decrease of 1.5053 million tons; the current daily consumption of imported ore by sample steel mills was 2.8327 million tons, a week - on - week decrease of 0.018 million tons; the inventory - to - consumption ratio was 31.19 days, a week - on - week decrease of 0.33 days. Steel mill inventory continued to decline, daily consumption continued to decrease with the downward trend of pig iron output, the inventory - to - sales ratio weakened, and steel mills were not willing to replenish inventory [2] Profit Side - The landing profit of PB powder was - 13.33 yuan/ton (+ 10.42 yuan/ton), and the landing profit of Super Special powder was - 6.2 yuan/ton (+ 13.02 yuan/ton) [2] Basis and Spread Side - The basis of the 05 contract was 47.5 yuan/ton, the 1 - 5 spread was 22.5 yuan/ton, and the 5 - 9 spread was 21.5 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint of the Report In the context of the gradual decline of macro - event disturbances, the trading logic of iron ore will gradually return to the fundamentals. With weak rigid demand, inventory accumulation, and a stable and rising shipping volume, the iron ore price is expected to fluctuate weakly in the near term [4]. 3. Summary by Relevant Catalogs Supply Side - The total global iron ore shipping volume this period is 3.5925 billion tons, a month - on - month increase of 224,000 tons. The shipping volumes of Australia, Brazil, and non - mainstream countries all increased month - on - month. From December 8th to 14th, 2025, the total arrival volume at 47 ports in China was 2.9281 billion tons, a month - on - month increase of 358,900 tons. The arrival volume continued to rise. The impact of the previous hurricane on foreign ore shipping gradually diminished, and there is a certain impetus for year - end shipping to increase. The overall shipping volume is expected to be stable and gradually recover [1]. Demand Side - The daily average pig iron output this week is 229,200 (- 3,100) tons; the blast furnace operating rate of 247 steel mills is 78.63% (- 1.92%); the blast furnace iron - making capacity utilization rate is 85.92% (- 1.16%); the steel mill profitability rate is 35.93% (- 0.43%). The pig iron output continued its seasonal decline, the output of rebar and hot - rolled coils declined more than seasonally. Blast furnaces are facing environmental protection and annual maintenance. The daily consumption and inventory of sintered powder ore both declined. There is still an expected continuous decline in pig iron output, and steel mills' demand for raw material replenishment remains at a slow pace [1]. Inventory Side - Port inventories continued to increase. The total inventory of imported iron ore at 47 ports this week was 16.11147 billion tons, a month - on - month increase of 120,360 tons; the daily average port clearance volume was 334,170 tons, a decrease of 60 tons. Port inventories continued to accumulate, and the pressure of ships at ports was relieved. The steel mill inventory decreased month - on - month. The total inventory of imported iron ore of national steel mills was 8.8342 billion tons, a month - on - month decrease of 150,530 tons; the current daily consumption of imported ore of the sample steel mills was 283,270 tons, a month - on - month decrease of 1,800 tons; the inventory - to - consumption ratio was 31.19 days, a month - on - month decrease of 0.33 days. Steel mill inventories continued to decline, daily consumption continued to decline with the decrease in pig iron output, the inventory - to - sales ratio weakened, and steel mills were not eager to replenish inventory [2]. Profit Side - The landing profit of PB powder is - 13.33 (+ 10.42) yuan/ton, and the landing profit of Super Special powder is - 6.2 (+ 13.02) yuan/ton [2].

Group 1: Report Industry Investment Rating - Investment Rating: ★★ [6] Group 2: Core Viewpoints - The global iron ore shipment volume has rebounded, and port inventories decreased slightly last week after a significant increase. Currently, the inventory is relatively high. As the loss - making area of steel mills expands, the negative feedback on raw materials is strong. The iron ore fundamentals are generally weak in both expectation and reality, and it is expected to show a weak and fluctuating trend overall [5][33] Group 3: Summary by Directory 1. Disk Analysis - This section includes futures price, spread analysis (basis), and position analysis. However, specific analysis content is not provided [7][8][12] 2. Important Market Information - In October 2025, the global crude steel output was 143.3 million tons, a year - on - year decrease of 5.9%; from January to October, the global crude steel output was 1.5176 billion tons, a year - on - year decrease of 2.1%. The People's Bank of China maintained the one - year and five - year loan prime rates (LPR) at 3% and 3.5% respectively, remaining unchanged for six consecutive months [14] 3. Supply - side Situation - As of October 2025, the import volume of iron ore and concentrates was 111.309 million tons, a decrease of 5.021 million tons from the previous month; the import average price was $100.56 per ton, an increase of $3.61 per ton from the previous month. In the same period, Australia's iron ore shipment volume was 66.842 million tons, an increase of 1.671 million tons from the previous month; Brazil's iron ore shipment volume was 29.255 million tons, an increase of 1.057 million tons from the first half of the month [20][21] 4. Demand - side Situation - The section involves 247 steel mills' daily average hot metal output, profitability rate, and Shanghai's terminal wire and screw procurement volume. However, specific analysis content is not provided [22][26][27] 5. Fundamental Analysis - The blast furnace operating rate of 247 steel mills was 82.19%, a month - on - month decrease of 0.62% and a year - on - year increase of 0.26%; the daily average hot metal output was 2.3628 million tons, a month - on - month decrease of 0.60 million tons and a year - on - year increase of 0.48 million tons; the steel mill profitability rate was 37.66%, a month - on - month decrease of 1.30% and a year - on - year decrease of 16.89%. The total inventory of imported iron ore at 45 ports in the country was 150.5465 million tons, a month - on - month decrease of 750,600 tons; the daily average port clearance volume was 3.2992 million tons, an increase of 297,000 tons. The total inventory of imported iron ore at 47 ports was 157.3485 million tons, a month - on - month decrease of 779,900 tons; the daily average port clearance volume was 3.4339 million tons, an increase of 311,000 tons [30][32] 6. Market Outlook - The global iron ore shipment volume has rebounded, and port inventories decreased slightly last week after a significant increase. Currently, the inventory is relatively high. As the loss - making area of steel mills expands, the negative feedback on raw materials is strong. The iron ore fundamentals are generally weak in both expectation and reality, and it is expected to show a weak and fluctuating trend overall [5][33] 7. Operation Strategy - Unilateral: Go short lightly on rallies; Arbitrage: Wait and see; Options: Wait and see [6][34]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - The fundamentals show that steel mills' hot metal production has started to decrease, overall supply and demand are loose, port inventories are accumulating, and terminal demand is weak, indicating a bearish outlook. The basis shows that the spot prices of PB powder and Brazilian blend at Rizhao Port are at a premium to futures, which is bullish. Port inventories are 15,812.84 tons, increasing month - on - month and decreasing year - on - year, considered neutral. The price is below the 20 - day moving average which is flat, suggesting a bearish view. The main positions in iron ore are net long but the long positions are decreasing, which is bullish. With the expected decline in domestic demand and port inventory accumulation, the overall view is a sideways - to - bearish trend [2] Group 3: Summaries by Related Catalogs Daily Views - Fundamentals: Steel mills' hot metal production decreases, overall supply - demand is loose, port inventories accumulate, and terminal demand is weak; bearish [2] - Basis: Rizhao Port PB powder spot converted to futures price is 826 with a basis of 53; Rizhao Port Brazilian blend spot converted to futures price is 844 with a basis of 71, spot at a premium to futures; bullish [2] - Inventory: Port inventory is 15,812.84 tons, increasing month - on - month and decreasing year - on - year; neutral [2] - Disk: Price is below the 20 - day moving average which is flat; bearish [2] - Main positions: Iron ore main positions are net long but long positions are decreasing; bullish [2] - Expectation: Domestic demand declines, port inventories accumulate, sideways - to - bearish trend [2] 利多 (Positive Factors) - Hot metal production remains at a high level [6] - Port inventories decrease [6] - Import losses occur [6] - Downstream steel prices rise, with strong tolerance for high - priced raw materials [6] 利空 (Negative Factors) - Future shipping volumes will increase [6] - Terminal demand remains weak [6]