Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided text. 2. Core Viewpoint There is no clear core viewpoint presented in the text. It mainly provides a set of weekly data on iron ore inventory and related indicators. 3. Summary by Relevant Catalog Inventory Data - **Port Total Inventory**: The current port total inventory is 17,000.31, a decrease of 98.09 compared to the previous period [2]. - **Steel Mill Imported Ore Inventory**: The current steel mill imported ore inventory is 8,978.56, a decrease of 55.50 from the previous period [2]. - **Port Inventory by Variety**: For different types of ore in the port, the current inventory of coarse powder is 13,007.37 (a decrease of 42.74), block ore is 1,965.4 (a decrease of 16.72), pellet is 379.66 (an increase of 3.02), and iron concentrate is 1,647.88 (a decrease of 41.65) compared to the previous period [2]. - **Trade Ore, Brazilian Ore, and Australian Ore in Port**: The current trade ore inventory in the port is 11,284.76 (a decrease of 52.92), Brazilian ore is 5,029.89 (a decrease of 43.98), and Australian ore is 8,315.38 (a decrease of 8.42) compared to the previous period [2]. Supply and Demand Data - **Daily Port Clearance Volume**: The current daily port clearance volume is 313.17, a decrease of 7.80 from the previous period [2]. - **Steel Mill Imported Ore Daily Consumption**: The current steel mill imported ore daily consumption is 284.59, an increase of 3.44 compared to the previous period [2]. - **Arrival Volume**: The current arrival volume is 2,271.6, an increase of 56.60 from the previous period [2]. - **Domestic Iron Concentrate Production**: The current domestic iron concentrate production is 40.23, a decrease of 0.30 compared to the previous period [2]. - **Daily Hot Metal Production**: The current daily hot metal production is 231.09, an increase of 2.94 from the previous period [2]. Operational Data of Steel Mills - **Steel Mill Operating Rate**: The current steel mill operating rate is 81.03%, an increase of 1.25 percentage points from the previous period [2]. - **Capacity Utilization Rate**: The current capacity utilization rate is 86.63%, an increase of 1.1 percentage points from the previous period [2]. - **Steel Mill Profitability Rate**: The current steel mill profitability rate is 43.29%, a decrease of 8.50 percentage points from the previous period [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Macro drivers remain weak, short - term iron ore supply - demand relationship improves marginally, geopolitical factors increase iron ore costs, but supply - demand changes and cost increases can't support rapid and significant price increases. Short - term iron ore prices are not determined by fundamentals, with over - heated market speculation. Later, beware of market sentiment decline and regulatory risks, especially trade negotiation progress. In the long run, trade restrictions won't change the loose supply - demand pattern, and the release of spot liquidity will put significant pressure on prices. [5] 3. Summary by Relevant Catalogs Supply - External ore supply has decreased both month - on - month and year - on - year. Brazil's output hasn't fully recovered due to precipitation, and there are concerns about the impact of US - Iran geopolitical factors on Iran's global iron ore supply, along with transfer pressure from other countries. Domestic ore supply is expected to enter a seasonal recovery cycle. Overall, short - term supply - side pressure has decreased month - on - month. [3] Demand - Domestic demand is in a recovery cycle. After the lifting of environmental restrictions in Hebei, concentrated resumption of production has led to a significant increase in hot metal. Recently, the significant weakening of the basis has driven speculative demand. However, the probability of terminal demand growing beyond expectations is low. Later, attention should be paid to the de - stocking slope of steel inventories and the intensity of resumption of work. It is expected that domestic iron ore demand has some support but the possibility of exceeding expectations is low, and the upward drive on the demand side is neutral. [4] Inventory - The resumption of production at steel mills has driven restocking demand, and the inventory level at steel mills has increased month - on - month. Port inventories have decreased month - on - month, and short - term port inventory pressure has weakened. With the recovery of domestic demand and trade restrictions, the structural contradiction of domestic inventories still exists, and there is an expectation of inventory de - stocking. The upward drive on the inventory side is moderately strong. [4] Price - The expected price range is 104 - 109 US dollars/ton (61% index), corresponding to Dalian iron ore futures at 790 - 825 yuan/ton. [5] Strategy - Adopt range - bound operation and sell call options. [5]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs Inventory - The current port total inventory is 17,187.52, with a weekly increase of 69.66 [1] - The current 247 - steel - mill import ore inventory is 8,929.1, with a weekly decrease of 82.47 [1] - The current 45 - port trade ore inventory is 11,449.78, with a weekly increase of 89.57 [1] - The current 45 - port Brazilian ore inventory is 5,105, with a weekly decrease of 215.4 [1] - The current 45 - port Australian ore inventory is 8,328.78, with a weekly increase of 245.29 [1] - The current 45 - port coarse powder inventory is 13,173.54, with a weekly increase of 36.1 [1] - The current 45 - port lump ore inventory is 1,966.48, with a weekly decrease of 26.58 [1] - The current 45 - port pellet inventory is 383.2, with a weekly increase of 18.25 [1] - The current 45 - port iron concentrate powder inventory is 1,664.3, with a weekly increase of 41.89 [1] Supply - The current 45 - port daily average arrival volume is 2,609.9, with a weekly increase of 463 [1] - The current 126 - mine iron concentrate powder production is 39.39, with a weekly increase of 1 [1] Demand - The current 45 - port daily average port clearance volume is 317.9, with a weekly increase of 6.82 [1] - The current 247 - steel - mill import ore daily consumption is 271.95, with a weekly decrease of 8.9 [1] - The current 247 - steel - mill daily average molten iron production is 221.2, with a weekly decrease of 6.39 [1] - The current 247 - steel - mill blast furnace operating rate is 78.34%, with a weekly increase of 0.63 percentage points [1] - The current 247 - steel - mill capacity utilization rate is 82.92%, with a weekly decrease of 2.4 percentage points [1] - The current 247 - steel - mill profitability rate is 41.13%, with a weekly increase of 3.03 percentage points [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Relevant Catalog Inventory - The current total port inventory is 17,140.71, an increase of 118.45 from the previous period [1] - The current 247 - steel - mill import ore inventory is 10,316.64, an increase of 348.05 from the previous period [1] Supply - The current 126 - mine iron concentrate powder output is 38.81, a decrease of 1.06 from the previous period [1] - The current arrival volume is 2,484.7, a decrease of 45.30 from the previous period [1] Demand - The current daily average iron water output is 228.58, an increase of 0.60 from the previous period [1] - The current daily average port dredging volume is 341.08, an increase of 8.77 from the previous period [1] - The current 247 - steel - mill import ore daily consumption is 282.24, an increase of 1.28 from the previous period [1] Port Inventory Variety Structure - The current coarse powder inventory is 13,023.75, an increase of 132.07 from the previous period [1] - The current lump ore inventory is 2,100.22, a decrease of 61.89 from the previous period [1] - The current pellet inventory is 398.21, a decrease of 11.1 from the previous period [1] - The current iron concentrate powder inventory is 1,618.53, an increase of 59.37 from the previous period [1] - The current trade ore inventory is 11,316.72, an increase of 71.47 from the previous period [1] - The current Brazilian ore inventory is 5,536.43, a decrease of 47.54 from the previous period [1] - The current Australian ore inventory is 7,903.27, an increase of 104.08 from the previous period [1] Other Inventory Data - The current 247 - steel - mill blast furnace start - up rate is 79.53, an increase of 0.53 from the previous period [1] - The current 247 - steel - mill capacity utilization rate is 85.69, an increase of 0.22 from the previous period [1] - The current 247 - steel - mill profitability rate is 39.39, with no change from the previous period, but the profit amount increased by 2.00 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current iron ore supply and demand is loose, and the market will maintain a volatile trend in the short term. The overall supply has increased slightly, with a small decline in Australian ore, a slight increase in Brazilian and non - mainstream ores. The arrival volume has slightly decreased but remains at a high level, and domestic ore production has slightly declined. On the demand side, affected by profit compression and environmental protection restrictions, steel mills have insufficient willingness to increase production, and iron water production remains stable. As the Spring Festival approaches, the inventory replenishment is coming to an end, and the support from inventory replenishment is weakening. Port inventories continue to increase, and steel mill inventories have rebounded [5][6]. - The trading strategy is range - bound [6]. 3. Summary by Related Catalogs Price - Spot prices have slightly declined [7] - The price of 62% Australian powder ore in the forward spot market is in US dollars per dry ton [9] - The price of 62% PB powder at Qingdao Port and 66% iron concentrate powder in Tangshan is in yuan per ton [12] Mineral Powder Spreads - The spread between high - and medium - grade ores has slightly widened, while the spread between medium - and low - grade ores has shrunk [13] - The spread between PB powder and Mac powder has rebounded [16] - The 5 - 9 spread is oscillating at a low level, and the basis of the 05 contract has slightly declined [21] Relative Valuation - The ratio of steel to ore is oscillating at a low level, and the ratio of ore to coke has slightly increased [31] Supply - Global shipments have slightly increased, with non - mainstream ore shipments rising slightly. From January 26th to February 1st, the global iron ore shipment volume was 3094.6 tons, a week - on - week increase of 116.2 tons [5][37] - Australian ore shipments to China have slightly declined, while Brazilian ore shipments have increased. Australian shipments were 1820.4 tons, a week - on - week decrease of 17 tons; Brazilian shipments were 692.2 tons, a week - on - week increase of 147.4 tons [5][41] - FMG shipments to China have significantly declined, while BHP shipments have continued to increase [45] - RT shipments to China have slightly increased, and VALE shipments have stopped falling and rebounded [49] - The shipping freight index has continued to rise [53] - The arrival volume has slightly declined but remains at a medium - high level. The total arrival volume at 45 ports in China was 2484.7 tons, a week - on - week decrease of 45.3 tons [5][57] - Domestic iron concentrate powder production has slightly declined. As of January 30th, the daily average output of iron concentrate powder from 186 mines across the country was 46.87 tons, a week - on - week decrease of 0.08 tons, with a capacity utilization rate of 59.98%, a week - on - week decrease of 0.11% [5][60] Demand - Steel mill blast furnace profits have slightly declined [66] - Blast furnace operation has changed little, and iron water production has remained stable. The daily average iron water production in the week of January 30th was 227.98 tons, a week - on - week decrease of 0.12 tons [5][72] Inventory - The port ore handling volume has stopped falling and rebounded, and port inventories have continued to increase. The number of ships at the port has decreased by 12 to 106 [5][81] - Australian ore inventories have continued to increase, while Brazilian ore inventories have slightly declined [85] - Coarse powder inventories have remained at a high level, and lump ore inventories have slightly declined [93] - Before the Spring Festival, steel mills have replenished their inventories, and imported ore inventories have continued to rise [101]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Summary by Related Catalogs Inventory Data - **Total Port Inventory**: The current period's total port inventory is 17,022.26, a weekly increase of 255.73 compared to the previous period [1] - **Daily Average Port Clearance Volume**: The current daily average port clearance volume is 332.31, a weekly increase of 21.58 [1] - **Steel Mill Imported Ore Inventory**: The current steel mill imported ore inventory is 9,968.59, a weekly increase of 579.77 [1] - **Steel Mill Imported Ore Daily Consumption**: The current steel mill imported ore daily consumption is 280.96, a weekly decrease of 0.94 [1] - **Arrival Volume**: The current arrival volume is 2,530, a weekly decrease of 129.70 [1] - **Domestic Iron Ore Concentrate Production**: The current domestic iron ore concentrate production is 39.87, a weekly decrease of 0.32 [1] - **Daily Average Hot Metal Production**: The current daily average hot metal production is 227.98, a weekly decrease of 0.12 [1] - **Steel Mill Operating Rate**: The current steel mill operating rate is 79, a weekly increase of 0.32 [1] - **Capacity Utilization Rate**: The current capacity utilization rate is 85.47, a weekly decrease of 0.04 [1] - **Steel Mill Profitability Rate**: The current steel mill profitability rate is 39.39, a weekly decrease of 1.3 [1] Inventory by Ore Type - **Coarse Ore**: The current coarse ore inventory is 12,891.68, a weekly increase of 282.51 [1] - **Lump Ore**: The current lump ore inventory is 2,162.11, a weekly decrease of 42.79 [1] - **Pellets**: The current pellet inventory is 409.31, a weekly increase of 3.17 [1] - **Iron Concentrate**: The current iron concentrate inventory is 1,559.16, a weekly increase of 12.84 [1] Inventory by Origin - **Trading Ore**: The current trading ore inventory is 11,245.25, a weekly increase of 120.41 [1] - **Brazilian Ore**: The current Brazilian ore inventory is 5,583.97, a weekly decrease of 44.74 [1] - **Australian Ore**: The current Australian ore inventory is 7,799.19, a weekly increase of 211.14 [1]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - No information provided 3) Summary by Relevant Catalogs Inventory Data - **Port Total Inventory**: The current period's port total inventory is 15,858.66, showing an increase of 346.03 compared to the previous period [1] - **Daily Average Port Clearance Volume**: The current daily average port clearance volume is 315.06, with a week - on - week increase of 1.61 [1] - **Steel Mills' Imported Ore Inventory**: The current inventory of imported ore in steel mills is 8,860.19, rising by 136.24 from the previous period [1] - **Steel Mills' Imported Ore Daily Consumption**: The current daily consumption of imported ore in steel mills is 280.04, a decrease of 0.52 compared to the previous period [1] - **Arrival Volume**: The current arrival volume is 2,646.7, showing a decrease of 76.70 from the previous period [1] - **Domestic Iron Ore Concentrate Production**: The current production of domestic iron ore concentrate is 37.1, with a decrease of 0.61 compared to the previous period [1] - **Daily Average Hot Metal Production**: The current daily average hot metal production is 226.58, an increase of 0.03 from the previous period [1] - **Steel Mills' Starting Rate**: The current starting rate of steel mills is 78.32%, a decrease of 0.15 percentage points from the previous period [1] - **Capacity Utilization Rate**: The current capacity utilization rate is 84.94%, an increase of 0.01 percentage points from the previous period [1] - **Steel Mills' Profit Rate**: The current profit rate of steel mills is 37.23%, a decrease of 2.00 percentage points from the previous period [1] Inventory by Ore Type - **Coarse Ore**: The current inventory of coarse ore is 12,006.4, showing an increase of 206.83 compared to the previous period [1] - **Lump Ore**: The current inventory of lump ore is 2,144.66, with an increase of 76.19 from the previous period [1] - **Pellets**: The current inventory of pellets is 351.56, an increase of 30.92 compared to the previous period [1] - **Concentrate**: The current inventory of concentrate is 1,356.04, rising by 32.09 from the previous period [1] - **Trading Ore**: The current inventory of trading ore is 10,367.61, an increase of 269.95 compared to the previous period [1] - **Brazilian Ore**: The current inventory of Brazilian ore is 5,669.56, a decrease of 125.5 from the previous period [1] - **Australian Ore**: The current inventory of Australian ore is 6,941.26, an increase of 268.65 compared to the previous period [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report The overall inventory of iron ore continues to rise, and there are no signs of effectively resolving the inventory structural contradictions, yet the spot still has some support. After the Fed's interest - rate meeting and the Central Economic Work Conference, and with the implementation of export license management for some steel products starting from January 1st next year, it is estimated that the iron ore price will fluctuate weakly. Attention should be paid to the support level of 750 yuan/ton for the weighted contract. [11][13][14] 3. Summary According to Relevant Catalogs 3.1 Week - on - Week Assessment and Strategy Recommendation - **Supply**: The global iron ore shipping volume was 33.686 million tons, a week - on - week increase of 454,000 tons. The shipping volume from Australia and Brazil was 26.553 million tons, a week - on - week decrease of 1.105 million tons. Australia's shipping volume was 19.674 million tons, a week - on - week increase of 1.47 million tons, with 15.882 million tons shipped to China, a week - on - week decrease of 29,000 tons. Brazil's shipping volume was 6.879 million tons, a week - on - week decrease of 2.574 million tons. The arrival volume at 47 ports in China was 25.692 million tons, a week - on - week decrease of 2.148 million tons; the arrival volume at 45 ports was 24.805 million tons, a week - on - week decrease of 2.188 million tons. [13] - **Demand**: The daily average pig iron output was 2.292 million tons, a week - on - week decrease of 31,000 tons. The blast furnace iron - making capacity utilization rate was 85.92%, a week - on - week decrease of 1.16 percentage points; the steel mill profitability rate was 35.93%, a week - on - week decrease of 0.43 percentage points. [13] - **Inventory**: The total inventory of imported iron ore at 47 ports nationwide 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 week - on - week decrease of 60,000 tons. [13] - **Summary**: Overseas iron ore shipping volume increased slightly. Australia's shipping volume rebounded, mainly due to the rebound of Rio Tinto and FMG's shipping volume, while Brazil's shipping volume decreased. The shipping volume from non - mainstream countries reached a new high this year, and the near - end arrival volume decreased. The daily average pig iron output has fallen below 2.3 million tons. Some blast furnace overhauls were affected by environmental protection restrictions, and the rest were mainly annual inspections with relatively long shutdown times. The steel mill profitability rate declined slightly. Port inventory continued to increase, and steel mill inventory was at a low level in the same period. It is estimated that the iron ore price will fluctuate weakly. [13][14] 3.2 Futures and Spot Market - **Price Difference**: The PB - Super Special powder price difference was 111 yuan/ton, a week - on - week change of - 1 yuan/ton. The Carajás fines - PB powder price difference was 83 yuan/ton, with no week - on - week change. The Carajás fines - Jinbuba powder price difference was 138 yuan/ton, with no week - on - week change. The ((Carajás fines + Super Special powder)/2 - PB powder) price difference was - 14 yuan/ton, a week - on - week change of + 0.5 yuan/ton. [19][22] - **Feeding Ratio and Scrap Steel**: The pellet feeding ratio was 14.59%, a week - on - week increase of 0.17 percentage points. The lump ore feeding ratio was 12.28%, a week - on - week increase of 0.19 percentage points. The sinter feeding ratio was 73.13%, a week - on - week decrease of 0.35 percentage points. The price of scrap steel in Tangshan was 2,135 yuan/ton, a week - on - week decrease of 20 yuan/ton; the price in Zhangjiagang was 2,060 yuan/ton, a week - on - week decrease of 20 yuan/ton. [25] - **Profit**: The steel mill profitability rate was 35.93%, a week - on - week decrease of 0.43 percentage points; the import profit of PB powder was - 13.33 yuan/wet ton. [28] - **Freight**: No specific analysis of freight changes is provided in the text, only relevant charts are presented. [30] 3.3 Inventory - **Port Inventory**: The inventory of imported iron ore at 45 ports was 154.3142 million tons, a week - on - week increase of 1.3061 million tons. The pellet inventory was 296,470 tons, a week - on - week increase of 59,300 tons. The iron concentrate powder inventory was 1.31422 million tons, a week - on - week increase of 483,100 tons. The lump ore inventory was 2.05733 million tons, a week - on - week increase of 208,400 tons. The Australian ore port inventory was 66.6743 million tons, a week - on - week increase of 1.3676 million tons. The Brazilian ore port inventory was 58.0704 million tons, a week - on - week decrease of 274,900 tons. [35][38][41] - **Steel Mill Inventory**: The imported iron ore inventory of 247 steel mills was 8.8342 million tons, a week - on - week decrease of 150,530 tons. [45] 3.4 Supply Side - **Overseas Shipping**: The shipping volume from Australia to China at 19 ports was 15.063 million tons, a week - on - week decrease of 36,000 tons. Brazil's shipping volume was 6.752 million tons, a week - on - week decrease of 2.542 million tons. Rio Tinto's shipping volume to China was 6.284 million tons, a week - on - week increase of 1.705 million tons. BHP's shipping volume to China was 3.896 million tons, a week - on - week decrease of 1.822 million tons. Vale's shipping volume was 4.781 million tons, a week - on - week decrease of 1.681 million tons. FMG's shipping volume to China was 3.621 million tons, a week - on - week decrease of 11,000 tons. [50][53][56] - **Arrival and Import**: The arrival volume at 45 ports was 24.805 million tons, a week - on - week decrease of 2.188 million tons. In October, China's non - Australian and non - Brazilian iron ore imports were 19.8492 million tons, a month - on - month increase of 1.2656 million tons. [59] - **Domestic Mines**: The capacity utilization rate of domestic mines was 58.08%, a week - on - week decrease of 0.01 percentage points. The daily average output of iron concentrate powder from domestic mines was 45,380 tons, a week - on - week decrease of 10 tons. [65] 3.5 Demand Side - **Pig Iron Output and Capacity Utilization**: The domestic daily average pig iron output was 2.292 million tons, a week - on - week decrease of 31,000 tons. The blast furnace capacity utilization rate was 85.92%, a week - on - week decrease of 1.16 percentage points. [70] - **Port Clearance and Steel Mill Consumption**: The daily average port clearance volume of iron ore at 45 ports was 3.1919 million tons, a week - on - week increase of 74,000 tons. The daily consumption of imported iron ore by 247 steel mills was 2.8327 million tons, a week - on - week decrease of 18,000 tons. [73] 3.6 Basis As of December 12th, the calculated iron ore BRBF basis was 61.03 yuan/ton, and the basis rate was 7.43%. [78]

1. Report Industry Investment Rating - No relevant information provided 2. Core View - No clear core view presented in the given content 3. Summary by Related Catalogs Inventory Data - **Port Total Inventory**: The current period's port total inventory is 15,431.42, a weekly increase of 130.61 compared to the previous period of 15,300.81 [1] - **Daily Average Port Clearance Volume**: The current daily average port clearance volume is 319.19, with a weekly increase of 0.74 from the previous 318.45 [1] - **Steel Mill Imported Ore Inventory**: Steel mills' imported ore inventory is 8,834.2 in the current period, a weekly decrease of 150.53 from 8,984.73 in the previous period [1] - **Steel Mill Imported Ore Daily Consumption**: The current daily consumption of imported ore by steel mills is 283.27, a weekly decrease of 1.80 from 285.07 in the previous period [1] - **Arrival Volume**: The arrival volume is 2,480.5 in the current period, a weekly decrease of 218.80 from 2,699.3 in the previous period [1] - **Domestic Iron Ore Concentrate Production**: The production of domestic iron ore concentrate is 37.99 in the current period, a weekly decrease of 0.03 from 38.02 in the previous period [1] - **Daily Average Hot Metal Production**: The daily average hot metal production is 229.2 in the current period, a weekly decrease of 3.10 from 232.3 in the previous period [1] - **Steel Mill Operating Rate**: The steel mill operating rate is 78.63% in the current period, a weekly decrease of 1.53 percentage points from 80.16% in the previous period [1] - **Capacity Utilization Rate**: The capacity utilization rate is 85.92% in the current period, a weekly decrease of 1.16 percentage points from 87.08% in the previous period [1] - **Steel Mill Profitability Rate**: The steel mill profitability rate is 35.93% in the current period, a weekly increase of 0.43 percentage points from 36.36% in the previous period [1] Port Inventory Variety Structure - **Coarse Powder**: The current inventory of coarse powder is 11,763.4, a weekly increase of 55.53 from 11,707.87 in the previous period [1] - **Lump Ore**: The current inventory of lump ore is 2,057.33, a weekly increase of 20.84 from 2,036.49 in the previous period [1] - **Pellets**: The current inventory of pellets is 296.47, a weekly increase of 5.93 from 290.54 in the previous period [1] - **Iron Concentrate**: The current inventory of iron concentrate is 1,314.22, a weekly increase of 48.31 from 1,265.91 in the previous period [1] - **Trading Ore**: The current inventory of trading ore is 10,024.62, a weekly increase of 9.77 from 10,014.85 in the previous period [1] - **Brazilian Ore**: The current inventory of Brazilian ore is 5,807.04, a weekly decrease of 27.49 from 5,834.53 in the previous period [1] - **Australian Ore**: The current inventory of Australian ore is 6,667.43, a weekly increase of 136.76 from 6,530.67 in the previous period [1]

1. Report's Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - In the steel market, during the consumption off - season, there is a situation of weak supply and demand, with large inventory pressure, but the market is more focused on policy expectations. For the iron ore market, the decline in iron - water production and slow inventory reduction in the steel market suppress prices, while policy factors provide support [2][4] 3. Summary by Relevant Catalogs 3.1 Threaded Rods and Hot - Rolled Coils - **Supply and Demand**: Last week, threaded rod production decreased, hot - rolled coil production increased, and the production of five major steel products increased. Overall inventory continued to decline, but hot - rolled coil inventory was significantly higher than the same period in previous years, with greater inventory pressure. This week, the apparent demand declined moderately. Due to the significant decline in steel mill profit margins and the end of the consumption peak, steel mills' production cuts may exceed the normal seasonal scale, potentially triggering a negative feedback cycle. Recently, coal and coke prices have shown a weakening trend, weakening the cost support for steel [2] - **Technical Analysis**: On the daily K - line chart, the futures price fluctuated upward at a low level, reaching a one - month high, and there is a possibility of an upward breakthrough. Attention should be paid to the trend of the 05 contract [2] - **Operation Suggestion**: Maintain a wait - and - see attitude, do not chase after rising or falling prices, and patiently wait for a full adjustment before going long [2] 3.2 Iron Ore - **Demand**: Last week, the iron - water production of sample steel mills decreased significantly, while the production of five major steel products increased. With the arrival of the consumption off - season, iron - water production is expected to continue to decline seasonally, and steel mills' production cuts will suppress raw material prices. Due to the late Spring Festival this year, the pre - holiday restocking demand will come later than usual [4] - **Supply**: Global iron ore shipments have rebounded from a high, and it is expected that the arrival volume will increase after some time. The continuous increase in port inventory suppresses the futures price, and the slow inventory reduction of steel also affects market sentiment. However, policies support the futures price [4] - **Technical Analysis**: The 01 contract's futures price has broken through the suppression of the middle - track of the Bollinger Bands, but it still remains in a wide - range high - level oscillation [4] - **Operation Suggestion**: Maintain a wait - and - see attitude, and patiently wait for the price to pull back before entering the market for medium - term long - positions [4] 3.3 Industry News - From November 24th to November 30th, 2025, the total iron ore inventory at seven major ports in Australia and Brazil was 1.2139 billion tons, a month - on - month increase of 822,000 tons, a slight rebound. The current inventory level is slightly lower than the average since the fourth quarter [6] - As of December 2nd, 2025, two steel mills announced winter storage policies, with one in Northeast China and one in North China. Two new steel mills were added today, with fixed - price locked - in goods, no price increase in case of market rise, price decrease in case of market fall, and the option to set the price at any time. The price is guaranteed until March 31st, 2026 [6] - According to Longzhong Information, the 600 - ton production line of Benxi Fuyao Float Glass Co., Ltd. was ignited on November 29th. As of December 1st, the average order days of national deep - processing sample enterprises increased by 2.4% month - on - month to 10.1 days, a year - on - year decrease of 17.9% [6]