Group 1: Report Core Data - Total port inventory this week was 15054.65, a decrease of 75.06 from last week [1] - The daily average port clearance volume this week was 329.92, an increase of 2.97 from last week [1] - The imported ore inventory of steel mills this week was 9001.23, a decrease of 74.78 from last week [1] - The daily consumption of imported ore by steel mills this week was 291.68, a decrease of 0.95 from last week [1] - The arrival volume this week was 2268.9, a decrease of 472.30 from last week [1] - The output of domestic iron ore concentrate this week was 40.28, an increase of 0.16 from last week [1] - The daily average pig iron output this week was 236.28, a decrease of 0.60 from last week [1] - The steel mill start - up rate this week was 82.19, a decrease of 0.62 from last week [1] - The capacity utilization rate this week was 88.58, a decrease of 0.22 from last week [1] - The steel mill profitability rate this week was 37.66, a decrease of 1.3 from last week [1] - The inventory of coarse powder this week was 11550.01, a decrease of 50.74 from last week [1] - The inventory of lump ore this week was 1963.04, a decrease of 33.13 from last week [1] - The inventory of pellets this week was 293.17, a decrease of 11.62 from last week [1] - The inventory of iron concentrate this week was 1248.43, an increase of 20.43 from last week [1] - The inventory of trade ore this week was 9765.58, a decrease of 74.84 from last week [1] - The inventory of Brazilian ore this week was 6007.01, an increase of 44.33 from last week [1] - The inventory of Australian ore this week was 6226.24, a decrease of 100.28 from last week [1] Group 2: Data Sources and Notes - Data is sourced from Wind, Steel Union data, and compiled by Guantong Research [1] - Port data uses Mysteel's 45 - port data; steel mill data uses Mysteel's 247 - steel mill data; the daily average output of 126 iron concentrate mines is bi - weekly published data [1] - Red shading indicates newly updated data on the day, and gray shading indicates non - updated data on the day [1]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The ore inventory at the 15 ports monitored by SteelHome continued to accumulate, with a week-on-week increase of 404,650 tons and an expanding growth rate [1] - The inventory of mainstream varieties showed mixed changes. The inventory of Brazilian fines and medium-grade Australian fines increased by 47,020 tons and 17,710 tons week-on-week respectively, while the inventory of high-grade Australian fines and Australian lumps decreased by 23,510 tons and 38,140 tons respectively, and the pellet inventory was further reduced [1] - In general, the iron ore port inventory increased significantly, the industrial contradictions continued to accumulate, and there were no structural contradictions [1] Summary by Category Inventory Totals - The current inventory total is 11,826,850 tons, a week-on-week increase of 404,650 tons (3.54%), a month-on-month increase of 579,070 tons (5.15%), and a year-on-year decrease of 737,600 tons (-5.87%) [1] High-Grade Australian Fines - The current inventory is 1,594,850 tons, a week-on-week decrease of 23,510 tons (-1.45%), a month-on-month decrease of 58,830 tons (-3.56%), and a year-on-year decrease of 708,080 tons (-30.75%) [1] Brazilian Fines - The current inventory is 2,113,330 tons, a week-on-week increase of 41,020 tons (1.98%), a month-on-month increase of 47,590 tons (2.30%), and a year-on-year increase of 502,740 tons (31.21%) [1] Medium-Grade Australian Fines - The current inventory is 732,010 tons, a week-on-week increase of 17,710 tons (2.48%), a month-on-month increase of 131,840 tons (21.97%), and a year-on-year increase of 61,230 tons (9.13%) [1] Australian Lumps - The current inventory is 965,750 tons, a week-on-week decrease of 38,140 tons (-3.80%), a month-on-month increase of 2,530 tons (0.26%), and a year-on-year increase of 112,110 tons (13.13%) [1] Pellets - The current inventory is 31,760 tons, a week-on-week decrease of 4,970 tons (-13.53%), a month-on-month increase of 5,690 tons (21.83%), and a year-on-year decrease of 70,880 tons (-69.06%) [1]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The report presents the weekly changes in iron ore inventory - related data, including port inventory, steel mill inventory, consumption, production, and other aspects, providing a detailed overview of the current situation of the iron ore market [1] 3) Summary by Relevant Catalogs Inventory Data - **Port Total Inventory**: The current period's port total inventory is 14,898.83, an increase of 356.35 from the previous period [1] - **Steel Mill Imported Ore Inventory**: The current steel mill imported ore inventory is 9,009.94, an increase of 160.08 from the previous period [1] - **Inventory by Type**: For different types of iron ore in port inventory, such as coarse powder, lump ore, pellet, and concentrate powder, there are varying degrees of increase compared to the previous period. For example, coarse powder increased by 219.66, lump ore by 77.31, pellet by 28.87, and concentrate powder by 30.51 [1] - **Trade Ore, Brazilian Ore, and Australian Ore in Port**: The current trade ore in port is 9,592.29, an increase of 282.08; Brazilian ore is 5,874.31, an increase of 130.44; Australian ore is 6,170.69, an increase of 153.29 compared to the previous period [1] Supply - Demand Data - **Daily Average Port Ore Removal Volume**: The current daily average port ore removal volume is 320.93, an increase of 0.77 from the previous period [1] - **Steel Mill Imported Ore Daily Consumption**: The current steel mill imported ore daily consumption is 288.7, a decrease of 2.92 from the previous period [1] - **Arrival Volume**: The current arrival volume is 3,218.4, an increase of 1,189.30 from the previous period [1] - **Domestic Iron Concentrate Powder Production**: The current 126 - mine iron concentrate powder production is 39.88, a decrease of 0.45 from the previous period [1] - **Daily Average Hot Metal Production**: The current daily average hot metal production is 234.22, a decrease of 2.14 from the previous period [1] - **Steel Mill Operating Rate**: The current steel mill operating rate is 83.13%, an increase of 1.38 percentage points from the previous period [1] - **Capacity Utilization Rate**: The current capacity utilization rate is 87.81%, a decrease of 0.8 percentage points from the previous period [1] - **Steel Mill Profit Rate**: The current steel mill profit rate is 39.83%, a decrease of 5.19 percentage points from the previous period [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The iron ore inventory at the 15 ports monitored by Steel Union has been continuously rising, with a week-on-week increase of 174,420 tons and an expanding growth rate [1]. - The inventory increase is mainly in mainstream varieties. Among them, the medium-grade Australian powder and Australian lump increased by 114,130 tons and 40,670 tons respectively, and the pellet ore increased by 10,660 tons, while the high-grade Australian powder decreased by 35,320 tons [1]. - In general, the iron ore port inventory continues to rise and the growth rate expands, indicating that industrial contradictions are accumulating and there are no structural contradictions [1]. Summary by Category Inventory Quantity and Change - **Total Inventory**: The current inventory is 11,422,200 tons, a week-on-week increase of 174,420 tons (1.55%), and a month-on-month decrease of 1,339,850 tons (-10.50%) [1]. - **High-grade Australian Powder**: The current inventory is 1,618,360 tons, a week-on-week decrease of 35,320 tons (-2.14%), and a year-on-year decrease of 719,490 tons (-30.78%) [1]. - **Brazilian Powder Ore**: The current inventory is 2,072,310 tons, a week-on-week increase of 6,570 tons (0.32%), and a year-on-year increase of 518,240 tons (33.35%) [1]. - **Medium-grade Australian Powder**: The current inventory is 714,300 tons, a week-on-week increase of 114,130 tons (19.02%), and a month-on-month decrease of 46,600 tons (-6.12%) [1]. - **Australian Lump**: The current inventory is 1,003,890 tons, a week-on-week increase of 40,670 tons (4.22%), and a year-on-year increase of 109,850 tons (12.29%) [1]. - **Pellet Ore**: The current inventory is 36,730 tons, a week-on-week increase of 10,660 tons (40.89%), and a year-on-year decrease of 76,810 tons (-67.65%) [1].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report No core view is presented in the given content. The report mainly provides weekly data on iron ore inventory and related supply - demand indicators. 3) Summary by Related Catalogs Inventory Data - The current total port inventory is 14,542.48, an increase of 118.89 from the previous week [1]. - The current daily average port clearance volume is 320.16, an increase of 7.51 from the previous week [1]. - The current inventory of imported ore in steel mills is 8,849.86, a decrease of 229.33 from the previous week [1]. - The current daily consumption of imported ore in steel mills is 291.62, a decrease of 4.84 from the previous week [1]. Supply - Demand Data - The current arrival volume is 2,029.1, a decrease of 490.30 from the previous week [1]. - The current output of domestic iron ore concentrate is 40.33, an increase of 0.30 from the previous week [1]. - The current daily average pig iron output is 236.36, a decrease of 3.54 from the previous week [1]. - The current steel mill operating rate is 81.75, a decrease of 2.96 from the previous week [1]. - The current capacity utilization rate is 88.61, a decrease of 1.33 from the previous week [1]. - The current steel mill profitability rate is 45.02, a decrease of 2.6 from the previous week [1]. Port Inventory Variety Structure - The current volume of coarse powder is 11,239.43, an increase of 144.47 from the previous week [1]. - The current volume of lump ore is 1,862.3, a decrease of 61.27 from the previous week [1]. - The current volume of pellets is 286.92, an increase of 14.75 from the previous week [1]. - The current volume of iron concentrate is 1,153.83, an increase of 20.94 from the previous week [1]. - The current volume of trade ore is 9,310.21, an increase of 69.59 from the previous week [1]. - The current volume of Brazilian ore is 5,743.87, a decrease of 27.56 from the previous week [1]. - The current volume of Australian ore is 6,017.4, an increase of 82.4 from the previous week [1].

Key Points from the Research Report 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not provided in the given content 3. Summary According to Relevant Catalogs Inventory and Supply - Demand Data - **Overall Inventory and Related Indicators**: - The current total port inventory is 14,024.5, a week - on - week increase of 24.22. The previous week's inventory was 14,000.28 [1]. - The current daily average port clearance volume is 327, a week - on - week decrease of 9.40. The previous week's volume was 336.4 [1]. - The current 247 - steel - mill imported ore inventory is 9,046.19, a week - on - week decrease of 990.60. The previous week's inventory was 10,036.79 [1]. - The current 247 - steel - mill imported ore daily consumption is 299.14, a week - on - week increase of 0.34. The previous week's consumption was 298.8 [1]. - The current arrival volume is 2,608.7, a week - on - week increase of 248.20. The previous week's arrival volume was 2,360.5 [1]. - The current 126 - mine iron concentrate powder output is 39.52, a week - on - week increase of 0.16. The previous week's output was 39.36 [1]. - The current daily average molten iron output of 247 steel mills is 241.54, a week - on - week decrease of 0.27. The previous week's output was 241.81 [1]. - The current 247 - steel - mill blast furnace start - up rate is 84.27%, a week - on - week decrease of 0.02 percentage points. The previous week's rate was 84.29% [1]. - The current 247 - steel - mill capacity utilization rate is 90.55%, a week - on - week decrease of 0.1 percentage points. The previous week's rate was 90.65% [1]. - The current 247 - steel - mill profitability rate is 56.28%, a week - on - week increase of 4.00 percentage points. The previous week's rate was 56.71% [1]. - **Port Inventory by Variety Structure**: - For coarse powder, the current inventory is 10,985.4, a week - on - week increase of 68.96. The previous week's inventory was 10,916.44 [1]. - For lump ore, the current inventory is 1,730.3, a week - on - week increase of 8.17. The previous week's inventory was 1,722.13 [1]. - For pellet, the current inventory is 259.09, a week - on - week decrease of 19.56. The previous week's inventory was 278.65 [1]. - For iron concentrate powder, the current inventory is 1,049.71, a week - on - week decrease of 33.35. The previous week's inventory was 1,083.06 [1]. - For trade ore, the current inventory is 9,144.92, a week - on - week increase of 83.08. The previous week's inventory was 9,061.84 [1]. - For Brazilian ore, the current inventory is 5,536.53, a week - on - week increase of 182.01. The previous week's inventory was 5,354.52 [1]. - For Australian ore, the current inventory is 5,780.43, a week - on - week decrease of 135.76. The previous week's inventory was 5,916.19 [1].

Group 1: Report Core Data - The current total port inventory is 13,849.47, with a weekly increase of 24.15 [1] - The current daily average port clearance volume is 331.28, a weekly increase of 13.50 [1] - The current inventory of imported ore in steel mills is 8,993.05, a weekly increase of 53.18 [1] - The current daily consumption of imported ore in steel mills is 296.65, a weekly increase of 15.98 [1] - The current arrival volume is 2,448, a weekly decrease of 78.00 [1] - The current output of domestic iron ore concentrate is 41.32, a weekly increase of 3.12 [1] - The current daily average molten iron output is 228.84, a weekly decrease of 11.29 [1] - The current blast - furnace operating rate of steel mills is 80.4%, a weekly decrease of 2.80 percentage points [1] - The current capacity utilization rate of steel mills is 85.79%, a weekly decrease of 4.23 percentage points [1] - The current profitability rate of steel mills is 61.04%, a weekly decrease of 2.6 percentage points, and the profit margin has increased by 1.00 [1] - The current inventory of coarse powder is 10,856.92, a weekly increase of 8.23 [1] - The current inventory of lump ore is 1,626.53, a weekly increase of 42.44 [1] - The current inventory of pellets is 287.4, a weekly increase of 3.02 [1] - The current inventory of iron concentrate is 1,078.62, a weekly decrease of 29.54 [1] - The current inventory of trade ore is 9,034.81, a weekly increase of 26.85 [1] - The current inventory of Brazilian ore is 5,228.22, a weekly increase of 109.26 [1] - The current inventory of Australian ore is 5,806.51, a weekly decrease of 69.51 [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - No relevant content found Group 3: Summary by Related Catalog Inventory Data - Port total inventory this period is 13,825.32, up 62.30 from last period [2] - Steel mill imported ore inventory this period is 8,939.87, down 67.32 from last period [2] - Trade ore inventory this period is 9,007.96, down 53.06 from last period [2] - Brazilian ore inventory this period is 5,118.96, up 82.2 from last period [2] - Australian ore inventory this period is 5,876.02, down 102.29 from last period [2] - Coarse powder inventory this period is 10,848.69, up 135.53 from last period [2] - Lump ore inventory this period is 1,584.09, down 69.81 from last period [2] - Pellet inventory this period is 284.38, up 1.01 from last period [2] - Concentrate inventory this period is 1,108.16, down 4.43 from last period [2] Supply and Demand Data - Daily average port cargo clearance this period is 317.78, down 0.86 from last period [2] - Steel mill imported ore daily consumption this period is 280.67, down 15.43 from last period [2] - Arrival volume this period is 2,526, up 132.70 from last period [2] - Domestic iron concentrate powder production this period is 38.2, down 1.33 from last period [2] - Daily average hot metal production this period is 228.84, down 11.29 from last period [2] - Steel mill blast furnace start - up rate this period is 80.4%, down 2.80% from last period [2] - Steel mill capacity utilization rate this period is 85.79%, down 4.23% from last period [2] - Steel mill profitability rate this period is 61.04%, down 2.6% from last period, but the profit margin increased by 3.00 [2]

Group 1: Core Data Comparison - The current port total inventory is 13763.02, a decrease of 82.18 from the previous period [1] - The current daily average port clearance volume is 318.64, a decrease of 7.10 from the previous period [1] - The current steel mill imported ore inventory is 9007.19, a decrease of 58.28 from the previous period [1] - The current steel mill imported ore daily consumption is 296.1, a decrease of 1.74 from the previous period [1] - The current arrival volume is 2393.3, a decrease of 83.30 from the previous period [1] - The current domestic iron ore concentrate powder output is 39.53, a decrease of 0.25 from the previous period [1] - The current daily average molten iron output is 240.13, a decrease of 0.62 from the previous period [1] - The current steel mill operating rate is 83.2%, a decrease of 0.16% from the previous period [1] - The current capacity utilization rate is 90.02%, a decrease of 0.23% from the previous period [1] - The current steel mill profitability rate is 63.64%, a decrease of 6.00% from the previous period [1] Group 2: Port Inventory Variety Structure - The current coarse powder inventory is 10713.16, an increase of 21.21 from the previous period [1] - The current lump ore inventory is 1653.9, a decrease of 89.91 from the previous period [1] - The current pellet inventory is 283.37, a decrease of 23.81 from the previous period [1] - The current concentrate powder inventory is 1112.59, an increase of 10.33 from the previous period [1] - The current trade ore inventory is 9061.02, a decrease of 1.31 from the previous period [1] - The current Brazilian ore inventory is 5036.76, an increase of 39.87 from the previous period [1] - The current Australian ore inventory is 5978.31, a decrease of 135.72 from the previous period [1]

Supply - Global shipments increased by 242.3 million tons to 34.31 million tons this week, with Australia and Brazil contributing a total of 28.688 million tons, an increase of 788,000 tons [1] - Australian shipments totaled 19.205 million tons, a decrease of 927,000 tons, with shipments to China at 14.998 million tons, down by 2.814 million tons [1] - Brazilian shipments reached 9.483 million tons, an increase of 1.715 million tons, while the total port arrival volume was 25.365 million tons, up by 3.852 million tons [1] Demand - Daily pig iron production averaged 2.418 million tons, a slight decrease of 110,000 tons; blast furnace operating rate was 83.56%, down by 0.31% [1] - Blast furnace ironmaking capacity utilization rate was 90.65%, a decrease of 0.04 percentage points; steel mill profit margin remained stable at 58.87% [1] Inventory - As of May 22, total inventory at 45 ports was 139.8783 million tons, a decrease of 1.7826 million tons; the decline in inventory was mainly due to a drop in port arrival volume [1] - Steel mills' imported ore inventory decreased by 3.568 million tons to 89.2548 million tons, with daily consumption slightly down and steel mill inventory remaining stable [1] Market Outlook - The global iron ore shipment volume saw a significant increase this week, with Brazilian ports resuming operations and non-mainstream shipments recovering from low levels, leading to a gradual increase in arrival volumes [2] - On the demand side, pig iron production remained stable compared to last week, and steel mill profit margins are at historically high levels [2] - Inventory levels are decreasing, but the pace has slowed compared to last week; overall, iron ore continues to maintain a destocking pattern [2] - Future outlook indicates potential risks of weakening demand in the off-season, but some resilience remains; average pig iron production is expected to stay around 2.4 million tons in June [2] - Supply pressure from overseas mines is expected to increase, with a peak in arrivals gradually becoming evident [2] - Short-term iron ore prices are expected to fluctuate within a range of 700-745 [2][3][4]