Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the iron ore market is supported by factors such as the BHP restriction disturbance, the expectation of resumption of production and replenishment of inventory, and the increase in shipping costs due to the tense international situation. In the short - term, it will maintain a volatile and upward - trending operation. The overall supply pressure still exists, while the demand is expected to increase after the end of important meetings, with the iron water output having the potential to rise. The port inventory remains at a high level, and the steel mill inventory is at a low level. The recommended strategy is a volatile rebound [4][5]. 3. Summary by Directory Price - The spot price of iron ore shows a volatile rebound [6]. - As of March 16, 2026, the spot price of Karara powder was 948, up 39 from last week, with the discounted futures price at 898, up 42 from last week; the spot price of PB powder was 792, up 15 from last week, with the discounted futures price at 842, up 16 from last week; the spot price of Super Special powder was 672, up 10 from last week, with the discounted futures price at 873, up 11 from last week. The high - medium grade spread was 156, and the medium - low grade spread was 120. The optimal delivery product was 62.5 Newman powder [28]. Spread - The spread between high - and medium - grade ores widened, while the spread between medium - and low - grade ores slightly shrank. The spread between PB powder and Macfarlane powder slightly increased [11][15]. - The 5 - 9 spread rebounded from a low level, and the basis of the 05 contract slightly declined [19]. - The ratio of steel to iron ore slightly declined from a low level, and the ratio of iron ore to coking coal slightly rebounded from a high level [29]. Supply - From March 9 to March 15, the global iron ore shipping volume was 3.0488 million tons, a week - on - week increase of 151,000 tons. The shipping volume from Australia was 1.8753 million tons, a week - on - week increase of 122,100 tons; the shipping volume from Brazil was 571,600 tons, a week - on - week decrease of 2,900 tons; the shipping volume of non - mainstream ores was 1.0925 million tons, a week - on - week increase of 64,600 tons. The arrival volume at 45 ports in China was 2.215 million tons, a week - on - week decrease of 394,900 tons [4]. - As of March 13, the daily average output of iron concentrate from 186 domestic mines was 46,110 tons, a week - on - week increase of 7,500 tons, with a capacity utilization rate of 59%, a week - on - week increase of 0.95%. The inventory of mine concentrate was 89,280 tons, a week - on - week decrease of 4,790 tons [4]. - The shipping volume of FMG to China increased significantly, and that of BHP increased slightly. The shipping volume of RT decreased slightly, and that of VALE increased slightly. The shipping volume of Australian ore to China increased slightly, while that of Brazilian ore decreased slightly [39][43][47]. - The shipping cost continued to rise, and the arrival volume decreased and remained at a medium level [51][55]. Demand - In the week of March 13, the daily average iron water output was 221,200 tons, a week - on - week decrease of 63,900 tons. After the end of important meetings, the resumption of blast furnaces in steel mills was mostly concentrated at the end of the research period, and the increase in iron water output is expected to be reflected next week. As steel mills gradually resume production, there is a rigid demand for raw material ore procurement [4]. - The profit of steel mill blast furnaces slightly declined [64]. Inventory - The inventory of imported ores increased slightly this period. The number of ships at the port decreased by 2 to 110. The congestion at the port decreased slightly, the arrival volume decreased, the port clearance volume increased slightly, the port inventory increased slightly, and the steel mill inventory decreased slightly, maintaining a low - inventory strategy [4]. - The inventory of Australian ore at 45 ports increased from a high level, while the inventory of Brazilian ore decreased slightly. The inventory of coarse powder remained at a high level, and the inventory of lump ore decreased slightly. The steel mill inventory remained at a low level [83][91][99].

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Short - term iron ore supply - demand contradictions still need to accumulate. The restocking demand supports the spot price, and supply enters the off - season. However, the price increase is limited by industrial chain profits, and the restocking demand drive has entered the realization period. It is expected to fluctuate at a high level in the short term [1] - The recommended strategy is range operation and covered call options [1] 3. Summary by Relevant Catalogs Supply - Current overseas ore shipments have entered the off - season, with weekly shipments declining for three consecutive weeks. According to seasonal patterns, before mid - February, overseas ore shipments will continue to weaken month - on - month but be higher than last year due to the low base caused by the hurricane in Australia last year. Domestic ore supply is also in the off - season. Overall, the supply side is in a seasonally shrinking phase, but a more significant supply - side support requires an unexpected decline. As of January 19, Mysteel's global iron ore shipments totaled 29.298 million tons, a month - on - month decrease of 2.511 million tons and a year - on - year increase of 7.004 million tons. The total iron ore shipments from 19 ports in Australia and Brazil were 21.64 million tons, a month - on - month decrease of 3.692 million tons and a year - on - year increase of 4.28 million tons [1] Demand - Domestic demand has slightly declined but remains at the highest level in the same period of the past five years. The profitability of steel mills has stabilized after the decline in carbon element prices, and steel inventories have not shown an over - seasonal accumulation. Overall, domestic steel mill demand remains stable in the short term, the restocking demand is in the middle stage, and its marginal support is weakening [1] Inventory - Steel mill's imported ore inventory has increased for four consecutive weeks, and the pre - Spring Festival seasonal restocking by steel mills is in the second half, with the restocking support weakening. Port inventories continue to accumulate mainly due to the relatively high arrival volume. It is expected that as the arrival volume declines and restocking demand increases, the pressure on port inventory accumulation will ease [1]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The macro - narrative is positive, the fundamentals of the industrial chain have improved, there is restocking demand for iron ore, and supply is entering the off - season, but the price increase is limited by industrial chain profits. It is expected to fluctuate in the short term [2] - The price will operate within a range. The main contract of Dalian iron ore will be in the range of 770 - 800 yuan/ton, corresponding to the external market (FE01) price of about 102.5 - 105.5 US dollars/ton [3] - The strategy is range operation and covered call options [3] 3. Summary by Related Contents Macro - aspect - China's monetary and fiscal policies are in an active reserve period. The start of the Fed's interest - rate cut cycle boosts commodities, and the short - term domestic macro - narrative is positive. The industrial chain is in a weak - balance stage, and industrial chain prices maintain a narrow - fluctuation trend. There is a "seesaw" effect between the precious metals, non - ferrous metals, and black - series sectors, and short - term market risk - preference changes need attention [1] Price Recovery Reasons for Black - series - The inventory pressure at the finished - product end has been continuously relieved, the industrial chain valuation has rebounded, the spot price of iron ore strongly supports the futures market. Steel mills have officially entered the restocking cycle, and restocking demand may support prices to remain relatively strong [1] Supply - Mainstream mines have a phased end - of - year shipping rush. The weekly shipping volume has increased month - on - month. After the shipping rush, foreign - ore shipping will enter the seasonal off - season, and domestic - ore supply is also in the off - season. Overall, supply - side support is entering a relatively strong stage [1] Demand - Domestic demand has stabilized and slightly increased. The profitability rate of steel mills has rebounded after the decline in carbon - element prices. There are both blast - furnace overhauls and restarts. Some blast furnaces in Hebei and Shanxi will restart at the end of the month. Overall, domestic steel - mill demand is expected to rise in the short term, and the pre - holiday restocking cycle is about to start, with restocking demand expected to continue to be released [1] Inventory - The imported inventory of steel mills has increased month - on - month, but it is still at the lowest level in the same period in recent years. Attention should be paid to when the full - scale restocking of US - dollar goods by steel mills will start. Port inventory has continued to accumulate due to the relatively high arrival volume, and it is expected to continue to accumulate in December [2]