1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The price of rebar futures fluctuated weakly due to the interweaving of multiple and short - term factors. The RB2601 contract may consolidate in the range of 3100 - 3220 yuan/ton, and attention should be paid to the operation rhythm and risk control [2][7] - Although the steel market is currently relatively weak, as construction steel enters the peak season, downstream may have restocking demand, and it is recommended to buy slightly out - of - the - money call options [56] 3. Summary According to the Directory 3.1 Week - to - Week Summary - **Market Review**: As of August 29, the price of the rebar main contract was 3160 yuan/ton (- 35 yuan/ton), and the spot price of Hangzhou Zhongtian rebar was 3300 yuan/ton (- 20 yuan/ton). Rebar production increased from a decline, with a weekly output of 220.56 million tons (+ 5.91 million tons, + 58.34 million tons year - on - year). Apparent demand continued to rise, with a current period demand of 204.21 million tons (+ 9.41 million tons, - 14.04 million tons year - on - year). Factory inventories decreased while social inventories continued to increase, with a total rebar inventory of 623.39 million tons (+ 16.35 million tons, + 27.6 million tons year - on - year). The steel mill profitability rate was 63.64%, a decrease of 1.30 percentage points from last week and an increase of 59.74 percentage points from last year [5] - **Market Outlook**: Overseas, the market's expectation of a September interest rate cut by the Fed was strengthened. Domestically, policies to expand service consumption will be introduced, and multiple banks have cut RMB deposit rates. In terms of supply and demand, rebar weekly production increased, the capacity utilization rate was 48.35%, and the EAF steel operating rate decreased again; end - users purchased on demand, and inventories increased for five consecutive weeks. In terms of cost, iron ore was firm, coal and coke fluctuated weakly. Technically, the RB2601 contract was under pressure below multiple moving averages [7] 3.2 Futures and Spot Market - **Futures Price**: This week, the RB2601 contract fluctuated weakly. The RB2510 contract was stronger than the RB2601 contract, and the spread on the 29th was - 70 yuan/ton, a week - on - week increase of 6 yuan/ton [13] - **Warehouse Receipts and Positions**: On August 29, the Shanghai Futures Exchange's rebar warehouse receipts were 199,497 tons, a week - on - week increase of 40,864 tons. The net short position of the top 20 in the rebar futures contract was 184,391 lots, an increase of 80,192 lots from the previous week [19] - **Spot Price and Basis**: On August 29, the spot price of Hangzhou's third - grade rebar was 3300 yuan/ton, a week - on - week decrease of 20 yuan/ton; the national average price was 3333 yuan/ton, a week - on - week decrease of 6 yuan/ton. The basis strengthened, with a basis of 140 yuan/ton on the 29th, a week - on - week increase of 15 yuan/ton [25] 3.3 Upstream Market - **Raw Material Prices**: On August 29, the price of 61% Australian Macfayden powder ore at Qingdao Port was 828 yuan/dry ton, a week - on - week increase of 9 yuan/dry ton. The spot price of first - grade metallurgical coke at Tianjin Port was 1670 yuan/ton, a week - on - week increase of 0 yuan/ton [29] - **Port Conditions**: The arrival volume at 47 ports decreased, and port inventories decreased. The total inventory of imported iron ore at 47 ports was 143.8802 million tons, a week - on - week decrease of 561,800 tons [33] - **Coking Plant Conditions**: The capacity utilization rate of coking plants decreased, and coke inventories increased. The capacity utilization rate of 230 independent coking enterprises was 72.70%, a decrease of 1.47%; daily coke output was 512,800 tons, a decrease of 10,300 tons; coke inventories were 398,100 tons, an increase of 34,000 tons [37] 3.4 Industry Conditions - **Supply Side**: In July, the national crude steel output was 79.66 million tons, a year - on - year decrease of 4.0%. On August 29, the blast furnace operating rate of 247 steel mills was 83.2%, a week - on - week decrease of 0.16 percentage points. The weekly output of rebar was 220.56 million tons, an increase of 5.91 million tons from last week. The EAF steel operating rate decreased [41][44][47] - **Inventory**: On August 28, the in - factory inventory of rebar was 169.62 million tons, a decrease of 4.91 million tons from last week. The social inventory of 35 major cities was 453.77 million tons, an increase of 21.26 million tons from last week. The total rebar inventory was 623.39 million tons, a week - on - week increase of 16.35 million tons [50] - **Demand Side**: From January to July 2025, the new housing start - up area decreased by 19.4% year - on - year, and infrastructure investment increased by 3.2% year - on - year [53] 3.5 Option Market - It is recommended to buy slightly out - of - the - money call options as construction steel enters the peak season and downstream may have restocking demand [56]

Report Title - Iron Ore Market Weekly Report: High Pig Iron Production, Iron Ore Futures Prices Fluctuating Strongly [2] Core Viewpoints - Macroeconomically, overseas Fed's expected interest - rate cuts and domestic policies to expand service consumption and bank deposit - rate cuts provide a favorable environment. In terms of supply and demand, Australian and Brazilian iron ore shipments and arrivals decline, and domestic port inventories turn from increasing to decreasing. With the support on the demand side, the I2601 contract may fluctuate upwards. It is recommended to buy out - of - the - money call options [8][56] Summaries by Directory 1. Weekly Highlights 1.1 Price - As of August 29, the closing price of the iron ore main contract was 787.5 (+17.5) yuan/ton, and the price of Macarthur fines at Qingdao Port was 828 (+8) yuan/dry ton [6] 1.2 Shipment - From August 18 - 24, 2025, the global iron ore shipment volume was 3315.8 million tons, a week - on - week decrease of 90.8 million tons. The shipment volume from Australia and Brazil was 2760.4 million tons, a week - on - week increase of 4.4 million tons [6] 1.3 Arrival - From August 18 - 24, 2025, the arrival volume at 47 Chinese ports was 2462.3 million tons, a week - on - week decrease of 240.8 million tons; at 45 ports, it was 2393.3 million tons, a decrease of 83.3 million tons; at six northern ports, it was 1153.0 million tons, a decrease of 99.5 million tons [6] 1.4 Demand - The average daily pig iron production was 240.13 million tons, a week - on - week decrease of 0.62 million tons, and a year - on - year increase of 19.24 million tons [6] 1.5 Inventory - As of August 29, 2025, the imported iron ore inventory at 47 ports was 14388.02 million tons, a week - on - week decrease of 56.18 million tons and a year - on - year decrease of 1644.36 million tons. The imported ore inventory of 247 steel mills was 9007.19 million tons, a week - on - week decrease of 58.28 million tons [6] 1.6 Profitability - The profitability rate of steel mills was 63.64%, a week - on - week decrease of 1.30 percentage points and a year - on - year increase of 59.74 percentage points [6] 2. Futures and Spot Market 2.1 Futures Price - This week, the I2601 contract fluctuated strongly. It was stronger than the I2605 contract, and the spread on the 29th was 24 yuan/ton, a week - on - week increase of 1.5 yuan/ton [14] 2.2 Warehouse Receipts and Net Positions - On August 29, the number of Dalian Commodity Exchange iron ore warehouse receipts was 1900, a week - on - week decrease of 100. The net short position of the top 20 in the ore futures contract was 21871, an increase of 25563 from the previous week [20] 2.3 Spot Price - On August 29, the price of 61% Australian Macarthur fines at Qingdao Port was 828 yuan/dry ton, a week - on - week increase of 9 yuan/dry ton. This week, the spot price was weaker than the futures price, and the basis on the 29th was 41 yuan/ton, a week - on - week decrease of 9 yuan/ton [26] 3. Industry Situation 3.1 Shipment and Arrival - From August 18 - 24, 2025, the global iron ore shipment volume decreased by 90.8 million tons week - on - week, and the arrival volume at 47 Chinese ports decreased by 240.8 million tons week - on - week [31] 3.2 Port Inventory - This week, the total imported iron ore inventory at 47 ports was 14388.02 million tons, a week - on - week decrease of 56.18 million tons. The total imported iron ore inventory of steel mills was 9007.19 million tons, a week - on - week decrease of 58.28 million tons [35] 3.3 Inventory Availability - As of August 28, the average inventory availability days of imported iron ore for large and medium - sized domestic steel mills was 20 days, a week - on - week increase of 0 days. On the 28th, the BDI was 2017, a week - on - week increase of 73 [40] 3.4 Import and Mine Capacity Utilization - In July 2025, China's iron ore imports decreased by 1.3% month - on - month. As of August 22, the capacity utilization rate of 266 mines decreased by 1.72% [43] 3.5 Iron Ore Production - In July 2025, China's iron ore concentrate production decreased by 0.8% month - on - month [47] 4. Downstream Situation 4.1 Crude Steel Production - In July 2025, China's crude steel production was 7966 million tons, a year - on - year decrease of 4.0% [50] 4.2 Steel Mill Operating Rate and Pig Iron Production - On August 29, the blast furnace operating rate of 247 steel mills was 83.2%, a week - on - week decrease of 0.16 percentage points. The daily average pig iron production was 240.13 million tons, a week - on - week decrease of 0.62 million tons [53] 5. Options Market - It is recommended to buy out - of - the - money call options due to high pig iron production, the change of port inventory from increasing to decreasing, and the expected increase in steel production after September 3 [56]