Group 1: Investment Rating - No investment rating information is provided in the report Group 2: Core View - The current iron ore supply and demand are relatively loose. Recently, the price has rebounded due to the expectation of resuming production and replenishing inventory and the boost of the international situation. However, as the situation cools down, it will maintain a volatile trend in the short - term. Attention should be paid to the recovery of demand. The trading strategy is a low - level rebound [5][6] Group 3: Summary by Relevant Catalogs Price - The spot price of iron ore oscillated and rebounded. As of March 9, 2026, the spot price of Karara powder was 909, up 23 from last week, and the discounted futures price was 856, up 24 from last week; the spot price of PB powder was 777, up 23 from last week, and the discounted futures price was 826, up 25 from last week; the spot price of Super Special powder was 662, up 17 from last week, and the discounted futures price was 862, up 18 from last week [7][28] Mineral Powder Spread - The spread between high - grade and medium - grade ores remained stable, and the spread between medium - grade and low - grade ores slightly widened. The spread between PB powder and Macfarlane powder slightly increased [12][15] Futures Spread and Basis - The 5 - 9 spread rebounded slightly from the low level, and the basis of the 05 contract first rose and then fell. The basis of the 05 and 09 contracts slightly declined [19] Relative Valuation - The ratio of rebar to iron ore slightly declined from the low level, and the ratio of iron ore to coke oscillated at a high level [29] Supply - From March 2nd to March 8th, the global iron ore shipment volume was 28.978 million tons, a decrease of 4.429 million tons compared with the previous period. The shipment volume from Australia was 17.532 million tons, a decrease of 1.953 million tons; the shipment volume from Brazil was 5.745 million tons, a decrease of 1.632 million tons; the shipment volume of non - mainstream mines was 10.279 million tons, a decrease of 2.033 million tons. The arrival volume at 45 ports in China was 26.099 million tons, an increase of 4.63 million tons. As of March 6th, the daily average output of iron concentrate from 186 domestic mines was 453,600 tons, an increase of 21,200 tons compared with the previous period, and the capacity utilization rate was 58.05%, an increase of 2.71%. The inventory of mine concentrates was 950,700 tons, an increase of 137,000 tons [5] Demand - In the week of March 6th, the daily average pig iron output was 2.2759 million tons, a decrease of 56,900 tons compared with the previous period. During the important meeting, the blast furnace production restrictions of steel mills in North China increased, resulting in a significant decline in pig iron output. After the production restrictions end, steel mills are expected to resume production seasonally, which will support the procurement of raw material ores [5] Inventory - The inventory of imported ores increased slightly this period, and the number of ships at the port increased by 5 to 112. The port congestion increased slightly, and the arrival volume rebounded significantly. Due to the stop - falling and rebound of the port clearance volume, the port inventory increased slightly, which put pressure on the ore price. The steel mill inventory decreased slightly, maintaining a low - inventory strategy [5]

Core Viewpoint - The current oil price trend reflects a delicate balance between "demand recovery expectations" and "supply contraction concerns" as the market digests positive external economic data [1][3] Supply and Demand Dynamics - Brent and WTI crude oil prices have both maintained slight increases, with a cumulative rise of over 4.5% in the past five trading days, highlighting the influence of geopolitical risks on prices [1][3] - Recent economic data from major economies has exceeded expectations, particularly strong personal consumption expenditures and export performance, providing solid support for oil prices and alleviating recession fears [1][3] Supply Chain Challenges - A series of chain reactions are intensifying market concerns, as increased regulatory scrutiny and deepened sanctions are posing severe challenges to oil-exporting countries' logistics [4] - Several oil tankers are unable to dock or unload as planned, resorting to "floating storage" near shore, indicating saturation in onshore storage and revealing that export bottlenecks are transitioning from expectation to reality [4] Long-term Outlook - Despite short-term positive factors dominating, medium to long-term downside risks remain significant, with API data indicating an increase of approximately 2.4 million barrels in crude oil inventories, which has somewhat suppressed bullish sentiment [2][4] - The global oil inventory is expected to continue rising over the next two years, potentially subjecting the current rebound to long-term inventory pressure tests [2][4] - Investors are advised to remain rational, as geopolitical premiums offer short-term trading opportunities, but attention should be paid to the inventory growth curve before 2026 to mitigate risks of price corrections during seasonal demand declines [2][4]