Report Overview - Report Type: Iron Ore Daily Review [1] - Date: August 28, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On August 27, the iron ore futures main contract 2601 oscillated weakly, closing at 775.5 yuan/ton, down 0.64%. The accident at the SimFer mine in Guinea had a limited impact, and the production is expected to resume soon. The short - term bullish sentiment has faded [7][10][11]. - Fundamentally, the supply of iron ore has a slightly rising trend, and the subsequent arrivals may show a pattern of low first and high later. The demand side remains strong, but the profit of steel production has declined, and the 9.3 limit - production may affect both terminal demand and blast - furnace demand. The market is worried about the potential weakening of demand in the future [11][12]. 3. Summary by Directory 3.1 Market Review and Outlook - **Market Review** - On August 27, the iron ore futures main 2601 contract oscillated weakly, opening at 776 yuan/ton, reaching a high of 781.5 yuan/ton and a low of 773 yuan/ton, and closing at 775.5 yuan/ton, down 0.64% [7]. - The prices of major iron ore outer - market quotes remained flat on August 27 compared with the previous trading day, and the prices of major - grade iron ore at Qingdao Port decreased by 3 - 5 yuan/ton [9]. - The daily KDJ indicator of the iron ore 2601 contract continued to rise, and the green column of the daily MACD indicator has narrowed for 3 consecutive trading days [9]. - **Outlook** - The accident at the SimFer mine in Guinea had a limited impact, and the production is expected to resume soon. The short - term bullish sentiment has faded [10][11]. - Supply: The weekly shipments from 19 ports in Australia and Brazil increased slightly last week, with a significant increase in Australian shipments and a decline in Brazilian shipments. The total shipments in the past four weeks increased by 1.8% compared with the previous four weeks. Considering the shipping time, the subsequent arrivals may be low first and high later [11]. - Demand: The production enthusiasm of enterprises remains high, and the molten iron output has increased for two consecutive weeks, remaining above 2.4 million tons. Regarding the 9.3 limit - production, according to Mysteel's survey, most steel mills received oral notices of environmental protection limit - production, mainly for sintering machines with a 30% - 40% reduction. Only 13 steel mills said that blast - furnace production was restricted. The steel production profit has declined recently, which may affect future production enthusiasm [11]. - Downstream: The demand for steel products recovered last week, but its sustainability needs to be observed. Considering the possible phased suspension of infrastructure projects in the Beijing - Tianjin - Hebei region before September 3, a cautious attitude is recommended, and the demand may weaken again [11]. 3.2 Industry News - On August 25, 2025, the Australian Anti - Dumping Commission announced the postponement of the release of the basic fact report and final recommendation of the anti - dumping sunset review investigation on imported wire rods from China. The basic fact report is expected to be completed no later than December 10, 2025, and the final report will be submitted to the Australian Minister of Industry and Science no later than February 23, 2026 [13]. 3.3 Data Overview - The report provides multiple charts related to iron ore and steel, including prices, shipments, arrivals, inventory, production capacity utilization, and consumption, with data sources from Mysteel and the research and development department of CCB Futures [17][24][40]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: August 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Industry Investment Rating - Not provided in the report Core Viewpoints - On August 26, the iron ore futures main contract 2601 fluctuated weakly, closing at 776.5 yuan/ton, down 0.70%. The main iron ore outer - market quotes and Qingdao Port iron ore prices decreased. Although the iron ore 2601 contract's technical indicators showed some positive signals, the market was affected by factors such as the SimFer mine accident, supply - demand fundamentals, and external news. The market expected that the parade might lead to a decline in terminal construction site demand and blast furnace demand, and the mine price weakened again. Further observation of the actual impact of production cuts in Tangshan and the impact of the 9·3 production restrictions on downstream construction steel demand is needed [7][9][12] Summary by Directory 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - Spot Market: On August 26, the main iron ore outer - market quotes decreased by 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port decreased by 5 - 8 yuan/ton [9] - Technical Analysis: The daily KDJ indicator of the iron ore 2601 contract continued to rise after a golden cross yesterday, and the green bar of the daily MACD indicator has narrowed for two consecutive days [9] 1.2 Future Outlook - News: On August 23, Rio Tinto announced that an accident at the SimFer mine in Guinea led to a fatality, and all activities in the mine were suspended. The impact of the accident was limited, and production was expected to resume soon. However, it boosted bullish sentiment in the short term, which has now faded [10][11] - Fundamentals: Supply - the weekly shipment volume of 19 ports in Australia and Brazil increased slightly last week, with a significant increase in Australian shipments and a decline in Brazilian shipments. The total shipment volume in the past four weeks increased by 1.8% compared with the previous four weeks. Considering shipping schedules, the subsequent arrival volume may be low first and then high. Demand - enterprises' production enthusiasm remained high, and the molten iron output increased for two consecutive weeks, remaining above 2.4 million tons. Regarding the 9·3 production restrictions, according to Mysteel's survey, 20 out of 31 steel mills received oral notices of environmental protection production restrictions, mainly for sintering machines with a 30% - 40% reduction. Only 13 steel mills said their blast furnace production would be affected, mostly in Tangshan. The recent decline in steel production profits, especially for rebar blast furnaces, may affect future production enthusiasm. Downstream steel demand recovered last week, but its sustainability needs to be observed. Considering the possible phased suspension of infrastructure projects in the Beijing - Tianjin - Hebei region before September 3, a cautious attitude is recommended, and there is a possibility of demand weakening again [11] 2. Industry News - On August 25, 2025, the Australian Anti - Dumping Commission postponed the release of the basic fact report and final arbitration recommendation for the anti - dumping sunset review investigation of imported wire rods from China. It is expected to complete the basic fact report by December 10, 2025, and submit the final arbitration report to the Australian Minister of Industry and Science by February 23, 2026 [13] 3. Data Overview - The report provides multiple data charts related to the iron ore and steel industry, including prices, shipment volumes, arrival volumes, inventory, production capacity utilization rates, and consumption volumes, with data sources from Mysteel and the research and development department of Jianxin Futures [17][24][40]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: August 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Industry Investment Rating - Not provided in the report Core Viewpoints - On August 25, the main iron ore futures contract 2601 fluctuated upward, closing at 787.0 yuan/ton, up 2.27%. The accident at Rio Tinto's SimFer mine in Guinea has a limited impact, but it has boosted the overall bullish sentiment. The supply of iron ore may show a pattern of low first and high later, while the demand remains strong, and the reduction in production may be less than expected, which also provides some support for the ore price. The demand for downstream steel products has recovered this week, but the sustainability needs to be observed. Overall, the current bullish sentiment is strong, and the actual impact of production cuts in Tangshan and the impact of the September 3 parade on the demand for downstream construction steel products need to be further observed [7][10][11] Summary by Directory 1. Market Review and Outlook 1.1 Spot Market Dynamics and Technical Analysis - Spot Market: On August 25, the main iron ore outer market quotes increased by 2 US dollars/ton compared with the previous trading day, and the prices of main-grade iron ore at Qingdao Port increased by 15 yuan/ton compared with the previous trading day [9] - Technical Analysis: The daily KDJ indicator of the iron ore 2601 contract formed a golden cross, and the green column of the daily MACD indicator of the iron ore 2601 contract began to narrow [9] 1.2 Outlook - News: On August 23, Rio Tinto announced that an employee of a contracting company died in an accident at the SimFer mine in Guinea on August 22. All activities at the SimFer mine have been suspended. The impact of the accident is limited, and production is expected to resume soon, but the overall bullish sentiment has been boosted [10] - Supply: The weekly shipment volume of 19 ports in Australia and Brazil increased last week. Considering the shipping schedule, the subsequent arrival volume may show a pattern of low first and high later [11] - Demand: Currently, the production enthusiasm of enterprises remains at a relatively high level, and the molten iron output has increased for two consecutive weeks, still remaining at a relatively high level of over 2.4 million tons. Regarding the September 3 production restrictions, according to Mysteel research, some steel enterprises reported receiving oral notices on the morning of the 17th, but whether to reduce production still depends on future weather conditions. From the current weather situation, the production reduction may be less than expected, which also provides some support for the ore price [11] - Downstream: The demand for steel products has recovered this week, but the sustainability needs to be observed. Considering that infrastructure projects in the Beijing-Tianjin-Hebei region may face phased shutdowns before September 3, and the expansion of US steel and aluminum tariffs, a cautious attitude is recommended [11] 2. Industry News - On the afternoon of August 25, the Market Committee of the China Coking Industry Association held a special market analysis meeting. Representatives of key coking enterprises from Shanxi, Hebei, Inner Mongolia, and other places attended the meeting. The participating representatives agreed that the coking market should raise prices again as soon as possible. The participating enterprises reached the following resolutions: Starting from 0:00 on August 26, the price of tamping wet quenched coke for steel mill customers will be increased by 50 yuan/ton, the price of tamping dry quenched coke will be increased by 55 yuan/ton, and the price of top-loaded coke will be increased by 75 yuan/ton [12] 3. Data Overview - The report provides a series of data charts, including the price of main iron ore varieties at Qingdao Port, the price difference between high-grade ore and PB powder at Qingdao Port, the price difference between low-grade ore and PB powder at Qingdao Port, the basis of iron ore spot and January contract at Qingdao Port, the shipment volume of iron ore from Brazil and Australia, the arrival volume of iron ore at 45 ports, the capacity utilization rate of domestic mines, the trading volume of iron ore at main ports, the available days of iron ore inventory in steel mills, the inventory of imported sintered powder ore, the inventory and port clearance volume of iron ore at ports, the tax-free molten iron cost of sample steel mills, the blast furnace operating rate and ironmaking capacity utilization rate, the electric furnace operating rate and capacity utilization rate, the national daily average molten iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [16][23][39]