研究中心黑色团队 2025/4/30 | | | | | 现货 | | | 远期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 | 品种 | 最新 | 日变化 | 周变化 | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | 普氏62指数 | | 99.40 | 0.20 | -0.70 | | | | | | | 纽曼粉 | | 756 | -2 | -8 | 808.5 | 95.20 | 0.50 | -1.00 | -21.54 | | PB粉 | | 762 | -2 | -10 | 807.5 | 98.20 | -0.05 | -1.25 | -4.64 | | 澳洲 | 麦克粉 | 740 | 0 | -13 | 808.4 | 93.20 | -0.20 | -1.45 | 1.07 | | 金布巴 | | 720 | -1 | -9 | 810.8 | 88.75 | -0.10 | -2.00 | 9.61 | | 主流 | 混合粉 | 666 | 0 | -18 | 790 ...

铁矿石期货 5月报： 钢材利润压缩，铁矿弱势震荡 CONTENTS 目录 01 观点策略 02 03 04 宏观层面 价差 现货及基差 05 供给 06 需求 07 库存 01 观点策略 观点策略 宏观端，关税事件暂退潮，国内政策择时发力，粗钢减控预期仍存。基本面，钢厂利润收缩，随着成材需求走弱，铁矿石需求 下降；库存端压力较小。预计铁矿石5月震荡偏弱走势，重点关注成材需求情况。 注：评分代表主观判断，不构成投资建议。评分仅供参考。 观点策略 主要观点 | | 核心 | 基本面，成材仍有一定利润空间，短期内钢厂铁水产量维持高位，短期铁矿石需求不弱；供给端外矿发运恢复正常；库存端，钢厂 | | --- | --- | --- | | | 逻辑 | 按需采购为主，疏港量高于往年，节前或有补库需求，港口库存压力较小。目前钢材供需矛盾持续积累中，预计5月下旬钢厂面临利 | | | | 润压力减产。宏观层面，粗钢减控预期仍存，铁矿石中长期需求偏弱。 | | | 期现 | 现货方面：4月份铁矿石价格降幅在1-22元/湿吨不等，中品铁粉价格跌幅约10元/吨。期货方面：截至4月25日，铁矿石09合约收盘 价709元/吨，对比 ...

1. Report Industry Investment Ratings The document does not provide industry investment ratings. 2. Core Views of the Report - The US labor market shows signs of weakness, with the March JOLTS job openings hitting a six - month low, and the upcoming Q1 GDP initial value may disappoint. The policies of the Trump administration and the tariff war are negatively affecting the labor market [7]. - For the container shipping index (European line), the near - term is under pressure. It is recommended to hold a 10 - 12 reverse spread position lightly, and reduce positions for near - month single - side trading before the holiday [8][9]. - Industrial silicon has a weak fundamental pattern. It is recommended to adopt a short - selling strategy on rallies and be cautious when holding positions before the holiday [10]. - For live pigs, the inventory accumulation drive is weakening, and a phased inventory reduction may start, with short - term reverse spread opportunities [11][12]. 3. Summaries by Related Catalogs 3.1 Pre - reading Highlights from the Director - **US Labor Market**: The US March JOLTS job openings were 7.192 million, far lower than the expected 7.5 million. The data has been on a downward trend since 2022, and recent policies have further impacted the labor market. The upcoming Q1 GDP initial value may be disappointing [7]. - **Container Shipping Index (European Line)**: The near - term is under pressure. In early May, the loading rate was lower than expected, and the market freight rate has dropped. The 10 - 12 reverse spread can be held through the holiday, and near - month single - side trading should reduce positions before the holiday [8][9]. - **Industrial Silicon**: The fundamentals are weak. The industry inventory is high, supply is increasing while demand is weak. It is recommended to short on rallies and be cautious before the holiday [10]. - **Live Pigs**: The inventory accumulation drive is weakening. With the increase in temperature, a phased inventory reduction may start in May, and there are short - term reverse spread opportunities [11][12]. 3.2 Commodity Research Morning Report - **Precious Metals**: Gold shows risk preference recovery, and silver rebounds steadily. Gold has a trend strength of 0, and silver also has a trend strength of 0 [18][21]. - **Copper**: Inventory continues to decrease, supporting the price. The trend strength is 0 [23][25]. - **Aluminum and Alumina**: Aluminum fluctuates strongly, while alumina drops significantly. Both have a trend strength of 0 [26][28]. - **Zinc**: It has a strong current situation but weak expectations, and will trade sideways in the short term. The trend strength is 0 [29][30]. - **Lead**: Demand is weak, and the price is under pressure. The trend strength is - 1 [32][33]. - **Nickel and Stainless Steel**: The upside and downside space of nickel converges, and the price may trade in a narrow range. Stainless steel has a cost - feedback game on the disk. Both have a trend strength of 0 [35][38]. - **Tin**: It shows a slight recovery. The trend strength is 0 [39][42]. - **Industrial Silicon and Polysilicon**: Industrial silicon has a weakly oscillating disk, and polysilicon has a slight increase in registered warehouse receipts. Both have a trend strength of - 1 [43][46]. - **Lithium Carbonate**: Warehouse receipts continue to increase, and the disk is under pressure. The trend strength is 0 [47][50]. - **Iron Ore**: Expectations are volatile, and it trades in a wide range. The trend strength is 0 [51][52]. - **Rebar and Hot - Rolled Coil**: Demand expectations are poor, and prices fluctuate at a low level. Both have a trend strength of 0 [55][58]. - **Silicon Ferroalloy and Manganese Ferroalloy**: Silicon ferroalloy oscillates at a low level due to black - sector resonance, and manganese ferroalloy oscillates at a low level due to ore - end information disturbances. Both have a trend strength of 0 [59][62]. - **Coking Coal and Coke**: They are disturbed by production - limit news and trade in a wide range. Both have a trend strength of 0 [63][65]. - **Steam Coal**: The rigid demand has limited impact, and it trades weakly with oscillations. The trend strength is 0 [66][68]. - **Glass**: The price of the original sheet is stable [69]. - **Para - Xylene, PTA, and MEG**: Para - xylene has a collapsing cost and expanding processing margin. PTA recommends a month - spread reverse spread, and MEG suggests a long - PTA short - MEG strategy [72][73].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601969 证券简称：海南矿业 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：千元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:千元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 √适用 □ ...

智通财经4月29日电，矿业巨头福德士河发布财报：2025财年三季度铁矿石总发货量为4610万吨，同比 增长6%，使得截至2025年3月31日的九个月的累计发货量创下1.432亿吨的新纪录。 矿业巨头福德士河铁矿石产运量创新高 ...

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The overall market sentiment is average, with steel prices fluctuating weakly. The fundamentals of rebar are good, while hot-rolled coils are affected by tariff policies. Iron ore prices have slightly declined, and the supply pressure has eased. Coking coal and coke futures are fluctuating, and the supply of thermal coal has tightened at the end of the month, with prices fluctuating [1][3][5][9]. - In the long term, the iron ore market shows a pattern of relatively loose supply and demand, and the supply surplus pattern of coking coal has not changed significantly. The supply pattern of thermal coal remains loose [3][7][9]. Summary by Related Catalogs Steel - **Market Analysis**: The rebar futures main contract closed at 3,129 yuan/ton, and the hot-rolled coil main contract closed at 3,237 yuan/ton. The national inventory was 8.8211 million tons, a week-on-week decrease of 2.47%. The steel inventory decreased by 5.11% week-on-week, and the hot-rolled coil increased by 2.69% week-on-week. The spot steel trading volume was average, with a national building materials trading volume of 120,500 tons [1]. - **Strategy**: Unilateral trading is expected to be fluctuating and slightly stronger [2]. Iron Ore - **Market Analysis**: The iron ore futures price slightly declined, with the main 2509 contract closing at 710.5 yuan/ton, a decrease of 0.49%. The prices of mainstream imported iron ore varieties at Tangshan Port slightly increased, and the market trading sentiment was cold. The global iron ore shipment volume significantly rebounded to 3.188 million tons. The total transaction volume of iron ore at major domestic ports was 962,000 tons, a week-on-week increase of 214.28%. The total transaction volume of forward spot was 828,000 tons, a week-on-week increase of 50.55% [3]. - **Strategy**: Pay attention to the impact of supply-side changes on the industrial chain. In the medium and long term, the iron ore market shows a pattern of relatively loose supply and demand. For unilateral trading, pay attention to the opportunity to sell for hedging after the price rebounds (preferably swap hedging) [4]. Coking Coal and Coke - **Market Analysis**: The coking coal and coke futures fluctuated weakly. Most steel mills had good procurement enthusiasm, and some steel mills had a small replenishment plan before the May Day holiday. The price of low-sulfur coking coal in Shanxi was 1,277 yuan/ton. The customs clearance at the Ganqimao Port of imported Mongolian coal remained at a low level, and the inventory in the supervision area decreased significantly. The coking coal inventory showed a decreasing trend due to environmental protection supervision and the phased decline in Mongolian coal customs clearance [5][7]. - **Strategy**: Coking coal and coke are expected to fluctuate [8]. Thermal Coal - **Market Analysis**: The pithead coal price fluctuated. At the end of the month, a small number of coal mines had maintenance after completing their tasks, and the supply tightened. The port inventory had reached a historical high, and the downstream demand was weak. The import market was stable and weak [9]. - **Strategy**: Due to the serious lack of futures liquidity, it is recommended to wait and see [10].

Group 1: Report Industry Investment Rating - No relevant information provided in the reports Group 2: Report Core Views - **Steel**: Last Friday, there was news of a 50 million - ton production cut in 2025. Steel prices strengthened on Friday night and continued the slightly stronger trend on Monday. Raw materials weakened and the disk profit expanded. The apparent demand has peaked and there is an expectation of weakening in the far - end demand. Inventory has fallen to a seasonal low while production remains high. If the demand declines month - on - month, the near - end prices are expected to catch up with the decline. Steel mills need to reduce production to match the demand. It is expected that steel prices will continue to fluctuate narrowly. It is recommended to wait and see for now and pay attention to the arbitrage operation of going long on steel and short on raw materials in the second - nearest month [1]. - **Iron Ore**: Affected by the production restriction news, iron ore prices will continue to be under pressure. The daily average pig iron output has increased significantly this week, and it is expected to peak. Whether it can remain at a high level depends on the end - demand. The supply of iron ore has a slight increase in global shipments and a significant decline in arrivals. The port inventory has increased. It is expected that iron ore prices will continue to be under pressure [4]. - **Coke**: The coke futures showed a downward - fluctuating trend. The second - round spot price increase of coking plants was blocked. Due to the concession of coking coal, the losses of coking enterprises have been repaired, and some have resumed production slightly. The supply has increased, and the demand has also increased with the increase in pig iron output. However, there is a possibility that pig iron output will peak. The inventory is at a medium - high level with some pressure. It is recommended to adopt the strategy of going long on hot - rolled coils and short on coke [7]. - **Coking Coal**: The coking coal futures showed a downward - fluctuating trend. The spot market is generally stable but weak. The domestic coal mines continue to resume production, and the port clearance has declined. The demand from the coking industry has increased slightly. The total inventory has decreased slightly. There is still a large impact from imported coal, and the market is expected to decline. It is recommended to focus on arbitrage and adopt the strategy of going long on hot - rolled coils and short on coking coal [7]. - **Silicon Ferrosilicon**: The silicon ferrosilicon futures fluctuated narrowly. After the production cut, the supply - demand situation has marginally improved, and the overall downward space is limited. The production has continued to decline, and the inventory has stopped increasing and started to decrease, but it remains at a medium - high level. The short - term supply - demand contradiction has been alleviated, but the factory inventory is high, and the price lacks the impetus to rebound. It is expected to fluctuate steadily [8]. - **Silicon Manganese**: The silicon manganese futures continued to decline. The production reduction has remained stable. The losses of manufacturers in Ningxia have deepened, and most manufacturers are still reducing production. The inventory has increased. The short - term supply - demand contradiction needs to be resolved, and the cost support from manganese ore is insufficient. It is expected to fluctuate weakly [8]. Group 3: Summary by Relevant Catalogs Steel - **Prices and Spreads**: The prices of some steel products have changed, such as the spot price of rebar in the South China region decreased by 30 yuan/ton, while the 05 contract of rebar increased by 35 yuan/ton [1]. - **Cost and Profit**: The billet price decreased by 20 yuan/ton, and the cost of Jiangsu electric - furnace rebar increased by 12 yuan/ton [1]. - **Production**: The daily average pig iron output increased by 4.2 to 244.4 (1.8% increase), and the output of five major steel products increased by 3.1 to 875.8 (0.4% increase) [1]. - **Inventory**: The inventory of five major steel products decreased by 50.4 to 1534.3 (- 3.2% decrease), and the rebar inventory decreased by 30.8 to 702.3 (- 4.2% decrease) [1]. - **Transaction and Demand**: The building material trading volume decreased by 0.1 to 12.0 (- 0.7% decrease), and the apparent demand of five major steel products decreased by 22.4 to 926.3 (- 2.4% decrease) [1]. Iron Ore - **Prices and Spreads**: The warehouse - receipt cost of some iron ore varieties has changed, such as the PB powder increased by 3.3 to 809.6 (0.4% increase) [4]. - **Supply**: The weekly arrival volume at 45 ports decreased by 200.2 to 2325.3 (- 7.9% decrease), and the global shipment volume increased by 17.8 to 2925.5 (0.6% increase) [4]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 4.2 to 244.4 (1.8% increase), and the daily average port clearance volume at 45 ports increased by 18.4 to 327.9 (5.9% increase) [4]. - **Inventory**: The inventory at 45 ports increased by 79.6 to 14261.0 (0.6% increase), and the imported ore inventory of 247 steel mills increased by 20.1 to 9073.0 (0.2% increase) [4]. Coke - **Prices and Spreads**: The price of Shanxi first - grade wet - quenched coke remained unchanged at 1318, and the 05 contract of coke increased by 4 to 1566 (0.2% increase) [7]. - **Supply**: The daily average output of all - sample coking plants increased by 1.5 to 66.9 (2.3% increase) [7]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 4.2 to 244.4 (1.8% increase) [7]. - **Inventory**: The total coke inventory decreased by 3.0 to 1014.8 (- 0.3% decrease), and the inventory of all - sample coking plants decreased by 2.4 to 104.9 (- 2.2% decrease) [7]. - **Supply - Demand Gap**: The coke supply - demand gap decreased by 0.5 to - 4.0 (- 11.5% decrease) [7]. Coking Coal - **Prices and Spreads**: The price of coking coal (Shanxi warehouse - receipt) remained unchanged at 1145, and the 05 contract of coking coal decreased by 9 to 881 (- 1.0% decrease) [7]. - **Supply**: The raw coal output of Fenwei sample coal mines decreased by 4.7 to 878.2 (- 0.5% decrease) [7]. - **Demand**: The daily average output of all - sample coking plants increased by 1.5 to 66.9 (2.3% increase) [7]. - **Inventory**: The total coking coal inventory decreased slightly, with the inventory of upstream mines increasing and the port inventory decreasing [7]. Silicon Ferrosilicon - **Prices and Spreads**: The closing price of the silicon ferrosilicon main contract increased by 8 to 5648 (0.1% increase), and the spot price of silicon ferrosilicon 72%FeSi in Inner Mongolia remained unchanged at 5550 [8]. - **Cost and Profit**: The production cost in Inner Mongolia decreased by 16.2 to 5750.1 (- 0.3% decrease), and the production profit in Inner Mongolia increased by 10 to 620 (1.6% increase) [8]. - **Production**: The weekly output of silicon ferrosilicon decreased by 0.1 to 9.9 (- 1.4% decrease), and the operating rate of silicon ferrosilicon production enterprises decreased by 1.5 to 30.9 (- 4.6% decrease) [8]. - **Demand**: The weekly demand for silicon ferrosilicon (calculated by Steel Union) remained unchanged at 21 [8]. - **Inventory**: The inventory of 60 sample silicon ferrosilicon enterprises decreased by 1.1 to 8.4 (- 11.8% decrease) [8]. Silicon Manganese - **Prices and Spreads**: The closing price of the silicon manganese main contract increased by 8 to 5804 (0.1% increase), and the spot price of silicon manganese FeMn65Si17 in Inner Mongolia decreased by 20 to 5680 (- 0.4% decrease) [8]. - **Cost and Profit**: The production cost in Inner Mongolia increased by 12 to 5681 (0.2% increase) [8]. - **Supply**: The manganese ore shipment volume increased by 0.7 to 78.8 (0.9% increase), and the arrival volume increased by 33.6 to 65.3 (106.3% increase) [8]. - **Demand**: The weekly demand for silicon manganese (calculated by Steel Union) increased by 0.0 to 127 (0.3% increase) [8]. - **Inventory**: The inventory of 63 sample silicon manganese enterprises increased by 2.4 to 18.2 (15.4% increase) [8].

Market Overview - The mainstream spot prices for iron ore are reported as follows: PB powder at 764 CNY/ton (+3), and Brazilian mixed powder at 778 CNY/ton (+6) [1] - The main iron ore futures contract closed at 710.5 CNY/ton, up 0.21% (+1.5) [1] Basis and Costs - The optimal delivery product is Brazilian mixed powder. The warehouse costs for PB powder and Brazilian mixed powder are 809 CNY and 797 CNY, respectively. The basis for the May contract for PB powder is approximately 46.6 CNY/ton [2] Demand Dynamics - The average daily pig iron production is 2.4435 million tons, an increase of 42,300 tons month-on-month. The blast furnace operating rate is 84.33%, up 0.77% from the previous month. The capacity utilization rate for blast furnace ironmaking is 91.60%, an increase of 1.45 percentage points. The profit margin for steel mills is 57.58%, up 2.60 percentage points [3] Supply Situation - Global shipments have slightly increased this week, with a total of 31.882 million tons shipped, up 2.627 million tons. Shipments from Australia and Brazil totaled 27.584 million tons, an increase of 3.206 million tons. Australia shipped 19.952 million tons, up 1.960 million tons, with 16.472 million tons going to China, an increase of 729,000 tons. Brazil's shipments were 7.632 million tons, up 1.246 million tons. The total port arrivals were 25.128 million tons, an increase of 1.875 million tons [4] Inventory Levels - As of April 24, the inventory at 45 ports is 142.61 million tons, an increase of 2.05 million tons. The iron ore arrivals at ports have rebounded, and the unloading efficiency has improved, leading to an increase in port inventory. The number of ships waiting at ports remains high. The steel mills' imported ore inventory has increased by 20.11% to 90.7303 million tons, with daily consumption slightly rising as mills maintain a low inventory strategy [5] Market Outlook - The iron ore 09 contract experienced fluctuations, influenced by production restriction news, indicating that iron ore prices will remain under pressure in the near term. The specifics of the production restrictions are yet to be determined. The significant increase in daily pig iron production to 2.44 million tons is attributed to the recovery of steel mill profits and the resumption of high furnace operations. The sustainability of this high production level will depend on terminal demand. The market for finished steel continues to deplete inventory, with rebar and wire rod showing a pullback after a surge, while hot-rolled steel remains stable and cold-rolled steel shows slight recovery. On the supply side, global iron ore shipments have increased slightly, while port arrivals have significantly decreased. The recovery in unloading efficiency has led to an increase in port inventory, with high levels of ships waiting. Looking ahead, the sustainability of high pig iron production will depend on terminal demand, with marginal changes expected in exports and infrastructure. A decline in exports is likely, and domestic demand will be crucial. The current high pig iron production coupled with inventory accumulation and increased overseas shipments expected in May and June suggests that supply and demand pressures will intensify, leading to continued downward pressure on iron ore prices [6]

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Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The current trade situation will have a negative impact on the downstream consumption and exports of steel products, but has limited impact on billet exports. The profit of billet is currently good. The Politburo meeting emphasized measures such as reserve requirement ratio and interest rate cuts, and the State Council Information Office stated that major policies will be introduced in the second quarter, boosting market confidence. The real - estate market in core cities may gradually stabilize and recover, while the market in low - tier cities is still bottoming out. The downstream demand has entered the peak season in April, but high demand may not be sustainable, and the apparent demand will decline seasonally after the consumption peak. For steel futures, it is a short - term rebound, not a reversal [2]. - Policy factors have boosted market confidence. The downstream demand peak in April may support the futures price. The steel mill profitability is acceptable, and the molten iron production is in a recovery trend but may have peaked. The global iron ore shipment is at a relatively high level and may continue to rise, and the port inventory has been increasing, which exerts pressure on the futures price. The real - estate data shows a mixed situation in different - tier cities. Technically, the iron ore futures price has been falling and is weaker than that of rebar and hot - rolled coils [4]. Summary by Relevant Catalogs I. Rebar and Hot - Rolled Coils - **Market Situation**: The trade situation affects steel consumption and exports. The Politburo meeting and policy announcements boost confidence. The real - estate market shows different trends in core and low - tier cities. The downstream demand in April is in the peak season, with rebar production, factory inventory, and social inventory decreasing last week, and the apparent demand falling month - on - month [2]. - **Technical Analysis**: The futures price has risen in the past two days with a decline in positions, indicating a short - term rebound [2]. - **Operation Suggestion**: Short on rallies, do not chase the rise [2]. - **Data Summary**: - **Prices**: Rebar and hot - rolled coil futures and spot prices have changed to varying degrees. For example, the rebar futures price increased by 0.90% compared to the previous day and 0.51% compared to last week [2]. - **Production**: The production of rebar decreased slightly by 0.05% week - on - week, while hot - rolled coil production increased by 0.99% [2]. - **Inventory**: The social and factory inventories of the five major steel products decreased. For example, the social inventory of the five major products decreased by 3.68% week - on - week [2]. II. Iron Ore - **Market Situation**: Policy boosts market confidence. The downstream demand peak in April may support prices. Steel mills have acceptable profitability, and molten iron production is in a recovery trend but may have peaked. The global iron ore shipment is at a high level and may continue to rise, and the port inventory has been increasing, exerting pressure on prices. The real - estate market shows different trends in different - tier cities [4]. - **Technical Analysis**: The futures price has been falling and is weaker than that of rebar and hot - rolled coils [4]. - **Operation Suggestion**: Close short positions at low prices and then stay on the sidelines [4]. - **Data Summary**: - **Prices**: The prices of iron ore spot and futures have changed. For example, the settlement price of the DCE iron ore main contract increased by 0.21% compared to the previous day and decreased by 0.70% compared to last week [4]. - **Shipment**: Australian and Brazilian iron ore shipments increased. For example, Australian shipments increased by 11.08% compared to last week [4]. - **Inventory**: The port inventory increased by 1.46% week - on - week [4]. III. Industry News - From April 21 to April 27, 2025, the total arrival volume of iron ore at 47 ports in China was 2679.6 million tons, a week - on - week increase of 230.4 million tons; the total arrival volume at 45 ports was 2512.8 million tons, a week - on - week increase of 187.5 million tons; the total arrival volume at six northern ports was 1159.3 million tons, a week - on - week decrease of 34.3 million tons [6]. - From April 21 to April 27, 2025, the total shipment volume of iron ore from Australia and Brazil was 2758.4 million tons, a week - on - week increase of 320.7 million tons. Australian shipments were 1995.2 million tons, a week - on - week increase of 196.0 million tons, and the volume shipped to China was 1647.2 million tons, a week - on - week increase of 72.9 million tons. Brazilian shipments were 763.2 million tons, a week - on - week increase of 124.6 million tons. The global iron ore shipment volume was 3188.2 million tons, a week - on - week increase of 262.7 million tons [6]. - In the fourth week of April 2025, the total shipment of Brazilian iron ore was 2346.94 million tons, with an average daily shipment of 138.06 million tons per day, a 2.49% increase compared to April last year [6].