Market Review - Iron ore futures for the 2509 contract fell by 0.56%, closing at 704 CNY/ton [1] Fundamental Summary - From June 2 to June 8, 2025, global iron ore shipments totaled 35.104 million tons, an increase of 794,000 tons week-on-week. Shipments from Australia and Brazil amounted to 29.194 million tons, up by 506,000 tons. Australian shipments reached 21.699 million tons, increasing by 2.493 million tons, with shipments to China at 18.92 million tons, up by 3.922 million tons. Brazilian shipments totaled 7.496 million tons, down by 1.987 million tons [2] - During the same period, China's 47 ports received 26.739 million tons of iron ore, an increase of 765,000 tons; 45 ports received 26.093 million tons, up by 728,000 tons; while the six northern ports received 13.836 million tons, down by 1.572 million tons. According to the General Administration of Customs, in the first five months, China imported 486 million tons of iron ore, a decrease of 5.2%, with an average import price of 707.2 CNY per ton, down by 16.4% [2] Institutional Perspectives - Zhengxin Futures noted that with increased shipments from Australia and Brazil, port arrivals have significantly rebounded, indicating an overall improvement in supply. However, iron and steel production has decreased for four consecutive weeks, with a mix of furnace maintenance and restarts leading to a continuous decline in demand. Port inventories are decreasing, and steel mill inventories are slightly down, with shipping volumes continuing to decline. Overall, supply is improving while demand is slowing, indicating a weak fundamental outlook for the industry, with potential for prices to decline further. The strategy suggested is to maintain a short position, increasing short positions on rebounds, and holding positions for the medium term [3] - Galaxy Futures highlighted that iron ore supply remains stable and is entering a seasonal peak, while demand from the steel industry is high but entering a low season. Overall market sentiment is declining, and iron ore prices are expected to fluctuate at the bottom [3]

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 95.65 -0.70 -1.55 纽曼粉 724 3 -11 773.7 92.90 0.55 -0.35 -23.58 PB粉 729 2 -10 771.2 95.50 0.50 -0.40 -5.70 麦克粉 710 2 -10 775.8 91.40 0.50 -0.45 -3.83 金布巴 685 1 -10 773.2 87.50 0.80 -0.35 -4.86 主流 混合粉 663 8 3 786.8 82.60 0.60 -0.45 14.04 超特粉 623 7 0 832.1 79.60 0.60 -0.40 5.63 卡粉 825 0 -5 763.9 105.05 0.80 -1.15 11.31 巴西 巴混 751 2 -9 760.6 97.25 0.60 0.30 -0.27 主流 巴粗IOC6 702 2 -10 769.9 巴粗SSFG 707 2 -10 乌克兰精粉 798 4 -2 885.3 61%印粉 665 1 -10 卡拉拉精粉 803 4 -2 815.5 罗伊山粉 699 2 -10 ...

2025年06月09日 国泰君安期货商品研究晨报 观点与策略 | 黄金：非农小幅超预期 | 3 | | --- | --- | | 白银：技术突破 | 3 | | 铜：美元回升，限制价格上涨 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：继续下行 | 7 | | 锌：上方偏承压 | 9 | | 铅：低位运行 | 10 | | 锡：止跌回升 | 11 | | 镍：现实支撑与弱势预期博弈，镍价震荡运行 | 13 | | 不锈钢：负反馈传导减产增加，钢价区间震荡 | 13 | | 碳酸锂：短期进口减量，长期供需过剩，震荡 | 15 | | 工业硅：情绪见顶，盘面具备下行动能 | 17 | | 多晶硅：现货具备下跌驱动，盘面空配为主 | 17 | | 铁矿石：预期反复，宽幅震荡 | 19 | | 螺纹钢：低位震荡 | 20 | | 热轧卷板：低位震荡 | 20 | | 硅铁：宽幅震荡 | 22 | | 锰硅：宽幅震荡 | 22 | | 焦炭：三轮提降落地，宽幅震荡 | 24 | | 焦煤：事故扰动，宽幅震荡 | 24 | | 动力煤：需求仍待释放，宽幅震荡 | 26 | | 原木：震荡反复 | 27 | | ...

宝城期货铁矿石早报（2025 年 6 月 9 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 供需格局弱稳，矿价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石基本面弱稳运行，淡季钢厂生产趋弱，矿石需求偏弱运行，利好效应不强；相反海外矿石 供应积极，且财年末预期冲量，即便内矿生产受限，产量有所下降，整体供应压力增加。总之，供强 需弱局面铁矿石基本面表现偏弱，矿价继续承压，但 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 日期 2025 年 6 月 9 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：6月6日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 2959 | 2969 | 3002 | 2963 | 2975 | 0.57% | 1,845,348 | 2,216,449 | -40,564 | -0.59 | | HC2510 | 3077 | 30 ...

（原标题：和讯投顾高璐明：黄金或高位震荡，可关注但勿追涨） 6月8日，和讯投顾高璐明对周末A股重磅消息进行解读。周末国内外市场发生多件大事，或影响下周市 场走势。其一，某国总理宣称愿重启与我们的关系，期待恢复高层交往，此消息可能促进贸易及相关方 向，短期利好铁矿石等板块。其二，商务部强调对稀土等物项实施出口管制属国际通行办法，且已为符 合条件的申请建立绿色通道。国内稀土政策使外方态度转变，稀土价格已上涨，若恢复出口有望吃到红 利，但需观察市场资金反馈，资金认可将推动短期反攻。其三，商务部发布电动汽车利好消息，中欧双 方电动汽车价格磋商进入最后阶段，传递向好信号，落地后将推动国内电动汽车出口，构成利好。其 四，商务部召开重磅会议，强调实施人工智能加制造行动，以工业智能体为抓手深化人工智能工业应 用，这针对人工智能加工业、高端制造等方向将形成有力推动，下周可关注，若获资金认可有望带动短 期反弹。其五，6月8号到6月13号，我们与老美将进行谈判，后续需关注谈判进程与消息，谈得顺利将 推动相关贸易出口，谈得不顺利则对消费电子等方向形成短期利空。其六，近期老美内部出现纷争，如 特朗普与最大金主公开互怼，加州强硬表态若拨 ...

Core Insights - The West Pilbara project, a joint venture between Rio Tinto and China Baowu Steel Group, is set to officially commence production, marking a significant milestone in their long-standing partnership [1][3][6] - The project has seen an investment of $2 billion (approximately 143.7 billion RMB) over the past two years for infrastructure development, including a giant crusher and conveyor systems [3][4] - The annual production capacity of the West Pilbara project is projected to be 25 million tons of iron ore, with China Baowu expected to purchase approximately 11.5 million tons annually [4][7] Company Collaboration - The partnership between Rio Tinto and China Baowu is a continuation of their previous collaboration on the East Pilbara project, which has already shipped over 200 million tons of iron ore [4][6] - The joint venture structure allows both companies to strengthen their operational ties and stabilize iron ore sales channels while mitigating investment risks [6][7] Market Context - China Baowu, as the world's largest steel producer, relies heavily on high-quality iron ore from Rio Tinto, with a significant portion of its iron ore procurement coming from this partnership [3][7] - The average iron content of the ore produced at the West Pilbara project is 62%, significantly higher than the average of 34.5% for domestic iron ore resources in China, highlighting the quality advantage [4][7] Future Plans - Rio Tinto aims to maintain sustainable operations by developing a new mine each year over the next five years, targeting an annual iron ore production of 345-360 million tons in the Pilbara region [9] - The company has invested approximately $8.5 billion (about 611 billion RMB) in the Pilbara region over the past three years and plans to invest over $13 billion (approximately 934 billion RMB) in the next three years for new mine development [9][11] Additional Projects - The Simandou project in Guinea, which has the potential to produce 120 million tons of high-quality iron ore annually, is also a key focus for Rio Tinto and China Baowu, with significant infrastructure development underway [9][11]

力拓集团首席执行官石道成（Jakob Stausholm）表示："建成西坡铁矿是力拓在皮尔巴拉扩建计划的重 要一步，确保了我们历史最悠久的采矿中心之一帕拉布尔杜的长久运行。"他指出，通过这项合作，力 拓可确保最大客户直接受益。 宝武是力拓最大的客户。宝武董事长胡望明表示，西坡铁矿不仅是宝武、力拓全球资源布局的核心支 点，也是两个行业领军企业间的战略合作，更是中澳经贸合作的典范。 胡望明说："我们致力于与西澳大利亚州政府、原住民社区和各界合作伙伴携手，建立一个包容、可持 续的合作生态系统。我们也将继续履行企业责任，通过技术创新推动产业升级，为区域繁荣和全球供应 链稳定注入新动能。" 西澳大利亚州州长罗杰·库克（Roger Cook）指出，西坡铁矿对该州经济至关重要，州政府将继续支持 资源行业，"该行业正在为西澳居民创造高质量的就业机会，同时帮助我们维持我们享有的生活水平。" 澳大利亚资源部长玛德琳·金（Madeleine King）则表示，西坡铁矿投产对皮尔巴拉地区、西澳大利亚居 民和整个澳大利亚来说都是好消息，"皮尔巴拉是国家经济的引擎，像西坡铁矿这样的项目将使引擎为 未来几代澳大利亚人保持运转。" 《日经亚 ...

当地时间6月6日上午，宝武与力拓集团联合开发的澳大利亚西坡铁矿项目全面建成投产，标志这一中澳 重大资源合作项目进入全面运营阶段。 宝武董事长胡望明出席在澳大利亚西澳州举行的投产仪式并致辞。他表示，西坡项目不仅是宝武、力拓 全球资源布局的核心支点，也是两个行业领军企业间的战略合作，更成为中澳经贸合作的典范工程。西 坡崛起为一座技术领先、绿色高效的标杆矿山，背后凝聚无数人的心血与智慧，是践行绿色低碳发展理 念、推动资源产业协同创新的重要成果。宝武将继续与西澳政府、力拓、原住民社区等合作伙伴携手， 推动资源开发与生态保护的平衡发展，使项目运营更加包容、可持续，并以科技创新驱动区域产业升 级，为区域繁荣与全球产业链稳定注入新动能。 本次西坡项目总投资约24亿澳元，力拓持股54%、宝武持股46%，是双方自2002年宝瑞吉合资项目以来 在皮尔巴拉地区深化合作的又一标志性成果。项目设计年产能为2500万吨，将为帕拉伯杜采矿中心提供 最长达20年的资源保障，进一步巩固宝武在全球铁矿资源布局中的战略支点地位。项目于2023年3月破 土动工，去年6月公路系统投产，今年3月皮带系统全线贯通。项目将为帕拉伯杜超过880名员工提供长 ...

金十数据6月6日讯，中国宝武钢铁集团与全球矿业巨头力拓集团合资开发的澳大利亚西坡铁矿项目6日 正式投产。该项目位于西澳大利亚州皮尔巴拉地区，设计年产能为2500万吨。西坡铁矿项目总投资达20 亿美元，力拓集团和中国宝武分别持股54%和46%。项目主要设施包括一座初级破碎站和一条长达18公 里的输送系统，与力拓集团现有的选矿厂相连。 （新华社） 中企与力拓合资铁矿项目在澳大利亚正式投产 ...