Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall atmosphere in the commodity market remained weak yesterday, with the prices of finished products showing a weak and volatile trend. Although the short - term market sentiment has improved, the overall fundamentals are still weak, and the futures prices may gradually return to the real - trading logic. The current static fundamental contradictions are not obvious, and the Politburo meeting has no new statements on real estate, so the policy direction is expected to continue the previous strict control of incremental trends. Attention should be paid to the actual repair rhythm of terminal demand and the support strength of the cost side for finished product prices [3]. - The price of iron ore may fluctuate with the prices of downstream products and mainly show a volatile trend. The supply growth is limited, and the port inventory is trending downward. The demand support still exists, but the market divergence remains, and risk control is necessary [6]. - For manganese silicon and ferrosilicon, it is recommended that investment positions mainly adopt a wait - and - see approach, while hedging positions can seize opportunities according to their own situations. In the long - term, both may face the situation of weakening marginal demand [9][10]. - The price of industrial silicon may be weak in the short term, and the price of polysilicon may show a high - level volatile trend. The price increase chain of polysilicon needs to be further observed whether it can be smoothly transmitted to the downstream [14][15]. - The prices of glass and soda ash are expected to be volatile in the short term. For glass, if there are substantial real - estate policies, the futures price may continue to rise; for soda ash, it is recommended to wait and see in the short term and look for short - selling opportunities in the long term [17][18]. Summary According to Relevant Catalogs Steel - **Price and Position Information**: The closing price of the rebar main contract was 3204 yuan/ton, up 1 yuan/ton (0.031%) from the previous trading day. The registered warehouse receipts decreased by 2394 tons, and the main contract positions decreased by 18,068 lots. The spot prices in Tianjin and Shanghai decreased by 20 yuan/ton. The closing price of the hot - rolled coil main contract was 3417 yuan/ton, up 16 yuan/ton (0.470%). The registered warehouse receipts decreased by 1176 tons, and the main contract positions decreased by 17,689 lots. The spot price in Shanghai increased by 20 yuan/ton, while that in Lecong remained unchanged [2]. - **Market Analysis**: The speculative demand for rebar decreased significantly with the price decline, leading to inventory accumulation. The demand for hot - rolled coils increased slightly, the production increased rapidly, and the inventory increased slightly. The current inventory levels of rebar and hot - rolled coils are at the lowest in the past five years [3]. Iron Ore - **Price and Position Information**: The main contract (I2509) of iron ore closed at 798.50 yuan/ton, up 1.01% (+8.00). The positions decreased by 18,144 lots to 384,500 lots. The weighted positions were 945,900 lots. The spot price of PB powder at Qingdao Port was 780 yuan/wet ton, with a basis of 30.53 yuan/ton and a basis rate of 3.68% [5]. - **Supply - Demand and Inventory Situation**: The overseas iron ore shipments decreased month - on - month, with shipments from Australia and Brazil both decreasing. The shipments from non - mainstream countries increased, and the arrivals increased. The daily average pig iron output decreased by 1.52 tons to 240.71 tons. The port inventory decreased month - on - month, and the steel mill's imported ore inventory increased slightly [6]. Manganese Silicon and Ferrosilicon - **Price and Position Information**: On August 5, the main contract of manganese silicon (SM509) rose 0.77% to close at 6018 yuan/ton, and the spot price in Tianjin was 5850 yuan/ton, with a premium of 22 yuan/ton over the futures. The main contract of ferrosilicon (SF509) rose 0.74% to close at 5716 yuan/ton, and the spot price in Tianjin was 5900 yuan/ton, with a premium of 184 yuan/ton over the futures [8][9]. - **Market Analysis**: In the short term, the market sentiment has cooled down, and the prices may fluctuate greatly. In the long - term, both manganese silicon and ferrosilicon may face the situation of weakening marginal demand [10][11]. Industrial Silicon and Polysilicon - **Industrial Silicon**: The closing price of the main contract (SI2511) was 8490 yuan/ton, up 1.43% (+120). The weighted positions decreased by 1174 lots to 500,807 lots. The spot prices of different grades decreased. The price may be weak in the short term, and attention should be paid to the support at 8250 yuan/ton [13]. - **Polysilicon**: The closing price of the main contract (PS2511) was 50,330 yuan/ton, up 2.76% (+1350). The weighted positions increased by 18,874 lots to 381,348 lots. The spot prices remained flat. The price may show a high - level volatile trend, and the support levels are 47,000 and 44,000 yuan/ton [14][15]. Glass and Soda Ash - **Glass**: The spot prices in Shahe remained unchanged, while those in Central China decreased by 30 yuan. The national inventory of float glass decreased. The net short positions decreased. The price may be volatile in the short term, and in the long - term, it depends on real - estate policies and demand [17]. - **Soda Ash**: The spot price increased by 10 yuan. The domestic inventory increased, and the downstream demand was tepid. The production was stable, and the output is expected to increase. The price may be volatile in the short term, and it is recommended to wait and see in the short term and look for short - selling opportunities in the long term [18].

Group 1 - The company has set production targets for iron ore and lithium mica concentrate for 2025, with specific measures in place to ensure these targets are met [1] - For iron ore, the company has developed a production plan at the beginning of the year and is implementing timely maintenance, equipment upgrades, and increased automation to secure production goals [1] - The lithium mines are currently under construction, with the Sichuan Jiada lithium mine expected to achieve sales of by-product raw ore this year [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 767, up 4 daily and 2 weekly; PB powder is 773, up 5 daily and 3 weekly; Macfarlane powder is 762, up 4 daily and 6 weekly; Jinbuba powder is 745, up 5 daily and 1 weekly; mixed powder is 697, up 2 daily and down 5 weekly; super special powder is 646, up 1 daily and down 1 weekly; Carajás powder is 878, up 7 daily and 12 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 796, up 6 daily and 4 weekly; Brazilian coarse IOC6 is 763, up 5 daily and 3 weekly; Brazilian coarse SSFG is 768, up 5 daily and 3 weekly [1] - **Other Iron Ores**: Ukrainian concentrate powder is 860, up 4 daily and 2 weekly; 61% Indian powder is 734, up 5 daily and 1 weekly; Karara concentrate powder is 859, up 4 daily and 4 weekly; Roy Hill powder is 743, up 5 daily and 3 weekly; KUMBA powder is 833, up 5 daily and 3 weekly; 57% Indian powder is 591, up 1 daily and down 11 weekly; Atlas powder is 692, up 2 daily and down 5 weekly; Tangshan iron concentrate powder is 927, unchanged daily and up 4 weekly [1] Futures Market - **DCE Contracts**: i2601 is 766.0, up 9.0 daily and 9.0 weekly; i2605 is 742.5, up 9.0 daily and 4.5 weekly; i2509 is 790.5, up 7.5 daily and 4.5 weekly [1] - **SGX Contracts**: FE01 is 99.43, up 0.54 daily and down 2.10 weekly; FE05 is 97.42, up 0.51 daily and down 1.77 weekly; FE09 is 100.00, up 0.24 daily and down 3.29 weekly [1]

1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Overall**: The black - series market has entered a high - level consolidation period due to the disappointment of policy increment expectations from important domestic meetings. The market trading focus has returned to the industrial fundamentals [12]. - **Steel Products**: The short - term market fluctuations are large, and it is recommended to wait and see. Attention should be paid to macro - policies and downstream demand [9]. - **Iron Ore**: In the short term, it will operate within a range. After the disappointment of policy expectations, the market will enter a policy vacuum period, and the price will fluctuate at a high level. The i2601 contract price is expected to be in the range of 745 yuan/ton - 780 yuan/ton, and the outer - market FE09 contract price is in the range of 98.5 - 103 US dollars/ton [12]. - **Coking Coal and Coke**: The market speculation sentiment has cooled down, and the short - term price fluctuations have intensified. It is recommended to wait and see. Attention should be paid to coal production data, the sustainability of high daily iron - water production of steel mills, and changes in imported coal clearance [13]. - **Ferroalloys**: After important meetings, the market sentiment has cooled down. The alloy price is expected to follow the black - metal market trend, and the short - term fluctuation range may increase. Attention should be paid to steel procurement and supply - side policy implementation [14]. 3. Summary by Directory 3.1 Week - on - Week Market Review - **Futures Prices**: The prices of most varieties in the black - series futures market declined last week. For example, the price of rebar RB2510 dropped from 3356 yuan/ton on July 25th to 3203 yuan/ton on August 1st, a decrease of 4.56%. The price of coking coal JM2601 dropped from 1318.5 yuan/ton to 1092.5 yuan/ton, a decrease of 17.14% [7]. - **Spot Prices**: The spot prices of most varieties also showed a downward trend. For example, the price of HRB400E Φ20 rebar in Shanghai dropped from 3430 yuan/ton to 3360 yuan/ton, a decrease of 2.04%. The price of Rizhao Port's quasi - first - grade coke dropped from 1430 yuan/ton to 1380 yuan/ton, a decrease of 3.50% [7]. 3.2 This Week's Black - Series Market Forecast - **Steel Products** - **Logic**: The macro - sentiment has a greater impact on the market. The blast - furnace utilization rate and daily iron - water output of 247 steel mills decreased slightly, while the average capacity utilization rate and operating rate of 90 independent electric - arc furnace steel mills increased. The fundamentals of steel products are neutral to bearish, and the market is mainly influenced by macro and market sentiment [9]. - **View**: Wait and see due to large short - term fluctuations [9]. - **Attention Points**: Macro - policies and downstream demand [9]. - **Iron Ore** - **Logic**: The policy expectations have failed to materialize. On the supply side, the support from external mines is gradually weakening, and the supply may increase in the medium term. On the demand side, the daily iron - water output has declined, but the demand still has some resilience. The inventory is expected to be stable or increase slightly in the short term [12]. - **View**: It will operate within a range in the short term, and the price will fluctuate at a high level [12]. - **Attention Points**: Military parade production - restriction policies, the Fed's interest - rate cut expectations, and the supply recovery speed [11]. - **Coking Coal and Coke** - **Logic**: The market speculation sentiment has cooled down. The coal - coke futures prices have oscillated and declined. The production of some Shanxi coal mines has decreased, and the demand for coking coal still has some resilience. The inventory is affected by factors such as production and demand [13]. - **View**: Wait and see due to intensified short - term price fluctuations [13]. - **Attention Points**: Coal production data, the sustainability of high daily iron - water production of steel mills, and changes in imported coal clearance [13]. - **Ferroalloys** - **Logic**: The market sentiment has cooled down. On the supply side, the production of silicon - manganese and silicon - iron has increased. On the demand side, the demand for silicon - manganese has increased slightly, while the demand for silicon - iron has decreased. The inventory situation of the two is different. The cost side has certain support [14]. - **View**: The price will follow the black - metal market trend, and the short - term fluctuation range may increase [14]. - **Attention Points**: Tariff policy changes, domestic macro - policies, terminal demand, steel mill profits and production, and domestic production - restriction policies [14]. 3.3 Product Data - **Steel Products** - **Rebar**: Last week, the output was 211.06 tons (a week - on - week decrease of 0.9 tons), the apparent demand was 203.41 tons (a week - on - week decrease of 13.17 tons), and the total inventory increased by 7.65 tons [16]. - **Hot - Rolled Coil**: Last week, the output was 322.79 tons (a week - on - week increase of 5.3 tons), the apparent demand was 320 tons (a week - on - week increase of 4.76 tons), and the total inventory increased by 2.79 tons [33]. - **Iron Ore** - **Port Inventory**: The total inventory of imported ore at 45 ports was 13657.90 tons last week, a week - on - week decrease of 132.48 tons [47]. - **Steel Mill Inventory and Consumption**: The inventory of 247 steel mills was 9012.09 tons, a week - on - week increase of 126.87 tons, and the daily consumption was 299.46 tons/ day, a week - on - week decrease of 1.64 tons [55]. - **Global Shipment**: The global total shipment was 3200.9 tons last week, a week - on - week increase of 91.8 tons [69]. - **Coking Coal and Coke** - **Inventory**: The total inventory of coke was 915.4 tons last week, a week - on - week decrease of 2.83 tons; the total inventory of coking coal was 2493.29 tons, a week - on - week decrease of 37.96 tons [98][106]. - **Profit and Utilization Rate**: The average profit per ton of coke for independent coking enterprises was - 45 yuan last week, a week - on - week increase of 9 yuan, and the capacity utilization rate was 73.7%, a week - on - week increase of 0.2% [115]. - **Ferroalloys** - **Spot Price**: The price of semi - carbonate manganese ore in Tianjin Port was 35 yuan/dry ton - degree last week, a week - on - week increase of 0.5 yuan; the price of silicon - manganese was 5720 yuan/ton, a week - on - week increase of 20 yuan; the price of silicon - iron was 5500 yuan/ton, unchanged from the previous week [131]. - **Production and Demand**: The output of silicon - manganese was 190820 tons last week, a week - on - week increase of 4340 tons; the demand for silicon - manganese was 123715 tons, a week - on - week increase of 45 tons [137][144]. - **Inventory**: The inventory of silicon - manganese was 164000 tons on August 1st, a week - on - week decrease of 41000 tons; the inventory of silicon - iron was 65590 tons, a week - on - week increase of 3460 tons [148].

Group 1: Spot Market - Newman powder price is 763, with a daily change of 5 and a weekly change of -12, and the import profit is -21.14 [1] - PB powder price is 768, with a daily change of 4 and a weekly change of -13, and the import profit is -0.58 [1] - Mac powder price is 758, with a daily change of 4 and a weekly change of -5, and the import profit is 9.54 [1] - Jinbuba powder price is 740, with a daily change of 3 and a weekly change of -8, and the import profit is 7.40 [1] - Mainstream mixed powder price is 695, with a daily change of 1 and a weekly change of -20, and the import profit is -2.35 [1] - Super special powder price is 645, with a daily change of 5 and a weekly change of -15, and the import profit is -6.96 [1] - Carajás powder price is 871, with a daily change of 3 and a weekly change of -12, and the import profit is -30.33 [1] - Brazilian blend price is 790, with a daily change of 4 and a weekly change of -13, and the import profit is -12.73 [1] - Roy Hill powder price is 738, with a daily change of 4 and a weekly change of -13, and the import profit is 4.88 [1] - Tangshan iron concentrate price is 927, with a daily change of 0 and a weekly change of -12 [1] Group 2: Futures Market - i2601 contract price is 757.0, with a daily change of 3.5 and a weekly change of -15.5, and the monthly spread is 26.0 [1] - i2605 contract price is 733.5, with a daily change of 1.5 and a weekly change of -18.5, and the monthly spread is 23.5 [1] - i2509 contract price is 783.0, with a daily change of 4.0 and a weekly change of -19.5, and the monthly spread is -49.5 [1] - FE01 contract price is 98.89, with a daily change of -1.75 and a weekly change of -4.47, and the monthly spread is 0.87 [1] - FE05 contract price is 96.91, with a daily change of -1.58 and a weekly change of -4.20, and the monthly spread is 1.98 [1] - FE09 contract price is 99.76, with a daily change of -1.95 and a weekly change of -5.40, and the monthly spread is -2.85 [1]

3、按船期推算国内港口澳巴矿到货量延续回升，整体增幅有限，海外矿石供应趋稳运行。 二、矿石到货与发运数据 | | | | | | 铁矿石周度到货和发运数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 本期值 | 上期值 | 周度变化 | 周度变化 | 上月末值 | 月度变化 | 月度变化 | 同期值 | 同期变化 | 同期变化 | | | | | | | （%） | | | （%） | | | （%） | | 到货量 | 北方六港 | 1,253.00 | 1,157.40 | 95.60 | 8.26% | 1,157.40 | 95.60 | 8.26% | 1,379.50 | -126.50 | -9.17% | | | 全国45港 | 2,507.80 | 2,240.50 | 267.30 | 11.93% | 2,240.50 | 267.30 | 11.93% | 2,610.70 | -102.90 | -3.94% | | | 全国47港 | ...

在需求方面，截至7月25日当周，钢材社会库存为925.99万吨，环比增加5.06万吨，比上月末库存增加 20.85万吨。247家钢厂高炉开工率为83.46%，环比持平，同比增加1.13个百分点。 据钢协最新统计数据，7月中旬，重点统计钢铁企业共生产钢2141万吨，平均日产214.1万吨，日产环比 增长2.1%；生产生铁1944万吨，平均日产194.4万吨，日产环比增长0.6%；生产钢材2080万吨，平均日 产208.0万吨，日产环比增长4.6%。(记者朱晓波) 从全球海运市场来看，7月25日，波罗的海干散货指数(BDI)为2257点，周环比增加205点。从期货市场 交易来看，7月25日，铁矿石主力合约I2501收盘价格为802.5元/吨，周环比上涨2.5元/吨。 在供给方面，据统计，7月14日—7月20日，中国47港铁矿石到港总量为2511.8万吨，环比减少371.4万 吨；北方六港铁矿石到港总量为1389.2万吨，环比增加241.3万吨。全球铁矿石发运总量为3109.1万吨， 环比增加122.0万吨。澳大利亚、巴西铁矿石发运总量为2552.0万吨，环比减少6.8万吨。澳大利亚发运 量为1629.4万吨，环比 ...

螺矿产业链月报 汪楠 从业资格号：F3069002 投资咨询号：Z0017123 中航期货 2025-8-1 04 后市研判 目录 01 行情回顾 03 供需分析 02 宏观分析 行情PA回RT顾01 钢材：本月现货价格修复，基差走阔 行情PA回RT顾01 铁矿：现货价格上涨，基差进一步收敛 美国与贸易伙伴谈判取得进展，但后续仍存不确定性 宏观PA分RT析02 Ø 美国与贸易伙伴谈判取得进展，预期乐观：当地时间7月7日，美国总统特朗普签署行政命令，延长所谓"对等关税"暂缓期，将实施时间 从7月9日推迟到8月1日。美国将对等关税推迟至8月1日，市场预期美国及其贸易伙伴之间将达成贸易协议，这提振了风险情绪。 Ø 美国总统特朗普在社交平台宣布，美国分别与菲律宾和印尼达成了贸易协定。特朗普称，将菲律宾商品关税从20%下调至19%。菲律宾将对 美国开放市场，并实行零关税。印尼将对美国取消99%的关税壁垒。而印尼出口到美国的所有产品则需缴纳19%的关税。此外，印尼将向美国供 应其珍贵的关键矿产，并签署价值数百亿美元的重大协议，采购波音飞机、美国农产品和美国能源。特朗普表示，将对世界其他大部分国家征 收15%至50%的简单 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The latest overseas iron ore shipments continued to rise, with a significant increase in FMG shipments driving up Australia's overall shipments, while Brazil's shipments declined slightly, and non - mainstream countries' shipments dropped to a relatively low level for the year. Daily hot metal production decreased slightly due to production issues at some steel mills. Port inventories decreased, and steel mills' imported ore inventories increased slightly. - From a fundamental perspective, the steel mill profitability rate remains at a high level, and there is no obvious downward pressure on hot metal production, so demand support still exists. The overall growth on the supply side is limited, and iron ore port inventories are trending downward. - Iron ore prices are affected by domestic commodity policy expectations, downstream profits, and commodity sentiment. After the important meeting in July, the released content was basically in line with expectations, and some aspects were slightly below expectations. In the short term, the overall commodities may be adjusted, and iron ore is expected to fluctuate with downstream prices, mainly in a volatile state. Market divergence still exists, and risk control should be noted. [11][13][14] Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Supply**: Global iron ore shipments totaled 32.009 million tons, a week - on - week increase of 918,000 tons. Shipments from Australia and Brazil totaled 27.559 million tons, a week - on - week increase of 2.039 million tons. Australia's shipments were 18.596 million tons, a week - on - week increase of 2.302 million tons, and the volume shipped to China was 15.504 million tons, a week - on - week increase of 1.068 million tons. Brazil's shipments were 8.964 million tons, a week - on - week decrease of 262,000 tons. The arrival volume at 47 Chinese ports was 23.197 million tons, a week - on - week decrease of 1.921 million tons; the arrival volume at 45 Chinese ports was 22.405 million tons, a week - on - week decrease of 1.307 million tons. - **Demand**: The daily average hot metal production was 2.4071 million tons, a week - on - week decrease of 152,000 tons. The blast furnace operating rate was 83.46%, unchanged from last week; the steel mill profitability rate was 65.37%, a week - on - week increase of 1.73 percentage points. - **Inventory**: The total inventory of imported iron ore at 47 ports nationwide was 142.2201 million tons, a week - on - week decrease of 1.7367 million tons; the daily average port clearance volume was 3.1791 million tons, a week - on - week decrease of 1.142 million tons. [11][13][14] 2. Futures and Spot Market - **Price Spreads**: The PB - Super Special powder spread was 125 yuan/ton, a week - on - week change of - 1.0 yuan/ton. The Carajás fines - PB powder spread was 102 yuan/ton, a week - on - week change of + 2.0 yuan/ton. The Carajás fines - Jinbuba powder spread was 144 yuan/ton, a week - on - week change of 0 yuan/ton. The ((Carajás fines + Super Special powder)/2 - PB powder) spread was - 11.5 yuan/ton, a week - on - week change of + 1.5 yuan/ton. - **Input Ratios and Scrap Steel**: The pellet input ratio was 15.22%, unchanged from the previous period. The lump ore input ratio was 12.25%, a week - on - week increase of 0.02 percentage points. The sinter input ratio was 72.53%, a week - on - week decrease of 0.02 percentage points. The price of scrap steel in Tangshan was 2,245 yuan/ton, a week - on - week decrease of 40 yuan/ton. The price of scrap steel in Zhangjiagang was 2,140 yuan/ton, unchanged from last week. - **Profits**: The steel mill profitability rate was 65.37%, a week - on - week increase of 1.73 percentage points; the import profit of PB powder was - 1.69 yuan/wet ton. [16][19][22] 3. Inventory - The inventory of imported iron ore at 45 ports was 136.579 million tons, a week - on - week decrease of 1.3248 million tons. The pellet inventory was 380,140 tons, a week - on - week decrease of 10,150 tons. - The port inventory of iron concentrate powder was 1.06708 million tons, a week - on - week decrease of 14,420 tons. The port inventory of lump ore was 1.71706 million tons, a week - on - week increase of 34,560 tons. - The port inventory of Australian ore was 59.9685 million tons, a week - on - week decrease of 1.964 million tons. The port inventory of Brazilian ore was 48.4307 million tons, a week - on - week increase of 644,700 tons. - The imported iron ore inventory of 247 steel mills was 90.1209 million tons, a week - on - week increase of 1.2687 million tons. [32][35][38][41][46] 4. Supply Side - **19 - Port Data**: The volume of Australian ore shipped to China through 19 ports was 14.894 million tons, a week - on - week increase of 1.04 million tons. Brazil's shipments were 8.843 million tons, a week - on - week decrease of 235,000 tons. - **Major Miners**: Rio Tinto's shipments to China were 4.898 million tons, a week - on - week increase of 327,000 tons. BHP's shipments to China were 4.963 million tons, a week - on - week increase of 363,000 tons. Vale's shipments were 6.388 million tons, a week - on - week decrease of 468,000 tons. FMG's shipments to China were 3.639 million tons, a week - on - week increase of 849,000 tons. - **Arrival and Import Data**: The arrival volume at 45 ports was 22.405 million tons, a week - on - week decrease of 1.307 million tons. In June, China's non - Australian and non - Brazilian iron ore imports were 15.4151 million tons, a month - on - month decrease of 2.6103 million tons. - **Domestic Mines**: The capacity utilization rate of domestic mines was 59.29%, a week - on - week decrease of 2.22 percentage points. The daily average output of iron concentrate powder from domestic mines was 463,000 tons, a week - on - week decrease of 173,000 tons. [48][51][54][57][60][66] 5. Demand Side - **Hot Metal Production and Blast Furnace Utilization**: Domestic daily average hot metal production was 2.4071 million tons, a week - on - week decrease of 152,000 tons. The blast furnace capacity utilization rate was 90.24%, a week - on - week decrease of 0.57 percentage points. - **Port Clearance and Steel Mill Consumption**: The daily average port clearance volume of iron ore at 45 ports was 3.0271 million tons, a week - on - week decrease of 1.244 million tons. The daily consumption of imported iron ore by 247 steel mills was 2.9946 million tons, a week - on - week decrease of 164,000 tons. [68][71][74] 6. Basis As of August 1, the calculated basis of iron ore IOC6 was 50.41 yuan/ton, and the basis rate was 6.05%. [76][79]

Group 1 - The U.S. announced a punitive tariff of up to 50% on Brazilian imports, targeting Brazil's growing influence in the BRICS nations and challenging the U.S. dollar system [1][3] - Brazil's government responded strongly, claiming the U.S. actions were an infringement on its sovereignty and vowed to retaliate based on the Economic Equivalence Act [3] - A surprising twist occurred when a long list of exemptions was included in the executive order, allowing nearly 700 products, which accounted for 44.6% of Brazil's exports to the U.S., to avoid the additional tariffs [3][6] Group 2 - The U.S. has maintained a trade surplus with Brazil, with total trade nearing $81 billion in 2024 and a cumulative surplus of approximately $410 billion over the past 15 years [6] - Brazil is not just a resource exporter but also a significant market for U.S. industrial goods and services, making the trade relationship highly interdependent [6][10] - The exempted products include critical items such as aircraft, orange juice, and iron ore, which are essential to U.S. industries and supply chains [6][8] Group 3 - The U.S. coffee market, heavily reliant on Brazilian imports, reacted sharply to the tariff threats, with coffee futures prices rising significantly [8] - Brazilian diplomats and business leaders focused their efforts on U.S. interest groups that would be adversely affected by a trade war, leading to a strong internal lobbying effort [10] - The final outcome was a compromise where the high tariffs served as a political statement while the exemptions addressed the economic realities faced by U.S. businesses [10]