1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The overall black market is expected to operate in a low - level consolidation. Steel products show a seasonal situation of weak supply and demand, and there may still be capital outflows before the Spring Festival, leading to a decrease in market trading volume. The macro - level is calm and has little impact on prices [12]. - For iron ore, it is recommended to mainly short - allocate. The macro - level driving force has weakened, the supply - demand contradiction has continued to accumulate in the short term, and the price is restricted by the industrial chain profit. The strategy is to conduct range operations and sell out - of - the - money call options [13]. - For coal and coke, the current supply - demand contradiction in the market is general, and the inventory pressure is not large, providing some support for prices. However, due to the off - season effect, there is no continuous upward driving force, and prices fluctuate with market sentiment. Prudent operation is required [14]. - For ferroalloys, before the Spring Festival, the market trading is cold. The alloy fundamentals remain in a situation of weak supply and demand, and there is still inventory pressure. It is expected that the prices will follow the black market and fluctuate within a narrow range before the Spring Festival [16] 3. Summary According to the Directory 3.1 Week - to - Week Market Review - The closing prices of most futures and spot products in the black industry chain decreased from January 30 to February 6, 2026, except for the scrap steel whose price index increased by 0.61%. For example, the futures price of rebar RB2605 decreased by 1.63%, and the spot price of HRB400E: Φ20 in Shanghai decreased by 0.92% [8] 3.2 This Week's Black Market Forecast Overall Market - Logic: The blast furnace operating rate of 247 steel mills increased, and the average daily hot - metal output also increased. The average capacity utilization rate of 94 independent electric - arc furnace steel mills decreased. As the Spring Festival approaches, the spot market enters the holiday mode, showing a seasonal situation of weak supply and demand. There may be capital outflows before the festival, and the macro - level has little impact on prices [12]. - View: Low - level consolidation [12] Iron Ore - Logic: Macroscopically, the short - term inflation expectation has declined, and the employment has weakened marginally. The domestic economic recovery shows a pulsed characteristic. In terms of supply, although the external ore shipment is in the off - season, it is higher than the same period in previous years. The domestic ore supply is also in the off - season. In terms of demand, the domestic demand has slightly recovered, but the steel mill's profitability is weak, and the terminal demand is in the seasonal off - season. The steel mill's restocking is coming to an end, and the port inventory is at a high level [13]. - View: Short - allocate mainly, conduct range operations and sell out - of - the - money call options [13] Coal and Coke - Logic: The coal and coke futures prices first rose and then fell due to the false rumor of production quota cuts in Indonesia. Recently, the overall trend of steel and ore has been weak, and the off - season restricts the rebound height. The domestic coal mines are starting to shut down for the holiday, and the output is expected to decline significantly. However, the downstream has stocked up in advance, and there is no continuous upward driving force [14]. - View: The supply - demand contradiction is general, and the inventory pressure is not large, providing support for prices. But due to the off - season, there is no continuous upward driving force, and prices fluctuate with market sentiment. Prudent operation is required [14] Ferroalloys - Logic: Overseas, the US manufacturing PMI has entered the expansion range, but the geopolitical situation in the Middle East is tense. Domestically, the three major PMI indices have declined. The prices of ferromanganese and ferrosilicon futures have slightly declined. In terms of supply, the output and operating rate of ferromanganese have slightly shrunk, and those of ferrosilicon have slightly increased. In terms of demand, the demand from steel mills has weakened, and the restocking is coming to an end. In terms of inventory, the inventory of ferromanganese has increased, and that of ferrosilicon has decreased slightly. In terms of cost, the manganese ore price is expected to remain firm, and the cost of ferrosilicon is well - supported [17]. - View: Before the Spring Festival, the market trading is cold. The alloy fundamentals remain in a situation of weak supply and demand, and there is still inventory pressure. It is expected that the prices will follow the black market and fluctuate within a narrow range before the Spring Festival [17] 3.3 Variety Data 3.3.1 Finished Products - **Rebar** - Production: The weekly output last week was 191.68 million tons, with a week - on - week decrease of 8.15 and a year - on - year increase of 7.88. The long - process output was 162.81 million tons, a week - on - week decrease of 4.81 and a year - on - year decrease of 18.79. The short - process output was 28.87 million tons, a week - on - week decrease of 3.34 and a year - on - year increase of 26.67 [20][23]. - Apparent demand: Last week, it was 147.64 million tons, a week - on - week decrease of 28.76 and a year - on - year increase of 16.09 [20]. - Inventory: The social inventory was 365.92 million tons, a week - on - week increase of 39.52 and a year - on - year decrease of 119.45. The steel mill inventory was 153.65 million tons, a week - on - week increase of 4.52 and a year - on - year decrease of 66.36. The total inventory was 519.57 million tons, a week - on - week increase of 44.04 and a year - on - year decrease of 185.81 [27]. - Basis: In Shanghai, the basis for January was 62 yuan/ton, a week - on - week increase of 23 and a year - on - year increase of 72; for May, it was 143 yuan/ton, a week - on - week increase of 21 and a year - on - year increase of 88; for October, it was 96 yuan/ton, a week - on - week increase of 23 and a year - on - year increase of 96 [38]. - **Hot - rolled Coil** - Production: The weekly output last week was 309.16 million tons, a week - on - week decrease of 0.05 and a year - on - year decrease of 14.97 [31]. - Apparent demand: Last week, it was 305.54 million tons, a week - on - week decrease of 5.87 and a year - on - year increase of 7.11 [31]. - Inventory: The social inventory was 280.45 million tons, a week - on - week increase of 2.12 and a year - on - year decrease of 36.92. The steel mill inventory was 78.75 million tons, a week - on - week increase of 1.50 and a year - on - year decrease of 18.20. The total inventory was 359.20 million tons, a week - on - week increase of 3.62 and a year - on - year decrease of 55.12 [35]. - Basis: In Shanghai, the basis for January was - 44 yuan/ton, a week - on - week increase of 22 and a year - on - year increase of 34; for May, it was - 1 yuan/ton, a week - on - week increase of 17 and a year - on - year decrease of 4; for October, it was - 19 yuan/ton, a week - on - week increase of 22 and a year - on - year increase of 18 [45] 3.3.2 Iron Ore - Imported ore port inventory (45 ports): The total inventory this week was 17140.71 million tons, a week - on - week increase of 118.45 and a year - on - year increase of 1748.18. The Australian ore inventory was 7903.27 million tons, a week - on - week increase of 104.08 and a year - on - year increase of 1155.26. The Brazilian ore inventory was 5536.43 million tons, a week - on - week decrease of 47.54 and a year - on - year decrease of 427.29 [49]. - 247 steel mills' imported ore inventory/consumption: The inventory was 10316.64 million tons, a week - on - week increase of 348.05 and a year - on - year increase of 821.90. The inventory - to - sales ratio was 36.55, a week - on - week increase of 1.07 and a year - on - year increase of 3.36. The daily consumption was 282.24 million tons/day, a week - on - week increase of 1.28 and a year - on - year decrease of 2.93 [60]. - 247 steel mills' operating rate/profitability: The blast furnace operating rate was 79.53%, a week - on - week increase of 0.53 percentage points and a year - on - year increase of 1.55 percentage points. The iron - making utilization rate was 85.69%, a week - on - week increase of 0.22 percentage points and a year - on - year decrease of 0.07 percentage points. The profitability rate was 39.39%, unchanged from the previous week and a year - on - year decrease of 12.13 percentage points [64]. - Global shipments (19 ports): The total global shipment this week was 2535.3 million tons, a week - on - week decrease of 559.3 and a year - on - year increase of 200.4. The shipment from Australia and Brazil to the world was 1881.1 million tons, a week - on - week decrease of 585.4 and a year - on - year decrease of 17.0 [68] 3.3.3 Coal and Coke - Coke inventory: The total inventory (coke enterprises + steel mills + ports) last week was 976.2 million tons, a week - on - week increase of 15.53 and a year - on - year decrease of 48.7. The independent coke enterprises' inventory was 82.7 million tons, a week - on - week decrease of 1.7 and a year - on - year decrease of 74.0 [93]. - Coking coal inventory: The total inventory (coke enterprises + steel mills + coal mines + ports + coal washing plants) last week was 2998.56 million tons, a week - on - week increase of 84.18 and a year - on - year increase of 80.0 [100]. - Independent coke enterprises' average profit per ton of coke: Last week, it was - 10 yuan, a week - on - week increase of 45 and a year - on - year increase of 17 [105]. - Independent coke enterprises' capacity utilization rate and daily coke output: The capacity utilization rate last week was 72.2%, a week - on - week increase of 0.3 and a year - on - year decrease of 0.8. The daily coke output was 63.1 million tons, a week - on - week increase of 0.3 and a year - on - year decrease of 1.93 [109] 3.3.4 Ferroalloys - Spot prices: On February 6, the price of semi - carbonate manganese ore in Tianjin Port was 36 yuan/dry ton degree, unchanged from the previous week and a year - on - year decrease of 5. The spot price of ferromanganese in Inner Mongolia was 6520 yuan/ton, a week - on - week increase of 820 and a year - on - year increase of 120. The spot price of ferrosilicon in Inner Mongolia was 5370 yuan/ton, a week - on - week increase of 40 and a year - on - year decrease of 680 [132]. - Manganese ore inventory: In the week of January 30, the total port inventory was 435.7 million tons, a week - on - week increase of 10.9 and a year - on - year increase of 42.3. The inventory in Tianjin Port was 332.5 million tons, a week - on - week increase of 9.5 and a year - on - year decrease of 4.8 [136]. - Output: The weekly output of ferromanganese was 190995 tons, a week - on - week decrease of 1400 and a year - on - year decrease of 2345. The weekly output of ferrosilicon was 9.92 million tons, a week - on - week increase of 0.07 and a year - on - year decrease of 1.11 [139][141]. - Demand: The weekly demand for ferromanganese from five major steel products was 116059 tons, a week - on - week decrease of 1161 and a year - on - year increase of 2251. The weekly demand for ferrosilicon was 18497.7 tons, a week - on - week decrease of 261 and a year - on - year increase of 621 [143]. - Inventory: On February 6, the inventory of ferromanganese was 377800 tons, a week - on - week increase of 3500 and a year - on - year increase of 227300. The inventory of ferrosilicon was 66860 tons, a week - on - week decrease of 1040 and a year - on - year decrease of 9380 [147]

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Date: 09 February 2026 [2] Group 2: Futures Market Data - DCE01 price today is 732.0, down 0.5 from yesterday [2] - DCE05 price today is 761.5, up 1.0 from yesterday [2] - DCE09 price today is 743.0, up 0.5 from yesterday [2] - I01 - I05 spread is -29.5 today, down 1.5 from yesterday [2] - I05 - I09 spread is 18.5 today, up 0.5 from yesterday [2] - I09 - I01 spread is 11.0 today, up 1.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price is 761 today, down 7 from yesterday [2] - Newman powder price is 761 today, down 7 from yesterday [2] - Mac powder price is 756 today, down 11 from yesterday [2] - Jinbuba powder (60.5%) price is 715 today, down 8 from yesterday [2] - Roy Hill powder price is 751 today, down 7 from yesterday [2] - Super Special powder price is 651 today, down 6 from yesterday [2] - BRBF (62.5%) price is 794 today, down 8 from yesterday [2] - BRBF (63%) price is 800 today, down 8 from yesterday [2] - FMG price is 707 today, down 10 from yesterday [2] - Carajás powder price is 858 today, down 6 from yesterday [2] - Karara concentrate price is 846 today, down 8 from yesterday [2] - Ukrainian concentrate price is 835 today, down 8 from yesterday [2] - IOC6 price is 737 today, down 8 from yesterday [2] - KUMBA price is 832 today, down 7 from yesterday [2] - SP10 price is 685 today, down 10 from yesterday [2] - Minmetals standard powder price is 774 today, down 6 from yesterday [2] - The optimal delivery product is Carajás powder [2] Group 4: Spot Price Spread and Import Profit - Carajás powder - PB powder spread is 93 today, up 1 from yesterday [2] - Newman powder - Jinbuba powder spread is 46 today, up 1 from yesterday [2] - Carajás powder - Jinbuba powder spread is 143 today, up 2 from yesterday [2] - PB - Jinbuba powder spread is 50 today, up 1 from yesterday [2] - Newman lump - Newman powder spread is 81 today, up 5 from yesterday [2] - Roy Hill lump - Roy Hill powder spread is 14 today, unchanged from yesterday [2] - Mac powder - Super Special powder spread is 105 today, down 5 from yesterday [2] - PB powder - Super Special powder spread is 114 today, down 1 from yesterday [2] - PB lump - PB powder spread is 74 today, up 1 from yesterday [2] - Carajás powder import profit is -1 today, up 5 from yesterday [2] - Newman powder import profit is 55 today, up 3 from yesterday [2] - PB powder import profit is 29 today, up 5 from yesterday [2] - Jinbuba powder import profit is 57 today, up 3 from yesterday [2] - Super Special powder import profit is 7 today, up 4 from yesterday [2] - PB lump import profit is 117 today, up 5 from yesterday [2] - BRBF import profit is 26 today, up 3 from yesterday [2] - Mac powder import profit is 52 today, down 1 from yesterday [2] - FMG import profit is 8 today, unchanged from yesterday [2] Group 5: Platts Index and USD Spread - Platts Iron Ore 61% price is 98.7 today, down 1.6 from yesterday [2] - Platts Iron Ore 65% price is 115.0 today, down 1.6 from yesterday [2] - Platts Iron Ore 58% price is 91.3 today, down 1.2 from yesterday [2] - SGX main - DCE01 spread is 3.5 today, down 0.1 from yesterday [2] - SGX main - DCE05 spread is -0.1 today, down 0.2 from yesterday [2] - SGX main - DCE09 spread is 2.2 today, down 0.1 from yesterday [2]

海南矿业公告称，公司拟通过发行股份及支付现金方式，以1.50亿元购买王中喜等人持有的丰瑞氟业 69.90%股权，并募集配套资金。公司股票自2026年1月29日起停牌，停牌前20个交易日，其股价累计上 涨2.19%，上证指数涨4.69%、中信铁矿石指数涨13.14%。剔除大盘和同行业因素，公司股价累计涨跌 幅未超20%，未达重大资产重组标准，交易无异常波动情形。 ...

Market Performance - The three major A-share indices collectively rose in early trading on February 9, with the Shanghai Composite Index increasing by 1.17%, the Shenzhen Component Index by 2.07%, and the ChiNext Index by 3.11% [1] - The North Stock 50 index rose by 1.42% [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 1,490.98 billion yuan, an increase of about 106.78 billion yuan compared to the previous trading day [1] Stock Movement - A total of 4,442 stocks in the market rose, while 903 stocks declined, with 84 stocks hitting the daily limit up and 6 stocks hitting the daily limit down [1] Sector Performance - Industries such as CPO, AI corpus, short dramas, film and television, cultural media, and communications saw significant gains [1] - Conversely, sectors including sugar substitutes/sweeteners, dairy products, iron ore, energy metals, and petroleum and petrochemicals experienced notable declines [1]

2026 年 2 月 9 日 基本面驱动不强 铁矿石震荡承压 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 核心观点及策略 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责条款 铁矿石月报 ⚫ 要点需求端：1月铁矿石需求以刚性为主，钢厂高炉检 修增加、终端需求季节性走弱，铁水产量小幅波动。 节后高炉复产将带动日耗回升，但成材库存压制利 润，旺季需求落空概率较大，铁水产量恢复预计缓 慢，2月总量受假期影响大概率低于1月，需求端支 撑有限。 ⚫ 供应端：铁矿石供应宽松格局延续。尽管澳巴主流 矿山发货量环比微降，但因前期高发运延迟到港， 港口库存已攀升至历史高位。非主流矿发运受价格 影响回落，国内矿山亦受季节性限产。虽南半球雨 季或扰动二季 ...

Report Industry Investment Rating - Not provided Core Viewpoint - Not provided Summary by Relevant Catalog Spot Market - Newman powder: price 758, daily change -8, weekly change -28, discounted to the futures price 810.7, import profit 20.02 [1] - PB powder: price 762, daily change -8, weekly change -28, discounted to the futures price 810.5 [1] - Macfayden powder: price 756, daily change -8, weekly change -28, discounted to the futures price 825.8, import profit 40.55 [1] - Jinbuba powder: price 715, daily change -8, weekly change -28, discounted to the futures price 805.4, import profit 48.11 [1] - Mixed powder: price 705, daily change -10, weekly change -23, discounted to the futures price 841.2, import profit 1.08 [1] - Super special powder: price 648, daily change -6, weekly change -30, discounted to the futures price 865.6, import profit -5.19 [1] - Carajás powder: price 862, daily change -8, weekly change -28, discounted to the futures price 794.2, import profit -3.25 [1] - Brazilian blended powder: price 801, daily change -8, weekly change -20, discounted to the futures price 805.9, import profit 21.08 [1] - Brazilian coarse IOC6: price 737, daily change -8, weekly change -17, discounted to the futures price 808.4 [1] - Brazilian coarse SSFG: price 742, daily change -8, weekly change -17 [1] - Ukrainian iron concentrate: price 835, daily change -8, weekly change -38, discounted to the futures price 920.4 [1] - 61% Indian powder: price 704, daily change -8, weekly change -28 [1] - Karara iron concentrate: price 844, daily change -8, weekly change -34, discounted to the futures price 860.8 [1] - Roy Hill powder: price 749, daily change -8, weekly change -28, discounted to the futures price 824.5, import profit 61.14 [1] - KUMBA powder: price 821, daily change -8, weekly change -28, discounted to the futures price 799.7 [1] - 57% Indian powder: price 583, daily change -6, weekly change -30 [1] - Atlas powder: price 700, daily change -10, weekly change -23 [1] - Tangshan iron concentrate: price 963, daily change -1, weekly change -19, discounted to the futures price 850.0 [1] Futures Market - i2701 contract: price 732.5, daily change -8.5, weekly change -27.5, monthly spread 10.0 [1] - i2605 contract: price 760.5, daily change -8.0, weekly change -31.0, monthly spread -28.0 [1] - i2609 contract: price 742.5, daily change -8.5, weekly change -30.0, monthly spread 18.0 [1] - FE01 contract: price 98.17, daily change -2.16, weekly change -7.53, monthly spread 1.26 [1] - FE05 contract: price 100.35, daily change -2.05, weekly change -4.45, monthly spread -2.18 [1] - FE09 contract: price 99.43, daily change -2.14, weekly change -4.34, monthly spread 0.92 [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材：现货进入休市阶段，期货盘面弱势整理 （邱跃成，从业资格号：F3060829；交易咨询资格号：Z0016941） 螺纹方面，本周全国螺纹产量环比回落8.15万吨至191.68万吨，农历同比减少1.61万吨；社库环比回升 39.52万吨至365.92万吨，农历同比增加65.3万吨；厂库环比回升4.52万吨至153.65万吨，农历同比增加 28.28万吨；螺纹表需环比回落28.76万吨至147.64万吨，农历同比减少37.51万吨。螺纹产量明显回落， 库存累积幅度加快，表需大幅下降，供需数据表现偏弱。近期螺纹需求回落幅度明显大于供应下降幅 度，螺纹库存累积加快，目前螺纹总库存农历同比已经增加93.58万吨，供需压力有所加大。目前长流 程钢厂仍有一定的利润空间，铁水产量处于相对高位，市场对于节后钢厂复产进度快于需求复苏进度仍 有较明显担忧，节后库存面临较大的消化压力。同时，近期铁矿石、煤焦库存持续累积，随着钢厂补库 结束，原料端价格连续下跌，原料对钢价支撑力度减弱，短期黑色呈现一定的负反馈压力。下周现货市 场将进入春节假期休市阶段，期货盘面更多围 ...

投资咨询系列报告 山金期货黑色板块日报 更新时间：2026年02月09日08时18分 一、螺纹、热卷 投资咨询系列报告 需求方面，上周247家样本钢厂螺纹产量小幅下降，表观需求环比回落，总库存继续回升，五大品种总产量小幅下降，库存继续增加，表观需求环比 回落。目前市场仍处于消费淡季，铁水产量大概率仍将沿着季节性趋势回落 ，上周 247 家样本钢厂日均铁水产量小幅增加 0.6 万吨，钢材以及铁水 产量整体处于季节性低位，暂时不会大幅上升，回落的空间也不大，钢厂补库也接近尾声，市场更加关注春季消费需求情况。供应端，全球发运小 幅上升，后期受南半球季节性因素的影响，发运预计将回落至年内低位。到港量下降，港口库存的不断回升并创纪录高位 。技术面上，期价承压下 行，日 K 线上，价格已经跌破 60 日均线和布林带下轨，有可能形成向下的有效突破 报告导读： 供需方面，上周247家样本钢厂螺纹产量小幅下降，表观需求环比回落，总库存继续回升，五大品种总产量小幅下降，库存继续继续增加，表观需求 环比回落。整体来看，目前市场整体处于消费淡季，产量、需求处于低位，库存从低位快速增加。近期股市、贵金属及有色回调带动市场情绪走弱 对整 ...

Investment Rating - The report indicates a neutral outlook for the steel industry, with expectations of price stability in the near term [11]. Core Insights - The steel industry is currently in a phase where raw material inventory is increasing, and steel production is at an early stage. The expectation is that iron ore prices will decline due to the completion of spring raw material replenishment by steel mills [11][12]. - The profitability of steel companies is reported at 39.4%, indicating a stable bottom for the steel industry fundamentals. However, the market sentiment is weak as demand is expected to decrease with the approach of the Spring Festival [11][12]. - The report highlights a decrease in the utilization rate of hot-rolled steel mills to 78.98%, with a slight reduction in weekly production and an increase in inventory levels [12][13]. Summary by Sections 1. Steel Industry Overview & Index Performance - The steel industry is experiencing a slight recovery in price margins, with a week-on-week increase of 15.7 CNY, although companies are still facing losses of 22.3 CNY per ton [11]. - The CITIC Steel Index decreased by 3.0%, underperforming the broader market by 1.7% [11]. 2. Subsector Fundamentals - Hot-rolled steel prices in the Beijing-Tianjin-Hebei region have adjusted downwards by 20 CNY/ton, with a national average price of 3284 CNY/ton [12]. - The total inventory of medium-thick plates in the country is reported at 2.55 million tons, with a decrease of 2.19 million tons from the previous week [12]. 3. Black Industry Chain Price Data Update - The average price index for 62% Australian iron ore in January was 106.05 USD/ton, reflecting a slight increase of 0.6% from December [14]. - The report notes a significant increase in iron ore inventory at steel mills, with a total inventory increase of 11.38 million tons compared to the end of the previous month [14]. 4. Black Industry Chain Supply and Demand Data Update - The operating rate of blast furnaces is reported at 79.53%, showing a week-on-week increase of 0.53 percentage points [13]. - The daily average pig iron production is 2.2858 million tons, which is an increase of 0.6 million tons from the previous week [13].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - The steel mill's winter storage replenishment is nearing completion, demand expectations are weakening, and iron ore prices are under pressure [3] - Mainstream and non - mainstream iron ore shipments are both rising, and with the faster arrival of floating cargoes, the supply of iron ore has significantly increased [5] - Hot metal production has remained stable, with little fluctuation in rigid demand, but the steel mill's winter storage replenishment is nearing completion, leading to weaker demand expectations [5] - In a situation of both increasing supply and demand, the faster arrival of floating cargoes has caused the iron ore port inventory to continue to rise [5] 3. Summary by Relevant Catalogs 3.1 Iron Ore Price Spreads - Last Friday, the spot price of PB powder was 761 (-29) yuan/ton, and the price of the 05 contract was 760.5 (-31) yuan/ton [10] - The basis of the 05 contract was 33 (+1) yuan/ton; the spread between the 05 - 09 contracts was 18 (-1) yuan/ton [10] - The prices of various types of imported ores and iron concentrates in Rizhao Port have declined this week compared to last week [12] 3.2 Iron Ore Supply - The supply of mainstream and non - mainstream iron ore remains at a high level, and the cumulative year - on - year difference is significantly higher than that of last year [14][16] - The four major mines maintain normal shipping levels [18] - The domestic iron ore production is stable [29] 3.3 Iron Ore Demand - The steel mill's replenishment is nearing completion, and demand expectations are weakening [31][32] - There are differences in the demand for different iron ore varieties [34] - Scrap steel has a substitution effect on iron ore [36] 3.4 Iron Ore Inventory - The faster arrival of floating cargoes has led to increased supply and rapid inventory accumulation [38] - The inventory of Australian iron ore has increased significantly [39] 3.5 Iron Ore Cost - Rising oil prices have led to an increase in shipping costs [41]