人民币铁矿石掉期中央对手清算业务的优化上线，对于助力铁矿石行业高质量发展具有重要意义。一是 丰富风险管理工具。与2018年推出的对标海漂货的铁矿石掉期构成黑色行业产品序列，对铁矿石海漂 货、港口现货的风险管理需求形成全链条、全场景覆盖。二是促进价格发现助推提升定价话语权。一方 面，提升人民币现货价格指数的影响力；另一方面，上海清算所每日发布连续12个月度协议的远期价 格，为实体企业提供符合我国市场实际的价格基准和预测依据。三是保障市场稳健高效运行。用专业的 风险管理体系帮助铁矿石行业实体企业应对潜在信用风险和市场风险。 上海清算所表示，下一步，将继续秉承服务实体初心，深耕大宗商品领域，努力建设成为全国场外大宗 商品交易的主要集中清算机构，在持续推进产品研发、服务优化、平台建设的同时，及时防范和化解可 能出现的区域性或系统性风险，为我国大宗商品现货及衍生品市场的规范、安全、可持续发展贡献坚实 力量，为全国统一大市场构建与新质生产力培育注入强劲动能。责任编辑：袁浩 本报讯 记者张弛报道 近日，上海清算所对人民币铁矿石掉期中央对手清算业务的协议要素完成优化上 线，用安全高效的清算结算和风险管理服务助力铁矿石行业高质 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report expects the iron ore market to be mainly in a volatile state in the short - term. The upper limit of the important pressure level for the main 2601 contract is 810, and the support level is 750 [3]. 3. Summary by Relevant Catalog Iron Ore Market Conditions - In the night session on Wednesday, iron ore closed down [3]. Important Information - In mid - November 2025, the steel inventory of key steel enterprises was 15.61 million tons, a 0.8% increase from the previous ten - day period, a 26.3% increase from the beginning of the year, a 5.9% decrease from the same ten - day period last month, a 0.4% increase from the same ten - day period last year, and a 1.8% increase from the same ten - day period the year before last [3]. - On November 26, 5 steel enterprises, including Henan Minyuan Iron and Steel Group Co., Ltd., carried out the publicity of the progress of ultra - low emission transformation and assessment and monitoring. So far, 230 steel enterprises have been publicly announced on the website of the China Iron and Steel Association [3]. - On November 25, the Shanghai Clearing House completed the optimization of the agreement elements of the RMB iron ore swap central counterparty clearing business. The RMB iron ore swap is based on the average spot price of imported iron ore (60.8% grade PB powder) at Rizhao and Qingdao ports, with cash settlement and denominated, cleared, and settled in RMB [3]. Market Logic - During the macro - policy vacuum period, attention should be paid to the policy expectations brought by the Central Economic Work Conference in December. According to data from Zhaogang.com, the production of screw coils and five major steel products decreased this week. The daily output of molten iron last week was 2.3628 million tons, and a reduction is expected this week. The arrival of domestic iron ore is low, but the shipment is active. The foreign port inventory is at the highest level since the fourth quarter [3]. Trading Strategy - The view remains unchanged: it is expected to be mainly volatile in the short - term. The upper important pressure level for the main 2601 contract is 810, and the support level is 750 [3].