Report on Steel Union's 15-Port Imported Ore Inventory (November 19, 2025) 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Steel Union's 15-port ore inventory has been continuously increasing, with a week-on-week increase of 6060 tons and a narrowing decline, mainly due to the decrease in arrivals [1]. - The inventory of mainstream varieties shows a mixed trend. Among them, the inventory of Brazilian iron ore fines increased by 52,450 tons week-on-week, while the inventory of medium-grade Australian iron ore fines decreased by 61,450 tons, and the pellet inventory continued to decline slightly [1]. - In general, the port inventory of iron ore continues to increase, and industrial contradictions continue to accumulate without structural contradictions [1]. 3. Summary According to Related Catalogs Inventory Quantity and Change - **Total Inventory**: The total inventory is 11,832,910 tons, with a week-on-week increase of 6,060 tons (0.05%), a month-on-month increase of 585,130 tons (5.20%), and a year-on-year decrease of 909,000 tons (-7.13%) [1]. - **High-Grade Australian Iron Ore Fines**: The inventory is 1,576,950 tons, with a week-on-week decrease of 17,900 tons (-1.12%), a month-on-month decrease of 76,730 tons (-4.64%), and a year-on-year decrease of 648,300 tons (-29.13%) [1]. - **Brazilian Iron Ore Fines**: The inventory is 2,165,780 tons, with a week-on-week increase of 52,450 tons (2.48%), a month-on-month increase of 100,040 tons (4.84%), and a year-on-year increase of 419,920 tons (24.05%) [1]. - **Medium-Grade Australian Iron Ore Fines**: The inventory is 670,560 tons, with a week-on-week decrease of 61,450 tons (-8.39%), a month-on-month increase of 70,390 tons (11.73%), and a year-on-year increase of 60,920 tons (9.99%) [1]. - **Australian Iron Ore Lumps**: The inventory is 966,430 tons, with a week-on-week increase of 680 tons (0.07%), a month-on-month increase of 3,210 tons (0.33%), and a year-on-year increase of 148,350 tons (18.13%) [1]. - **Pellets**: The inventory is 29,630 tons, with a week-on-week decrease of 2,130 tons (-6.71%), a month-on-month increase of 3,560 tons (13.66%), and a year-on-year decrease of 75,280 tons (-71.76%) [1].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The iron ore inventory at the 15 ports monitored by Steel Union has been continuously rising, with a week-on-week increase of 174,420 tons and an expanding growth rate [1]. - The inventory increase is mainly in mainstream varieties. Among them, the medium-grade Australian powder and Australian lump increased by 114,130 tons and 40,670 tons respectively, and the pellet ore increased by 10,660 tons, while the high-grade Australian powder decreased by 35,320 tons [1]. - In general, the iron ore port inventory continues to rise and the growth rate expands, indicating that industrial contradictions are accumulating and there are no structural contradictions [1]. Summary by Category Inventory Quantity and Change - **Total Inventory**: The current inventory is 11,422,200 tons, a week-on-week increase of 174,420 tons (1.55%), and a month-on-month decrease of 1,339,850 tons (-10.50%) [1]. - **High-grade Australian Powder**: The current inventory is 1,618,360 tons, a week-on-week decrease of 35,320 tons (-2.14%), and a year-on-year decrease of 719,490 tons (-30.78%) [1]. - **Brazilian Powder Ore**: The current inventory is 2,072,310 tons, a week-on-week increase of 6,570 tons (0.32%), and a year-on-year increase of 518,240 tons (33.35%) [1]. - **Medium-grade Australian Powder**: The current inventory is 714,300 tons, a week-on-week increase of 114,130 tons (19.02%), and a month-on-month decrease of 46,600 tons (-6.12%) [1]. - **Australian Lump**: The current inventory is 1,003,890 tons, a week-on-week increase of 40,670 tons (4.22%), and a year-on-year increase of 109,850 tons (12.29%) [1]. - **Pellet Ore**: The current inventory is 36,730 tons, a week-on-week increase of 10,660 tons (40.89%), and a year-on-year decrease of 76,810 tons (-67.65%) [1].