Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report On September 25, 2025, the main contract of iron ore futures rose slightly by 0.25%. The current fundamentals show a pattern of weak supply and demand. Stable steel - mill production supports demand, but accumulated contradictions and high inventory in the downstream steel market suppress the upward space. Coupled with the lack of clear trend guidance in technical aspects, the short - term price is expected to maintain wide - range fluctuations [11]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract行情**: On September 25, 2025, the iron ore i2601 contract fluctuated. It adjusted to a minimum of 799.5 points, reached a maximum of 808 points, and closed at 805.5 points. The trading volume was 191,200 lots, a decrease of 11,200 lots from the previous trading day, and the open interest was 529,700 lots, a decrease of 9,319 lots from the previous trading day [2]. - **Variety Price**: The 12 contracts of iron ore futures showed a backwardation market pattern with near - term strength and far - term weakness. All contracts generally rose throughout the day, with an increase ranging from 1.5 to 4.5 points. The total open interest of the variety was 848,687 lots, a decrease of 8,028 lots from the previous trading day, and the i2601 contract had the largest decrease in open interest, with a reduction of 9,319 lots [3]. 3.2 Spot Market - **Basis Data**: In the past 5 trading days, the basis of the main contract iron ore i2601 fluctuated slightly, with a maximum of 27.2 yuan/ton, a minimum of 24.8 yuan/ton, and 25 yuan/ton on the day [7]. - **Registered Warehouse Receipts**: In the past 5 trading days, the registered warehouse receipts fluctuated slightly, with a maximum of 2,000 lots, a minimum of 1,700 lots, and 2,000 lots on the day [8]. 3.3 Influencing Factors - **Industry News**: In the Shandong market, the spot price of imported iron ore rose slightly, but the trading volume was low. Traders' enthusiasm for quoting was average, and steel mills replenished inventory as needed, with a general market trading atmosphere. In the Tianjin market, the price of imported iron ore fluctuated slightly. The price difference between PB powder and lump ore shrank by 10 yuan/wet ton to 132 yuan/wet ton. Steel mills' procurement sentiment was cautious, and they mainly purchased on dips [9]. - **Supply Side**: The sinter production of 54 steel mills nationwide decreased, but the total inventory of imported sinter powder increased month - on - month, indicating overall stable supply. The inventory at Shandong ports increased slightly, and the port throughput decreased due to seasonal factors. However, the medium - grade powder resources at Tianjin Port decreased, and high - grade powder was supplemented, showing a differentiated supply structure [10].