Report Summary 1. Investment Rating - The report does not provide an overall investment rating for the iron ore industry. The trading strategy suggests a "sideways" outlook for single - commodity trading, and no strategies are proposed for inter - period, inter - commodity, spot - futures, or options trading [3]. 2. Core View - This week, iron ore prices fluctuated. Although iron ore shipments decreased slightly, Australian shipments increased significantly while those from Brazil and non - mainstream regions decreased. Iron ore demand remained high despite a slight decline in molten iron production. However, due to the military parade, blast furnaces have production - restriction plans, which will lead to a decline in demand. Currently, the supply - demand contradiction of iron ore is relatively limited. Future attention should be paid to the impact of floating cargo volume on port arrivals, as well as changes in iron ore shipments and molten iron production [1][2]. 3. Summary by Section Price and Spread - This week, iron ore prices fluctuated. As of Friday's close, the main 2601 contract of iron ore closed at 787.50 yuan/ton, up 17.50 yuan/ton week - on - week. The Mysteel 62% Australian powder forward price index was 102.8 US dollars/ton, up 2.95 US dollars/ton week - on - week, a 2.95% increase. The price of PB powder at Qingdao Port was 779 yuan/ton, up 12 yuan/ton week - on - week [1][5]. Supply - According to the latest data from Mysteel, the global iron ore shipments this period were 33.16 million tons, a week - on - week decrease of 910,000 tons. Australian shipments increased significantly, while those from Brazil and non - mainstream regions decreased. The arrival volume of iron ore at 45 ports this period was 23.93 million tons, a week - on - week decrease of 830,000 tons [1][8]. Demand - A Mysteel survey of 247 steel mills showed that the blast furnace operating rate was 83.2%, a decrease of 0.16 percentage points from last week and an increase of 6.79 percentage points from the same period last year; the blast furnace iron - making capacity utilization rate was 90.02%, a decrease of 0.23 percentage points from last week and an increase of 7.06 percentage points from the same period last year; the steel mill profitability rate was 63.64%, a decrease of 1.30 percentage points from last week and an increase of 59.74 percentage points from the same period last year; the daily average molten iron output was 2.4013 million tons, a decrease of 6,200 tons from last week and an increase of 192,400 tons from the same period last year [1][10][11]. Inventory - According to Mysteel statistics, the total iron ore inventory at 45 ports across the country was 137.6302 million tons, a week - on - week decrease of 821,800 tons; the daily average port clearance volume at 45 ports was 3.1864 million tons, a week - on - week decrease of 710,000 tons [2][13].

1. Report's Industry Investment Rating - The investment rating for the iron ore market is "Oscillating Weakly" for unilateral trading, while there are no ratings for inter - period, inter - variety, spot - futures, and options trading [3] 2. Core View of the Report - Currently, the overall supply of iron ore is on the rise. Affected by the resumption of production after steel mill inspections, the molten iron output increased slightly this week. Considering the current decent profits of steel mills, the iron ore consumption maintains resilience. The subsequent decline in molten iron output depends on the off - season demand for finished steel products and the profits of steel mills. Due to the increase in the number of ships berthed at ports, the iron ore inventory at ports decreased slightly. In the long run, the iron ore market still shows a pattern of relatively loose supply and demand. Attention should be continuously paid to the off - season molten iron output and changes in iron ore inventory [2] 3. Summary by Relevant Content Price and Spread - This week, the iron ore futures price oscillated. As of the Friday close, the main contract of iron ore futures closed at 703 yuan/ton, remaining unchanged from last week. The Mysteel 62% Australian powder forward price index was 93 US dollars/ton, with a week - on - week decline of 0.85%. The price of PB powder at Qingdao Port was 710 yuan/ton, with a week - on - week decline of 1.25% [1][5] Supply - Mysteel statistics show that the global iron ore shipment this period was 33.53 million tons, a week - on - week decrease of 1.58 million tons. Among them, the shipment from Brazil increased, while those from Australia and non - mainstream regions decreased. The arrival volume of iron ore at 45 ports this period was 23.845 million tons, a week - on - week decrease of 2.248 million tons [1][8] Demand - Mysteel's survey of 247 steel mills shows that the blast furnace operating rate was 83.82%, a week - on - week increase of 0.41% and a year - on - year increase of 1.01%; the blast furnace ironmaking capacity utilization rate was 90.79%, a week - on - week increase of 0.21% and a year - on - year increase of 1.03%; the steel mill profitability rate was 59.31%, a week - on - week increase of 0.87% and a year - on - year increase of 7.36%; the daily average molten iron output was 2.4118 million tons, a week - on - week increase of 0.0057 million tons and a year - on - year increase of 0.00224 million tons [1][10][11] Inventory - Mysteel statistics show that the total iron ore inventory at 45 ports nationwide was 138.9416 million tons, a week - on - week decrease of 0.3898 million tons; the daily average port clearance volume at 45 ports was 3.1356 million tons, a week - on - week increase of 0.1231 million tons [1][13]