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].

黑色建材周报 | 2025-06-22 消费维持韧性，铁矿震荡运行 需求方面：Mysteel调研247家钢厂高炉开工率83.82%，周环比增加0.41%，年同比增加1.01% ；高炉炼铁产能利用 率90.79%，周环比增加0.21% ，年同比增加1.03%；钢厂盈利率59.31%，周环比增加0.87%，年同比增加7.36%； 日均铁水产量 241.18万吨，周环比增加0.57万吨，年同比增加2.24万吨。 库存方面：Mysteel统计，全国45港铁矿石库存总量13894.16万吨，环比减少38.98万吨；45港日均疏港量313.56万 吨，环比增加12.31万吨。 整体来看：目前铁矿石供给整体回升。受钢厂检修复产影响，本周铁水产量小幅回升，考虑到当前钢厂利润尚可， 铁矿消费维持韧性，后续铁水降幅取决于淡季成材需求及钢厂利润情况。库存方面受港口船舶压港数量上升影响， 铁矿港口库存小幅去化。长期来看，铁矿石依旧呈现供需偏宽松格局，后期持续关注淡季铁水产量情况及铁矿石 库存变化。 策略 单边：震荡偏弱 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、海外铁矿发运、钢厂利润、废钢供应等。 市场分析 本周铁矿 ...