1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the macro - aspect, the escalation of geopolitical conflicts has led to a rise in global shipping costs, pushing up the import cost of iron ore. The negotiation deadlock between major mines and mineral resource groups has intensified the structural shortage of iron ore at ports. With strong inflation expectations and import supply disruptions, iron ore prices may maintain a volatile and upward - biased trend, and the overall price center of iron ore is expected to rise [5][33]. 3. Summary by Directory 3.1 Market Review - Last week, the iron ore 2605 contract rose 0.06% [4]. 3.2 Important Market Information - US officials revealed that the Pentagon is sending three warships and thousands of additional marines to the Middle East, while Trump insists not to send US troops into Iran. Fed Governor Waller planned to vote for a rate cut in this week's central bank meeting due to unexpected unemployment in February, but decided to be more cautious until the impact of the Iran war becomes clear [15]. 3.3 Supply - side Situation - As of February 2026, the import volume of iron ore and concentrates was 9,763.79 million tons, a decrease of 2,201.21 million tons from the previous month; the import average price was $101.34 per ton, an increase of $0.18 per ton from the previous month. The iron ore shipment volume from Australia was 5,231.4 million tons, a decrease of 879.8 million tons from the previous month; the shipment volume from Brazil was 2,293.7 million tons, an increase of 404.6 million tons from the first half of the month [18][20]. 3.4 Demand - side Situation - The average daily hot metal output of 247 steel mills increased, and the steel mill profitability rate also increased [5][30][32]. 3.5 Fundamental Analysis - The blast furnace operating rate of 247 steel mills was 79.78%, a month - on - month increase of 1.44% and a year - on - year decrease of 2.18%; the blast furnace iron - making capacity utilization rate was 85.53%, a month - on - month increase of 2.61% and a year - on - year decrease of 3.17%; the steel mill profitability rate was 42.42%, a month - on - month increase of 1.29% and a year - on - year decrease of 10.83%; the average daily hot metal output was 228.15 million tons, a month - on - month increase of 6.95 million tons and a year - on - year decrease of 8.11 million tons. The total inventory of imported iron ore at 45 ports in the country was 17,098.40 million tons, a month - on - month decrease of 89.12 million tons; the average daily port clearance volume was 320.97 million tons, an increase of 3.07 million tons; the number of ships at ports was 100, a decrease of 10. The total inventory of imported iron ore at 47 ports in the country was 17,814.18 million tons, a month - on - month decrease of 133.14 million tons; the average daily port clearance volume was 335.92 million tons, an increase of 3.59 million tons [30][32]. 3.6 Future Outlook - Due to geopolitical conflicts and supply - side issues, iron ore prices may maintain a volatile and upward - biased trend, and the price center is expected to rise [5][33]. 3.7 Operation Strategy - Unilateral: Treat it with a mid - term low - buying and volatile - bullish approach. - Arbitrage: Stay on the sidelines. - Options: Buy the bull spread strategy of iron ore options [5][34].

1. Report Industry Investment Rating - Investment rating: ★ [6] 2. Core Viewpoints - Last week, the Iron Ore 2605 contract rose by 2.33%. The iron ore port inventory is high, and the fundamental supply and demand are relatively loose. Affected by the US - Iran conflict on the macro - front, the sharp rise in energy prices has led to strong market expectations of inflation, and the increase in shipping prices may support iron ore in the medium and long term. Overall, the loose fundamentals limit the upside space of iron ore, while inflation expectations limit the downside space. Iron ore will generally fluctuate, and the price center may rise slightly [4][5][30] 3. Summary by Directory 3.1 Disk Analysis - **Futures Price**: No specific content provided in the text - **Spot Price**: The spot price of PB powder 61.5% at Tianjin Port is mentioned, but no specific price data is given [11] - **Position Analysis**: Futures seat net position analysis is mentioned, but no specific content is provided [12] 3.2 Important Market Information - Last week, due to the Middle East conflict, in the commodity futures market, crude oil and natural gas rose significantly. WTI crude oil rose by 36.18%, and natural gas rose by 11.30%. Most non - ferrous and precious metal prices fell. In the global stock market, Chinese and European and American stock markets all declined, with half of the countries' stock markets falling by more than 5%. In the foreign exchange market, the US dollar index closed at 98.86, up 1.24%. In February, China's Manufacturing Purchasing Managers' Index (PMI) was 49.0%, down 0.3 percentage points from the previous month, and the manufacturing prosperity level declined. 95% of coal - fired power generation capacity, 90% of steel production capacity, 3.6 billion tons of coking capacity, and 4.7 billion tons of cement clinker capacity have completed ultra - low emission transformation. In late February, key steel enterprises produced 16.22 million tons of crude steel, with an average daily output of 2.027 million tons, a 0.1% decrease in daily output month - on - month; 15.18 million tons of pig iron, with an average daily output of 1.897 million tons, a 2.9% increase in daily output month - on - month; and 16.89 million tons of steel, with an average daily output of 2.111 million tons, an 11.0% increase in daily output month - on - month [15] 3.3 Supply - side Situation - As of January 2026, Australia's iron ore shipments were 61.112 million tons, a decrease of 10.281 million tons from the previous month; Brazil's iron ore shipments were 18.891 million tons, a decrease of 8.744 million tons from the first half of the month [20] 3.4 Demand - side Situation - The text mentions 247 steel mills' average daily hot metal output and Shanghai's terminal wire and screw procurement volume, but no specific data analysis is provided [24][25] 3.5 Fundamental Analysis - Mysteel statistics show that the total inventory of imported iron ore at 45 ports in the country is 171.1786 million tons, a month - on - month increase of 259,000 tons; the average daily port clearance volume is 3.1108 million tons, an increase of 126,000 tons; the number of ships at the port is 112, an increase of 5. The total inventory of imported iron ore at 47 ports in the country is 178.9483 million tons, a month - on - month increase of 35,300 tons; the average daily port clearance volume is 3.2698 million tons, an increase of 134,500 tons. Mysteel's survey shows that the blast furnace operating rate of 247 steel mills is 77.71%, a month - on - month decrease of 2.51% and a year - on - year decrease of 1.80%; the blast furnace iron - making capacity utilization rate is 85.32%, a month - on - month decrease of 2.13%; the steel mill profitability rate is 38.1%, a month - on - month decrease of 1.73% and a year - on - year decrease of 15.15%; the average daily hot metal output is 2.2759 million tons, a month - on - month decrease of 56,900 tons and a year - on - year decrease of 29,200 tons [29] 3.6 Market Outlook - The iron ore port inventory is high, and the fundamental supply and demand are relatively loose. Affected by the US - Iran conflict on the macro - front, the sharp rise in energy prices has led to strong market expectations of inflation, and the increase in shipping prices may support iron ore in the medium and long term. Overall, the loose fundamentals limit the upside space of iron ore, while inflation expectations limit the downside space. Iron ore will generally fluctuate, and the price center may rise slightly [30] 3.7 Operation Strategies - **Unilateral**: Treat it with a mid - term view of being long on dips and with a bias towards a bullish trend in the range - **Arbitrage**: Wait and see - **Options**: Wait and see [31]

1. Report Industry Investment Rating - Investment rating: ★ [5] 2. Core Viewpoints - The terminal demand has not started yet, the steel mill production end has little fluctuation, the molten iron output is expected to decline in March, the iron ore inventory is relatively high, and the overall fundamentals are relatively flat. Affected by the situation between the United States and Iran, the market risk aversion sentiment is high this week, and the trend is greatly affected by macro - sentiment. [5][30] - The operation strategies for single - side trading, arbitrage, and options are all to wait and see. [5][31] 3. Summary by Directory 3.1 Market Review - Last week, the Iron Ore 2605 contract fell 0.46%. [4] 3.2 Disk Analysis - It includes analysis of futures prices, spot prices (such as the spot price of PB powder 61.5% at Tianjin Port), and futures position net position analysis. [6][9][11] 3.3 Important Market Information - The Ministry of Ecology and Environment will promote the ultra - low emission transformation of key industries with high quality, and complete the ultra - low emission transformation of 100 million tons of cement clinker and 50 million tons of coking production capacity in 2026. It will also focus on key regions to guide localities to carry out investigations and rectifications of inefficient and ineffective pollution control facilities in key industries and classified rectifications of traditional industrial clusters. [14] 3.4 Supply - side Situation - As of January 2026, Australia's iron ore shipments were 6,111.2 tons, a decrease of 1,028.1 tons from the previous month; Brazil's iron ore shipments were 1,889.1 tons, a decrease of 874.4 tons from the first half of the month. [18] 3.5 Demand - side Situation - It involves the daily average molten iron output of 247 steel mills, Shanghai terminal wire and screw procurement volume, and the profitability rate of 247 steel mills. [22][24] 3.6 Fundamental Analysis - The blast furnace operating rate of 247 steel mills was 80.22%, a month - on - month increase of 0.09 percentage points and a year - on - year increase of 1.93 percentage points; the blast furnace ironmaking capacity utilization rate was 87.45%, a month - on - month increase of 1.05 percentage points and a year - on - year increase of 1.87 percentage points; the steel mill profitability rate was 39.83%, a month - on - month increase of 1.30 percentage points and a year - on - year decrease of 10.39 percentage points; the daily average molten iron output was 2.3328 million tons, a month - on - month increase of 27,900 tons and a year - on - year increase of 53,400 tons. [27] - The total inventory of imported iron ore at 45 ports in the country was 170.9196 million tons, a month - on - month increase of 1.4564 million tons; the daily average port clearance volume was 2.9848 million tons, a month - on - month decrease of 527,100 tons; the number of ships at the port decreased from 107 to 99. The inventory of imported iron ore at 47 ports was 178.9130 million tons, a month - on - month increase of 1.5918 million tons; the daily average port clearance volume decreased from 3.1353 million tons to 2.6089 million tons. In terms of components, Australian ore increased by 2.1016 million tons, Brazilian ore decreased by 807,700 tons; trade ore increased by 1.0572 million tons, coarse powder increased by 1.7951 million tons; lump ore increased by 199,900 tons, concentrate decreased by 252,900 tons, pellets decreased by 150,300 tons, and the number of ships at the port decreased from 111 to 101. [28] - In mid - February 2026, key steel enterprises produced 20.29 million tons of crude steel, with an average daily output of 2.029 million tons, a daily output increase of 4.3% month - on - month; the steel inventory of key steel enterprises was 18.12 million tons, a month - on - month increase of 3.01 million tons, a growth of 19.9%; an increase of 3.98 million tons from the beginning of the year, a growth of 28.2%; an increase of 1.99 million tons from the same period of the previous month, a growth of 12.3%. [28] - In January 2026, the crude steel output of 69 countries/regions included in the World Steel Association statistics was 147.3 million tons, a year - on - year decrease of 6.5%. Among them, China's crude steel output was 75.27 million tons, a year - on - year decrease of 13.9%. [29] - In February 2026, the PMI of the steel industry in Hebei Province was 48.8%, a month - on - month decrease of 4.1 percentage points, falling below the boom - bust line. [29] - As of February 25, the resumption rate of 10,692 construction sites across the country was 8.9%, a lunar year - on - year increase of 1.5 percentage points; the labor attendance rate was 15.5%, a lunar year - on - year increase of 3.7 percentage points; the fund availability rate was 29%, a lunar year - on - year increase of 9.4 percentage points. Among them, the resumption rate of real estate projects was 8.2%, and the resumption rate of non - real estate projects was 9.2%. [29] 3.7 Market Outlook - The terminal demand has not started yet, the steel mill production end has little fluctuation, the molten iron output is expected to decline in March, the iron ore inventory is relatively high, and the overall fundamentals are relatively flat. Affected by the situation between the United States and Iran, the market risk aversion sentiment is high this week, and the trend is greatly affected by macro - sentiment. [5][30] 3.8 Operation Strategies - Single - side trading: Wait and see. - Arbitrage: Wait and see. - Options: Wait and see. [5][31]

Report Industry Investment Rating - Investment rating: ★★ [6] Report Core View - The macro - policy easing expectation is relatively strong, the market sentiment is acceptable, and supported by the recent raw material replenishment demand of steel mills. Overall, iron ore is expected to fluctuate strongly in the medium term [5][35] Summary of Each Directory 1. Abstract - Last week, the 2605 contract of iron ore rose 1.21%. The blast furnace operating rate of 247 steel mills was 78.68%, a 0.16% week - on - week decrease and a 0.70% year - on - year increase. The steel mill profitability rate was 40.69%, a 0.86% week - on - week increase and an 8.23% year - on - year decrease. The daily average pig iron output was 2.281 million tons, a 0.09 - million - ton week - on - week increase and a 2.65 - million - ton year - on - year increase. The total inventory of imported iron ore at 45 ports in the country was 167.6653 million tons, a 2.1143 - million - ton week - on - week increase. The daily average port clearance volume was 3.1073 million tons, a 0.0916 - million - ton decrease [4] 2. Disk Analysis - It includes analysis of futures prices, spot prices (such as the spot price of PB powder 61.5% at Tianjin Port), and futures position net position analysis [7][11][9] 3. Important Market Information - In December 2025, China's steel output was 68.18 million tons, a 10.3% year - on - year decrease. The global crude steel output was 139.6 million tons, a 3.7% year - on - year decrease. From January to December 2025, the global crude steel output was 1.8038 billion tons, a 2% year - on - year decrease. In mid - January, the social inventory of five major varieties of steel in 21 cities was 7.09 million tons, a 0.3% week - on - week decrease, a 1.7% decrease compared with the beginning of the year, and a 5.2% increase compared with the same period last year [14] 4. Supply - side Situation - As of December 2025, the import volume of iron ore and concentrates was 119.65 million tons, a 9.11 - million - ton increase from the previous month. The import average price was $101.16 per ton, a $0.33 decrease from the previous month. Australia's iron ore shipping volume was 71.393 million tons, a 9.544 - million - ton increase from the previous month. Brazil's iron ore shipping volume was 27.635 million tons, a 3.328 - million - ton decrease from the first half of the month [19][23] 5. Demand - side Situation - It involves the daily average pig iron output of 247 steel mills, the profitability rate of 247 steel mills, and the procurement volume of wire rods and screws at Shanghai terminals [24][28][30] 6. Fundamental Analysis - The blast furnace operating rate of 247 steel mills was 78.68%, a 0.16% week - on - week decrease and a 0.70% year - on - year increase. The steel mill profitability rate was 40.69%, a 0.86% week - on - week increase and an 8.23% year - on - year decrease. The daily average pig iron output was 2.281 million tons, a 0.09 - million - ton week - on - week increase and a 2.65 - million - ton year - on - year increase. The total inventory of imported iron ore at 45 ports was 167.6653 million tons, a 2.1143 - million - ton week - on - week increase. The daily average port clearance volume was 3.1073 million tons, a 0.0916 - million - ton decrease. The number of ships at ports was 118, an increase of 1. The total inventory of imported iron ore at 47 ports was 174.9653 million tons, a 2.0783 - million - ton week - on - week increase. The daily average port clearance volume was 3.2052 million tons, a 0.145 - million - ton decrease [34] 7. Market Outlook and Operation Strategy - Outlook: Iron ore is expected to fluctuate strongly in the medium term. Strategy: For single - side trading, go long on dips; for arbitrage, stay on the sidelines; for options, stay on the sidelines [35]