市场以观望为主，铁矿石小幅下跌

Market AnalysisIron ore prices fell slightly this week. As of Friday's close, the main iron ore futures contract closed at 760.50 yuan/ton, down 25.00 yuan/ton month-on-month, down 3.18% Mysteel 62% Australian powder forward price index 103.7 USdollars/ton, down 2 US dollars/ton week-on-week, down 1.89%. The price of PB powder in Qingdao Port was RMB On the supply side: Mysteel statistics show that the global iron ore shipped 33.686 million tons in this period, an increaseof 450,000 tons on a week-on-week basis. In the current period, the arrival volume of iron ore from 45 ports was 24.81million tons, a decrease of 2.19 million tons on a week-on-week basis. of 1.53 percentage points from the previous week and a decrease of 1.92 percentage points from the previous year; theblast furnace ironmaking capacity utilization rate was 85.92%, a decrease of 1.16 percentage points from the previousweek and a decrease of 1.36 percentage points from the previousyear; The profit rate of steel mills was 35.93%, a In terms of inventory: According to Mysteel's statistics, the total iron ore inventory of 45 ports nationwide was 154.31million tons, an increase of 1.31 million tons month-on-month, and the port inventory continued to accumulate; the On the whole: the global supply of iron ore increased slightly in this period, the output of molten iron continued to fall,and the total inventory continued to rise. Affected by non-market factors, the liquidity of some iron ore varieties hasweakened. Some steel mills have already startedproduction reduction plans, and the molten iron is still expected to fall Strategy Unilateral: shockIntertemporal: NoneCross-species: None Risk Macro policies, molten iron output, steel mill profits, overseas shipments, etc. Charts Figure1:Seasonal trend of PB powder spot price in Qingdao Port.....................................................................................3Figure2:Seasonal trend of spot price of super special powder in Qingdao Port................................................................3Figure3:Qingdao Port: Card powder-PB spread..................................................................................................................3Figure4:Qingdao Port: PB-super special price difference...................................................................................................3Figure5:Dalian Commodity Exchange: Iron Ore: Main Contract: Closing Price(Daily)................................................3Figure6:Dalian Commodity Exchange: Iron Ore: 01 Contract: Closing Price (Daily).....................................................3Figure7:Dalian Commodity Exchange: Iron Ore: 05 Contract: Closing Price (Daily).....................................................4Figure8:Dalian Commodity Exchange: Iron Ore: 09 Contract: Closing Price (Daily).....................................................4Figure9:Iron Ore 01-05...........................................................................................................................................................4Figure10:Iron Ore 05-09.........................................................................................................................................................4Figure11:The minimum basis of the main contract..............................................................................................................4Figure12:The main basis of PB fine iron ore........................................................................................................................4Figure13:Iron Ore: Shipments: Global (Weekly).................................................................................................................5Figure14:Iron Ore: Commonwealth of Australia: Shipments: 19 Ports (weekly).............................................................5Figure15:Iron Ore: Brazil Federative Republic Production Area: Shipments: 19 Ports (weekly)...................................5Figure16:Iron Ore: Non-mainstream Shipping Volume......................................................................................................5Figure17:Iron Ore: Arrivals: 45 Ports (weekly)...................................................................................................................6Figure18:Calculation: Frequency Conversion: Iron Ore: Arrivals: 45 Ports (weekly).....................................................6Figure19:Average daily port volume of 45 ports..................................................................................................................6Figure20:Average daily port volume of 45 ports (monthly weekly-average).....................................................................6Figure21:Average daily molten iron output of 247 steel mills.............................................................................................7Figure22:Average daily molten iron output of 247 steel mills (monthly average).......