5 In the current month, the domestic market remains in peak demand season, and steel production capacity continues to be released at a high level. Affected by environmental inspections, market expectations for iron ore demand have slightly declined, port inventories have rebounded modestly, and prices have undergone minor adjustments. Going forward, the iron ore market will likely continue to face a supply-demand imbalance, making it difficult for iron ore prices to rise significantly; instead, prices are expected to remain relatively stable.

　　I. China’s iron ore price index has shifted from rising to falling.

　　According to monitoring by the Iron and Steel Association, 5 At the end of the month, the China Iron Ore Price Index ( CIOPI ) for 236.59 The figure decreased month-on-month. 2.63 Point, the decline is 1.10% , the month-on-month change shifted from an increase to a decrease. Among them: the price index for domestically produced iron ore is 227.59 Point, up month-on-month 1.28 Point, increase of 0.57% ; The import iron ore price index is 237.95 The figure decreased month-on-month. 3.22 Point, the decline is 1.34% 。

　　Looking at the situation for the entire month, the China Iron Ore Price Index ( CIOPI ) The overall level remains higher than last month. 5 Month CIOPI The average value of the composite index is 240.67 The figure rose compared to the previous month. 2.34 Point, increase of 0.98% Among them: the average value of the domestic iron ore price index is 227.79 The figure rose compared to the previous month. 1.38 Point, increase of 0.61% ; The average value of the imported iron ore price index is 242.61 Point, up month-on-month 2.48 Point, increase of 1.03% 。

　　II. Prices of domestically produced ores have shifted from declining to rising, while prices of imported ores have shifted from rising to declining.

　　5 At the end of the month, CIOPI The tax-inclusive price of domestically produced iron concentrate is: 585.64 Yuan / Ton, up month-on-month 3.32 Yuan / ton, the increase is 0.57% , month-on-month, the trend has reversed from decline to rise; CIOPI The landed price of imported fine ore is 64.27 U.S. dollar / Ton, down month-on-month 0.87 U.S. dollar / ton, with a decrease of 1.34% The month-on-month change has shifted from an increase to a decrease.

　　Looking at the monthly situation as a whole, the average tax-inclusive price of domestically produced iron ore concentrate for the entire month was: 586.15 Yuan / Ton, up from the previous month 3.56 Yuan / ton, the increase is 0.61% Among them: 5 Moon 2 Date to 21 Day, by 583.13 Yuan / ton rises to 589.64 Yuan / ton; 5 Moon 21 Date to 5 At the end of the month, by 589.64 Yuan / Ton oscillates downward to 585.64 Yuan / Ton.

　　The monthly average landed price of imported fine ore was 65.53 U.S. dollar / Ton, up from the previous month 0.67 U.S. dollar / ton, the increase is 1.03% Among them: 5 Moon 2 Date to 14 Day, by 66.41 U.S. dollar / Ton oscillates upward to 67.91 U.S. dollar / ton; 5 Moon 14 Date to 5 At the end of the month, by 67.91 Yuan / Ton oscillates downward to 64.27 U.S. dollar / Ton.

　　III. Analysis of the Later Trend in Iron Ore Prices

　　Affected by environmental inspections, expectations for iron ore demand have declined somewhat, and port inventories have shifted from declining to rising. The market continues to be characterized by oversupply, and prices are expected to remain relatively stable in the near term, showing only minor fluctuations.

　　1 Crude steel production remains at a high level but is expected to decline in the later period.

　　According to the Steel Association’s bi-weekly report, 5 In the first half of the month, the average daily crude steel production of member steel enterprises was... 195.76 Ten thousand tons—estimated national daily crude steel production 257.06 Ten thousand tons, compared to 4 Monthly daily output increases. 0.55% This represents the highest-ever daily production level. To implement the spirit of the National Conference on Ecological and Environmental Protection, the Central Environmental Inspection... “ Look back 5 The month has seen a full-scale launch, and as a result, steel companies' capacity release will decline somewhat in the later period, leading to a corresponding drop in iron ore demand.

　　2 Iron ore port inventories have shifted from declining to rising, and the market’s supply-demand imbalance remains unchanged.

　　5 At the end of the month, the nationwide port inventory of imported iron ore rebounded to... 1.60 100 million tons, up month-on-month. 132 Ten thousand tons, with an increase of 0.83% ; up year-on-year 2013 Ten thousand tons, with an increase of 14.35% Iron ore inventories are at the second-highest level in history; this year... 1-4 Month, the country's cumulative iron ore imports 3.53 100 million tons, roughly flat compared to the same period last year, while national pig iron production declined year-on-year. 1.23% The iron ore market continues to be characterized by oversupply.

　　3 Steel prices have seen a narrowing of their increase, and it will be difficult for iron ore prices to rise significantly in the later period.

　　According to monitoring by the Iron and Steel Association, 5 At the end of the month, the China Steel Price Index ( CSPI ) for 114.29 Point, up month-on-month 1.29% The increase narrowed compared to the previous month. 1.97 percentage points. In the later stage, affected by factors such as environmental inspections, demand for iron ore has weakened somewhat, and the market continues to be characterized by oversupply, making it difficult for prices to rise significantly.