【中信期货】铁矿石：全球四大矿山季报解读-250822（15页）.pdf

1、重要提示：重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。告内容而视相关人员为客户。This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do n

2、ot constitute investment advice to anyone.CITIC Futures will not consider relevant personnel as customers due to their attention,receipt,or reading of this report.Investment consulting business qualification：CSRC License 2012 No.669 投资咨询业务资格：证监许可【2012】669 号 2024-10-09 中 信 期 货 国 际 化 研 究中 信 期 货 国 际 化

3、研 究|中 信 期 货 研 究 所中 信 期 货 研 究 所 International 中信期货国际化研究中信期货国际化研究|CITIC Futures International Research 2025/08/22 Iron Ore:Four Major Mines Quarterly Report Summary 铁矿石：全球四大矿山季报解读铁矿石：全球四大矿山季报解读 摘要摘要 Abstract In the first half of the year,the growth in global iron ore supply fell short of expectations.

4、Although the output of the four major mining companies increased year-on-year,their shipments declined year-on-year due to weather factors such as hurricanes.Among the four major miners,FMG saw growth in both production and sales;BHPs performance remained relatively stable;while both production and

5、sales of Vale and Rio declined.Looking ahead to the second half of the year,the year-on-year increment in shipments of the four major mining companies is expected to be around 8 Mt.However,as the iron ore grade of some mines has decreased,the actual increment in iron content will be relatively limit

6、ed.上半年全球铁矿供给增量不及预期，四大矿山产量虽然同比增加，但受飓风等天气影响，发运同上半年全球铁矿供给增量不及预期，四大矿山产量虽然同比增加，但受飓风等天气影响，发运同比减量。比减量。四大矿山中 FMG 产销均有增长，BHP 变动不大，Vale 和 Rio 产销均有下滑。展望下半年，四大矿山发运同比增量大约 800 万吨左右，部分矿山铁矿石品位下降，实际铁元素增量较为有限。Risks:1)The policy side releases stimulus to boost demand,which is beneficial to lifting the overall demand o