节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：9/10
据七位消息人士称，中国国有铁矿石采购方与必和必拓（BHP）旷日持久的谈判，使得部分铁矿石供应趋紧。尽管炼钢关键原料需求减弱，但这一情况仍支撑着铁矿石价格。
2022年成立的中国矿产资源集团（CMRG）旨在集中铁矿石采购，争取更优惠条款。今年9月，该集团在与澳大利亚矿商必和必拓就2026年供应年度合同条款谈判时，要求中国钢厂和贸易商停止购买必和必拓的吉姆巴尔混合粉矿。
消息人士称，吉姆巴尔粉矿在中国的交易仍处于冻结状态，此前使用该矿的钢厂转而使用替代品——力拓（Rio Tinto）的旗舰产品皮尔巴拉混合粉矿（PBF），导致PBF库存迅速下降。
必和必拓发言人向路透社表示 “谈判正在进行中”，但拒绝详细说明。CMRG未立即回应路透社的置评请求，力拓也未立即发表评论。
了解内情的两位消息人士称，9月中下旬，PBF港口库存开始下降，至11月18日已下降约40%，降至650万吨ϼ..
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