宝城期货铁矿石早报-20250425

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore 2509 contract is expected to show a volatile trend in the short - term and medium - term, and a slightly stronger volatile trend intraday. Attention should be paid to the support at the MA10 line. The core logic is that demand is performing well and the ore price is oscillating at a low level [1]. - With the steel mills' active production during the peak season, the terminal consumption of ore has been continuously rising. Coupled with the pre - holiday restocking by steel mills, the ore demand is strong, which supports the ore price. However, the ore inventory has been continuously accumulating under high demand, indicating that the fundamentals have not substantially improved. With the expected increase in supply, the concern of medium - term oversupply remains. Under the game of long and short factors, the ore price is expected to continue the low - level oscillating trend, and attention should be paid to the performance of finished steel products [2]. 3. Summaries Based on Related Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2509 contract, the short - term trend is volatile, the medium - term trend is volatile, and the intraday trend is slightly stronger volatile. The reference view is to pay attention to the support at the MA10 line, and the core logic is good demand and low - level oscillation of the ore price [1]. 3.2 Market Driving Logic - The strong demand from steel mills' production and restocking supports the ore price. But the continuous accumulation of ore inventory and the expected increase in supply lead to the concern of medium - term oversupply. The ore price is expected to oscillate at a low level, and the performance of finished steel products should be monitored [2].