宝城期货铁矿石早报-20250523

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoint The iron ore price is expected to maintain a volatile state, with the subsequent logic switching between strong reality and weak expectations. Attention should be paid to the decline in hot metal production [2]. 3. Summaries According to Related Contents 3.1 Variety Viewpoint Reference - For the iron ore 2509 variety, the short - term and medium - term trends are both expected to be volatile, and the intraday trend is expected to be slightly bullish. It is recommended to pay attention to the support level of the MA10 line. The core logic is that the fundamentals are changing and the ore price is oscillating at a low level [1]. 3.2 Market Driving Logic - Steel mill maintenance has increased, leading to a continuous decline in the terminal consumption of iron ore, weakening the positive effects on the demand side. Overseas miners are actively shipping, resulting in a large supply pressure. The fundamentals of iron ore are continuously weakening, putting pressure on the ore price. - The relative positive factors are that the demand remains at a high level with good real - world performance, and the futures price is deeply discounted, resulting in significant downward resistance. The subsequent logic will still switch between strong reality and weak expectations, and the ore price is expected to maintain a volatile state. Attention should be paid to the decline in hot metal production [2].