宝城期货铁矿石早报-20250827

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The ore demand has decent resilience, which supports the ore price. However, the fundamentals have not improved substantially, and the valuation is relatively high, resulting in weak upward driving forces. Under the game of long - and short - term factors, the ore price is expected to maintain a high - level oscillation. Attention should be paid to the performance of finished products [2][3]. 3. Summary by Relevant Content 3.1 Variety View Reference - For Iron ore 2601, the short - term and medium - term trends are both oscillatory, and the intraday trend is weakly oscillatory. It is recommended to pay attention to the support at the MA5 line. The core logic is that the demand has decent resilience, leading to high - level oscillation of the ore price [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. Steel mills' production is stabilizing, and the ore demand has decent resilience, which supports the ore price. But the steel mills' profits are continuously shrinking, and the contradictions in the steel industry are accumulating, so the positive effect is limited. - The arrival of goods at domestic ports has decreased month - on - month, and the overseas miners' shipments are weakening from a high level. According to the shipping schedule, the arrival of Australian ore will still increase in the future. The relatively positive factor is that the domestic ore supply is low, and the ore supply is increasing steadily [3].