宝城期货铁矿石早报：宝城期货铁矿石早报（2025年10月21日）-20251021

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The short - term view of Iron Ore 2601 is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. Attention should be paid to the pressure at the MA5 line. The fundamental situation has weakened as expected, and the ore price has fallen from a high level [1]. - The supply - demand pattern of iron ore has weakened. Steel mill production is weakening, ore demand continues to decline from a high level, and the industrial contradictions in the steel market are not alleviated, so it will continue the downward trend. Meanwhile, domestic port ore arrivals have fallen from a high level, while miner shipments have increased. Overseas ore supply is active, and domestic ore supply is recovering, so the supply pressure continues to increase. The high - valued ore price is under pressure to weaken, but due to the high - level rigid demand, there is resistance to the decline. The short - term trend will continue the volatile decline, and attention should be paid to the production situation of steel mills [2]. Group 3: Summary by Related Catalogs Variety View Reference - For Iron Ore 2601, the short - term is weak and volatile, the medium - term is volatile, and the intraday is weak and volatile. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is that the fundamentals have weakened as expected and the ore price has fallen from a high level [1]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Steel mill production is weakening, ore demand is declining from a high level, and the steel market contradictions are not resolved. Domestic port ore arrivals have fallen from a high level, miner shipments have increased, overseas supply is active, and domestic supply is recovering. The high - valued ore price is under pressure to fall, but there is resistance due to high rigid demand. The short - term trend is a volatile decline, and steel mill production should be monitored [2].