宝城期货铁矿石早报（2025年10月23日）-20251023

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The supply - demand pattern of iron ore has weakened, with the price under pressure. 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 MA60 line [1]. - The iron ore price is expected to continue the volatile downward trend, and attention should be paid to the steel mills' production situation [2]. 3) Summary by Related Content Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is weak and volatile, the medium - term view is volatile, and the intraday view is weak and volatile. The reference view is to pay attention to the pressure at the MA60 line, and the core logic is that the supply - demand pattern has weakened and the ore price is under pressure [1]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Steel mills' production is weakening, and the demand for ore is continuously falling. The steel market's industrial contradictions remain unresolved, and the demand is expected to be weak. Meanwhile, the arrival of ore at domestic ports and the shipments from miners remain high, overseas ore supply is active, and domestic ore supply has recovered, increasing the supply pressure. With high - level supply and weakening demand, the iron ore market fundamentals have weakened, and the high - valued ore price is under continued pressure. However, due to the still high rigid demand, there is resistance to the downward movement [2].