宝城期货铁矿石早报（2025年10月27日）-20251027

1. Report Industry Investment Rating - There is no content about the report industry investment rating in the provided documents. 2. Core Viewpoints of the Report - The iron ore market has a weak supply - demand pattern, with high - level supply and weakening demand. The high - valued ore price is under pressure, but market sentiment has improved. The ore price is expected to continue the oscillatory trend, and attention should be paid to the performance of finished steel products [2]. 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are oscillatory, and the intraday trend is weakly oscillatory. It is recommended to pay attention to the pressure at the MA60 line. The core logic is the weak supply - demand pattern, which makes the ore price under pressure [1]. 3.2 Market Driving Logic - The iron ore supply - demand pattern is weak. Steel mill production is weakening, terminal ore consumption is continuously declining with an expanding decline rate, and the industrial contradictions in the steel market are only slightly alleviated. With the reappearance of production restrictions, the demand weakening trend remains unchanged. Meanwhile, domestic port ore arrivals and miners' shipments are at a high level, overseas ore supply is active, and domestic ore supply has recovered, resulting in large supply pressure. The high - level supply and weakening demand lead to a poor fundamental situation for iron ore, and the high - valued ore price is under pressure [2].