宝城期货铁矿石早报（2025年10月29日）-20251029

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The iron ore market sentiment is currently warming, and the futures price has returned to a high level. However, with high supply and weakening demand, the fundamentals have not improved, and the upward driving force is not strong. The subsequent trend will mainly shift to high - level volatile operation, and attention should be paid to the performance of finished steel products [2] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be volatile, while the intraday trend is expected to be weakly volatile. Attention should be paid to the support at the MA5 line. The core logic is that the bullish factors are dominant, and the ore price has returned to a high level [1] 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. Steel mill production is weakening, terminal consumption is continuously declining, and the contradictions in the steel market are not alleviated, so the demand for ore will continue to weaken, dragging down the steel price. Due to weather factors, the arrival of ore at domestic ports has unexpectedly decreased, but overseas ore shipments remain high. According to the shipping schedule, the subsequent arrival will return to a high level. Coupled with stable domestic ore production, the supply pressure of ore is relatively large [2]