宝城期货铁矿石早报（2025年10月30日）-20251030

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The short - term and intraday trends of Iron Ore 2601 are expected to be oscillating and slightly stronger, while the medium - term trend is expected to be oscillating. Attention should be paid to the support level of the MA5 line, and the optimistic sentiment dominates the market, leading to the relatively strong operation of ore prices [1]. - Although the ore price is running at a high level, the fundamentals have not been substantially improved. The supply is relatively high and the demand is weakening, so the upward driving force is not strong. Caution should be exercised when bullish at high levels, and attention should be paid to the performance of finished steel [2]. Summary by Related Content Variety Viewpoint Reference - For Iron Ore 2601, the short - term trend is oscillating and slightly stronger, the medium - term trend is oscillating, and the intraday trend is also oscillating and slightly stronger. The reference view is to pay attention to the support of the MA5 line, and the core logic is that the optimistic sentiment dominates and the ore price runs strongly [1]. Market Driving Logic - The supply - demand pattern of iron ore has not changed much. Under the disturbance of production restrictions, steel mill production has weakened, and the demand from mines has continued to decline. The contradiction in the steel market has not been alleviated, and the expectation of weakening demand remains unchanged [2]. - Affected by weather factors, the arrival of ore at domestic ports has unexpectedly declined, but overseas ore shipments remain at a high level. According to the shipping schedule, the subsequent arrivals will return to a high level. Coupled with the stable production of domestic mines, the supply pressure of ore is relatively large [2].