宝城期货铁矿石早报-20251031

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The iron ore market has a poor fundamental situation with high supply and weakening demand, and the upward driving force is not strong. The high - valued price will continue to face downward pressure, and attention should be paid to the performance of steel [2]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - For the iron ore 2601 contract, the short - term trend is expected to be volatile, the medium - term trend is also volatile, and the intraday trend is expected to be weakly volatile. It is recommended to pay attention to the support level of the MA60 line. The core logic is that the continuous weakening of demand puts pressure on the ore price [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore continues to weaken. Under the influence of production restrictions, the terminal demand for ore is accelerating its decline, and the industrial contradictions in the steel market are not alleviated. Weak demand is likely to drag down the ore price. In terms of supply, the short - term arrival at domestic ports has declined, but the overseas miners' shipments remain high. According to the shipping schedule, the subsequent arrival will bottom out and rebound, and domestic ore production is stabilizing, so the ore supply remains high [2].