宝城期货铁矿石早报-20251103

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The short - term and intraday view of Iron Ore 2601 is "shock and weak", and the medium - term view is "shock". It is recommended to pay attention to the support at the MA10 line. The core logic is that the fundamentals are poor and the ore price will decline with shocks [2]. 3. Summary by Relevant Content Variety View Reference - For Iron Ore 2601, the short - term and intraday performance is "shock and weak", the medium - term is "shock". The view is to focus on the MA10 line support, due to poor fundamentals and the ore price's decline with shocks [2]. Market Driving Logic - The supply - demand pattern of iron ore has little change. Under the influence of production restrictions, the terminal demand for ore continues to decline, and the industrial contradictions in the steel market remain unresolved, so the ore demand is in a weak state. The arrival at domestic ports has dropped to a low level, but the shipments from overseas miners are high. According to the shipping schedule, the subsequent arrivals will increase. Coupled with the increase in domestic ore supply, the ore supply remains at a high level. Although there are some positive factors supporting the ore price to return to a high level, the high supply and weakening demand lead to poor fundamentals, and the over - valued ore price will face downward pressure under the dominance of the real - world logic. Attention should be paid to the performance of steel [3].