宝城期货铁矿石早报（2025年11月5日）-20251105

Report Summary 1. Report Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View of the Report - The iron ore 2601 contract is expected to show a weak - oscillating trend in the short - term, medium - term, and intraday periods. The core logic is that the supply - demand pattern of iron ore has weakened, leading to a weakening of the ore price. The high - valued ore price continues to be under pressure and weakens under the dominance of the real - world logic, and attention should be paid to the performance of steel [2][3]. 3. Summary by Related Content Variety View Reference - For the iron ore 2601 contract, the short - term, medium - term, and intraday trends are all described as weak - oscillating. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the weakening of the supply - demand pattern and the weak operation of the ore price [2]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Port inventories are rapidly accumulating, steel mill production is weakening, terminal consumption of ore is declining, and the industrial contradictions in the steel market remain unresolved, with the weak demand pattern difficult to change, which continues to drag down the ore price. At the same time, the arrival of ore at domestic ports has increased significantly, while the shipments of overseas miners have slightly declined from the high level, but the overall supply of foreign ore is still active. Coupled with the increase in domestic ore supply, the supply pressure of ore is relatively large. In summary, the supply of iron ore is high, while the demand continues to weaken, and the fundamentals of ore are not good [3].