宝城期货铁矿石早报（2025年11月6日）-20251106

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The short - term view of Iron Ore 2601 is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the accumulation of supply - demand contradictions, which put pressure on the ore price [2]. - The supply - demand contradiction of iron ore is accumulating. The port inventory is increasing rapidly, steel mill production is weakening, and the terminal consumption of ore is declining rapidly. The steel market's industrial contradictions remain unresolved, and the weak demand pattern persists, dragging down the ore price. The supply pressure is increasing as both domestic and overseas ore supplies are rising. The high - valued ore price will continue to be under pressure and run weakly, and attention should be paid to the performance of steel [3]. Group 3: Summary by Related Contents Variety View Reference - For Iron Ore 2601, the short - term trend is weak and volatile, the medium - term is volatile, and the intraday is weak and volatile. The reference view is to focus on the pressure at the MA5 line, with the core logic of supply - demand contradiction accumulation and ore price under pressure [2]. Market Driving Logic - The supply - demand contradiction of iron ore is intensifying. Port inventory is piling up quickly, steel mill production is getting weaker, and ore consumption at the terminal is dropping fast. The unresolved contradictions in the steel market and weak demand continue to affect the ore price. The supply from both domestic and overseas mines is increasing, leading to a situation of increasing supply and decreasing demand, and the high - valued ore price will keep running weakly [3].