宝城期货铁矿石早报（2025年11月10日）-20251110

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - The iron ore market's fundamentals are poor, and the ore price is under pressure to run weakly. The short - term and intraday trends of iron ore 2601 are oscillating weakly, and the medium - term trend is oscillating. Attention should be paid to the pressure at the MA5 line [1]. - The negative feedback logic is fermenting, with continuous weakening of ore demand and unabated supply pressure. The ore price is mainly driven by the real - world logic and continues to be under pressure. Attention should be paid to the performance of steel [2]. 3) Summary by Related Catalogs Variety Viewpoint Reference - For iron ore 2601, the short - term trend is oscillating weakly, the medium - term trend is oscillating, and the intraday trend is oscillating weakly. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is that the fundamentals are poor and the ore price runs weakly [1]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Under the disturbance of production restrictions, steel mill production has weakened, the terminal consumption of ore has continued to decline, and the weak demand pattern is difficult to change, which restrains the ore price. - Domestic port ore arrivals have increased significantly, overseas miners' shipments remain high, external ore supply is active, and domestic ore production is stabilizing, so the supply pressure remains. - The negative feedback logic is fermenting, ore demand continues to weaken, supply pressure remains, the inventory of the ore market is accumulating rapidly, and the ore price is under pressure to run weakly under the dominance of the real - world logic. Attention should be paid to the performance of steel [2].