宝城期货铁矿石早报（2025年11月11日）-20251111

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The iron ore market has a weak supply - demand pattern, and the ore price is under pressure. It is expected to continue the weak and pressured operation, and attention should be paid to the performance of steel products [1][2]. 3) Summary According to the Directory Variety View Reference - For the iron ore 2601 contract, the short - term view 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 weak supply - demand pattern, which puts pressure on the ore price [1]. Market Driving Logic - The supply and demand sides of iron ore have changed. Steel mill production is weakening, and the terminal consumption of ore continues to decline. The weak demand pattern in the steel market remains unchanged, suppressing the ore price. - The arrival of ore at domestic ports has declined from a high level, and the shipments of overseas miners have also decreased, but both are still at high levels. Domestic ore production is weakly stable, and the supply pressure remains. - The market sentiment has warmed up, and the ore price has stabilized in a volatile manner. However, the ore demand is weakening, the supply pressure is not relieved, and the fundamentals are still weak. The ore price is expected to continue the pressured and weak operation, and attention should be paid to the performance of steel products [2].