宝城期货铁矿石早报（2025年11月12日）-20251112

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The short - term, medium - term, and intraday views of iron ore 2601 are "oscillation", "oscillation", and "oscillation and weakening" respectively. It is recommended to pay attention to the pressure at the MA20 line. The core logic is that the current situation is weak and the driving force for the upward movement of ore prices is not strong [1]. 3. Summary by Related Contents Market Driving Logic - The decline of coking coal and coke led to the withdrawal of arbitrage funds, causing the iron ore futures price to rebound from a low level. However, the supply - demand pattern of iron ore has not improved. Steel mill production is weakening, the terminal consumption of ore continues to decline, and the industrial contradictions in the steel market have not been alleviated. Demand is unlikely to improve substantially, which will still suppress ore prices. At the same time, both the arrival of ore at domestic ports and the shipments of overseas miners have declined, but they are still at relatively high levels this year. Domestic ore production is weakly stable, and the supply pressure remains. In summary, iron ore demand is weakening while supply remains high. Under the situation of strong supply and weak demand, the fundamentals of the ore market are weak, and the ore price will continue to be under pressure. Attention should be paid to the performance of steel [2].