宝城期货铁矿石早报（2025年11月13日）-20251113

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core Viewpoints - The iron ore market's fundamentals have not improved, and the ore price is under pressure. The short - term view of iron ore 2601 is weak, the medium - term view is oscillating, and the intraday view is oscillating and weakening. Attention should be paid to the pressure at the MA10 line [1]. - The supply - demand pattern of iron ore is weakening. Under the influence of production restrictions, the terminal consumption of ore continues to decline, and the industrial contradictions in the steel market are not alleviated. The weak demand pattern is difficult to change, which will still suppress the ore price. Although the arrival of ore at domestic ports and the shipments of overseas miners have decreased month - on - month, they are still at relatively high levels within the year, and domestic ore production is weakly stable. The ore supply remains high. Arbitrage funds leaving the market drive the ore price to rise from a low level, but the demand for ore is weakening while the supply remains high, so the ore price is still prone to decline under pressure [2]. 3) Summary by Related Content Variety Viewpoint Reference - For iron ore 2601, the short - term view is weak, the medium - term view is oscillating, and the intraday view is oscillating and weakening. The suggestion is to pay attention to the pressure at the MA10 line, with the core logic being that the fundamentals have not improved and the ore price is under pressure [1]. Market Driving Logic - The supply - demand situation of iron ore is deteriorating. Terminal ore consumption is decreasing due to production restrictions, and the steel market's industrial contradictions persist. The weak demand will continue to limit the ore price. Although the arrival of ore at domestic ports and overseas shipments have decreased, they are still at relatively high levels. Domestic ore production is weakly stable, and the supply remains high. The departure of arbitrage funds has led to a low - level rebound in the ore price, but with weakening demand and high supply, the ore price is likely to decline under pressure. Attention should be paid to the performance of steel [2].