宝城期货铁矿石早报（2025年11月14日）-20251114

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoint of the Report - The short - term, medium - term, and intraday trends of Iron Ore 2601 are expected to be oscillatory, oscillatory, and weakly oscillatory respectively. Attention should be paid to the support at the MA5 line. The fundamental situation is weak, and the ore price is under pressure [1]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term, medium - term, and intraday trends are oscillatory, oscillatory, and weakly oscillatory respectively. The reference view is to focus on the support at the MA5 line, and the core logic is that the fundamental performance is weak, causing the ore price to be under pressure [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. Inventory has continued to increase. Steel mills have resumed production, and the terminal consumption of ore has slightly increased. However, the industrial contradictions in the steel market have not been alleviated, and the room for improvement in ore demand is limited, with a weak positive effect. Meanwhile, the arrival of ore at domestic ports has declined from a high level, and the shipments from overseas miners have continued to decrease, but both are still at a high level for the year. The domestic ore production has stabilized, and the supply pressure of ore has not subsided. Currently, although the demand for iron ore has improved, the supply remains at a high level. The fundamental situation of the ore market is still weak, which is likely to suppress the ore price. The relatively positive factor is the switching of the arbitrage logic, and the short - term trend will continue to oscillate. Attention should be paid to the production situation of steel mills [2].