宝城期货铁矿石早报（2025年11月17日）-20251117

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The iron ore market is expected to continue to fluctuate. The demand for iron ore has improved, but its sustainability is questionable, and the supply remains at a high level. The upward driving force is not strong. The relatively positive factor is the switching of the arbitrage logic of black varieties. Under the game of multiple and short factors, the ore price is expected to continue to fluctuate. Attention should be paid to the steel mill production situation [2] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term view is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation and weakening". It is recommended to pay attention to the support at the MA5 line. The core logic is that the fundamentals have not improved, and the upward movement of the ore price is questionable [1] Market Driving Logic - There have been changes in both the supply and demand sides of iron ore. Steel mills have resumed production, and the terminal consumption of ore has increased slightly. However, the industrial contradictions in the steel market remain unresolved, and the room for improvement in ore demand is questionable. At the same time, the arrival of ore at domestic ports has declined from a high level, and the shipments of overseas miners have continued to decrease, but both are still at the highest levels of the year. The domestic ore production has stabilized, and the pressure on ore supply has not receded [2]