宝城期货铁矿石早报-20251120

Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The supply - demand pattern of iron ore has not improved, and the ore price will maintain a volatile trend. The short - term, medium - term, and intraday trends of Iron Ore 2601 are expected to be volatile, volatile, and weakly volatile respectively, and attention should be paid to the support at the MA60 line [1]. - The rebound in iron ore demand is of uncertain sustainability, and supply remains high. The fundamentals of the iron ore market have not improved, and the ore price will be under pressure. The relative positive factor is the short - term support brought by the switching of the arbitrage logic, and the steel performance should be monitored [2]. 3. Summary by Related Content 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term, medium - term, and intraday trends are expected to be volatile, volatile, and weakly volatile respectively. The reference view is to pay attention to the support at the MA60 line, and the core logic is that the supply - demand pattern has not improved and the ore price will fluctuate [1]. 3.2 Market Driving Logic - There have been changes in both the supply and demand sides of iron ore. Terminal consumption has rebounded, but steel mills' profitability is poor, and the industrial contradictions in the steel market remain unresolved, so the incremental space is limited. Domestic port arrivals of ore have continued to decline, while overseas miners' shipments have increased significantly. According to the shipping schedule, subsequent arrivals will also rebound. Overseas supply is active, and domestic supply is stable, so the ore supply remains high [2]. - The rebound in iron ore demand is of uncertain sustainability, and supply remains high. The fundamentals of the iron ore market have not improved, and the ore price will be under pressure. The relative positive factor is the short - term support brought by the switching of the arbitrage logic, and the steel performance should be monitored [2].