宝城期货铁矿石早报（2025年11月24日）-20251124

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday outlooks for Iron Ore 2601 are all in a state of shock, with an overall view of shock and weakness. The core logic is that the supply - demand pattern is weakly stable, and the ore price will continue to fluctuate [1]. - The iron ore supply - demand pattern is weakly stable. Demand is weakening while supply remains high, so the market fundamentals are weak and the ore price is under pressure. However, the switching of the arbitrage logic provides support, and the short - term trend will continue to fluctuate. Attention should be paid to the performance of steel [3]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For Iron Ore 2601, the short - term, medium - term, and intraday trends are respectively shock, shock, and shock with a weak bias. The overall view is shock and weakness, and the core logic is the weakly stable supply - demand pattern and the continuous fluctuation of ore prices [1]. Market Driving Logic - The iron ore supply - demand pattern is weakly stable. Terminal consumption of ore is weakening, and steel mills' profitability is poor with unsolved industrial contradictions, so ore demand will continue to be weak. Although domestic port ore arrivals are continuously falling, overseas miners' shipments have increased significantly, and subsequent arrivals are expected to bottom out and rebound. Overseas supply remains active, and domestic ore supply is stable, so ore supply remains high. The market fundamentals are weak, and the ore price is under pressure. The switching of the arbitrage logic provides support, and the short - term trend will continue to fluctuate. Attention should be paid to the performance of steel [3].