宝城期货铁矿石早报（2025年11月26日）-20251126

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore market remains in a state of high - level oscillation, with a short - term, medium - term, and intraday view of "oscillation" or "oscillation on the weak side". The fundamental situation has not improved, and the upward driving force is weak [1]. - The supply - demand pattern of iron ore has not improved. Steel mill production has stabilized, terminal ore consumption has weakened, and subsequent demand will continue to be weak. Meanwhile, domestic port arrivals have rebounded significantly, overseas miners' shipments are still at a high level this year, and domestic ore supply is stable, resulting in high - level supply. Although the ore price has shown a relatively strong trend due to the switching of arbitrage logic and the limited liquidity of some spot varieties, the fundamentals have not improved [2]. 3. Summary by Related Contents 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 on the weak side", with an overall view of "oscillation on the weak side". The core logic is that the fundamentals have not improved and the upward driving force is weak [1]. Market Driving Logic - The supply - demand pattern of iron ore has not improved. Steel mill production is stable, terminal ore consumption is weakening, and subsequent demand will continue to be weak. Domestic port arrivals have rebounded significantly, overseas miners' shipments, though slightly decreased, are still at a high level this year, and domestic ore supply is stable. The ore price has shown a relatively strong trend due to the switching of arbitrage logic and the limited liquidity of some spot varieties, but the fundamentals have not improved, and the subsequent trend will continue to oscillate at a high level. Attention should be paid to the performance of steel [2].