宝城期货铁矿石早报（2025年11月27日）-20251127

Report Overview - The investment rating for the iron ore industry is not provided in the report [1] Core Viewpoints - The iron ore market shows a weak supply - demand pattern, with the price of iron ore under pressure due to unchanged supply - demand conditions. The short - term view is weak, the medium - term view is volatile, and the intraday view is weakly volatile [1][2] Summary by Relevant Content Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term outlook is weak, the medium - term is volatile, and the intraday is weakly volatile. The overall view is weakly volatile, with the core logic being that the supply - demand pattern has not improved and the ore price is under pressure [1] Market Driving Logic - The supply - demand pattern of iron ore is weak. Steel mill production is stable, terminal ore consumption is weakening, and steel mills' profitability is poor, so the demand remains weak. Meanwhile, domestic port arrivals have increased significantly, overseas miners' shipments are still at a high level this year despite a slight decline, and domestic ore supply is stable, keeping the ore supply at a high level. Although short - term positive factors support the ore price to rise, the fundamentals of the ore market have not improved, and the price is likely to be under pressure and run weakly, depending on the performance of steel [2]