格林大华期货早盘提示：铁矿-20251127

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report expects the iron ore market to be mainly in a volatile state in the short - term. The upper limit of the important pressure level for the main 2601 contract is 810, and the support level is 750 [3]. 3. Summary by Relevant Catalog Iron Ore Market Conditions - In the night session on Wednesday, iron ore closed down [3]. Important Information - In mid - November 2025, the steel inventory of key steel enterprises was 15.61 million tons, a 0.8% increase from the previous ten - day period, a 26.3% increase from the beginning of the year, a 5.9% decrease from the same ten - day period last month, a 0.4% increase from the same ten - day period last year, and a 1.8% increase from the same ten - day period the year before last [3]. - On November 26, 5 steel enterprises, including Henan Minyuan Iron and Steel Group Co., Ltd., carried out the publicity of the progress of ultra - low emission transformation and assessment and monitoring. So far, 230 steel enterprises have been publicly announced on the website of the China Iron and Steel Association [3]. - On November 25, the Shanghai Clearing House completed the optimization of the agreement elements of the RMB iron ore swap central counterparty clearing business. The RMB iron ore swap is based on the average spot price of imported iron ore (60.8% grade PB powder) at Rizhao and Qingdao ports, with cash settlement and denominated, cleared, and settled in RMB [3]. Market Logic - During the macro - policy vacuum period, attention should be paid to the policy expectations brought by the Central Economic Work Conference in December. According to data from Zhaogang.com, the production of screw coils and five major steel products decreased this week. The daily output of molten iron last week was 2.3628 million tons, and a reduction is expected this week. The arrival of domestic iron ore is low, but the shipment is active. The foreign port inventory is at the highest level since the fourth quarter [3]. Trading Strategy - The view remains unchanged: it is expected to be mainly volatile in the short - term. The upper important pressure level for the main 2601 contract is 810, and the support level is 750 [3].