宝城期货铁矿石早报-20251128

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The iron ore market is expected to maintain a high - level volatile trend, with the short - term view being volatile, the medium - term view being volatile, and the intraday view being weakly volatile. The overall view is weakly volatile as the fundamentals have not improved and the upward driving force is not strong [1][3] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For iron ore 2601, the short - term view is volatile, the medium - term view is volatile, and the intraday view is weakly volatile. The overall view is weakly volatile, and the core logic is that the fundamentals have not improved and the upward driving force is not strong [1] Market Driving Logic - The supply - demand pattern of iron ore has not improved. Steel mill production is weakly stable, the terminal consumption of ore continues to decline, and the profitability of steel mills is poor, so the ore demand remains weak. At the same time, the arrival of goods at domestic ports has increased significantly. Although the shipments of overseas miners have declined, they are still at a high level this year. Overseas ore supply is active, and domestic ore supply is stable. Ore supply remains at a high level. Short - term positive factors support the ore price to rise, but due to weak demand and high supply, the fundamentals of the ore market have not improved, and the upward driving force is not strong. The ore price is expected to continue the high - level volatile trend, and the performance of steel should be noted [3]