宝城期货铁矿石早报-20251202

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The iron ore 2605 contract is expected to show a weak and volatile trend, with its fundamentals being weakly stable and the price fluctuating at a high level. The market sentiment is warm, and the previous positive factors still support the price. However, the demand for iron ore is weakening while the supply remains high, so the upward driving force is questionable, and the price is expected to maintain a high - level volatile trend. Attention should be paid to the performance of steel [2][3]. 3. Summary According to Relevant Contents 3.1 Variety View Reference - For the iron ore 2605 contract, the short - term (within one week) and medium - term (two weeks to one month) trends are both expected to be volatile, and the intraday trend is weakly volatile. The overall view is weakly volatile, with the core logic being that the fundamentals are weakly stable and the price is fluctuating at a high level [2]. 3.2 Market Driving Logic - The market sentiment is warm, and the iron ore price fluctuates upward. The supply - demand pattern has little change. The terminal consumption of ore continues to decline, and the profitability of steel mills is poor, so the demand remains weak, which suppresses the price. The arrival of ore at domestic ports has decreased, while the overseas miners' shipments have increased month - on - month. Both are at a high level within the year, and the overseas ore supply is active, while the domestic ore supply is stable, so the overall supply remains high. The market sentiment and previous positive factors support the price, but the fundamentals have not improved, and the upward driving force is questionable. The price is expected to remain in a high - level volatile trend, and attention should be paid to the performance of steel [3].