宝城期货铁矿石早报（2025年12月9日）-20251209

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore market is expected to remain under pressure and run weakly, with the price outlook being weakly volatile. The core logic is that the demand continues to decline, and the supply remains at a high level [2][3] 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term, medium - term, and intraday outlooks are all volatile, with the intraday being weakly volatile. The overall view is weakly volatile, due to the continuous decline in demand putting pressure on the ore price [2] 3.2 Market Driving Logic - The supply - demand pattern of iron ore has not changed significantly. Steel mill production is weakening, terminal consumption of ore is continuously declining, and the profit situation has not improved, so the weak demand pattern is hard to change, dragging down the ore price. Meanwhile, domestic port arrivals are continuously falling, while overseas miners' shipments continue to rise. Both are still at relatively high levels within the year, and overseas ore supply is active. Even though domestic ore supply is shrinking, the supply pressure of iron ore has not receded. Overall, macro - level positives are not beyond expectations, the market operation returns to the industrial end, and the iron ore market fundamentals are weak, so the ore price is expected to continue to be under pressure and run weakly [3]