宝城期货铁矿石早报-20251210

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The iron ore 2605 contract is expected to show a weak and volatile trend, with a weak supply - demand pattern leading to a high - level decline in ore prices [1][3] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both volatile, while the intraday trend is weakly volatile. The overall view is weakly volatile due to the poor supply - demand pattern [1] Market Driving Logic - The supply - demand pattern of iron ore is weak. At the end of the year, steel mills' maintenance increases, leading to a continuous decline in ore terminal consumption. With the poor profit situation, the weak demand pattern is hard to change, putting pressure on ore prices. Meanwhile, domestic port arrivals decline, overseas miners' shipments increase, and both are at relatively high levels within the year. Although domestic ore supply is shrinking, there is still supply pressure. In the situation of strong supply and weak demand, the iron ore market fundamentals are weak, and ore prices continue to be under pressure to run weakly [3]