宝城期货铁矿石早报（2025年12月12日）-20251212

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The iron ore market is expected to have a wide - range oscillation, with short - term, medium - term, and intraday trends being oscillation, oscillation, and oscillation with a slight upward bias respectively, mainly due to short - term bullish support and high - level oscillation of ore prices [1] - The supply - demand pattern of iron ore has not improved. Steel mill production is weakening, terminal consumption of ore is declining, and the profit situation has not improved. Although domestic port arrivals have decreased and overseas miners' shipments have increased, the supply pressure still exists. The spot structural contradiction and black arbitrage logic support the high - level operation of ore prices, but the poor fundamentals result in weak upward driving force, and the ore price will maintain a high - level oscillation state, with attention paid to the performance of steel products [2] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - For iron ore 2605, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias, with a general view of wide - range oscillation. The core logic is short - term bullish support leading to high - level oscillation of ore prices [1] Market Driving Logic - The supply - demand pattern of iron ore is unfavorable. Steel mill production and ore consumption are weak, while the supply is at a relatively high level. Spot structural contradictions and arbitrage logic support high - level prices, but the weak fundamentals limit upward movement, and the ore price will oscillate at a high level, with the steel performance being a key factor to watch [2]