宝城期货铁矿石早报（2025年12月15日）-20251215

1. Report's Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - The iron ore market is expected to continue its high - level volatile operation. The short - term, medium - term, and intraday views of iron ore 2605 are "oscillation", "oscillation", and "oscillation with a weak bias" respectively, with an overall view of "wide - range oscillation". The core logic is that the current situation of the iron ore market is weak and the price is under pressure [1]. 3. Summary According to Relevant Contents 3.1 Variety View 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 weak bias, with an overall view of wide - range oscillation. The core logic is that the current pattern is weak and the ore price is under pressure [1]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore is operating weakly. Terminal consumption of ore is continuously declining, and the profitability of steel mills has not improved, so weak demand continues to put pressure on ore prices. Domestic port arrivals are falling, while overseas miners' shipments are rising, and both are still at relatively high levels within the year. Overseas ore supply is active, and although domestic ore supply is shrinking, there is still supply pressure. Currently, iron ore demand is continuously weakening while supply remains high, and the fundamentals of the iron ore market are weak, so the ore price is still prone to pressure. The relatively good news is that the structural contradiction in the spot market has not been resolved, and it is expected that the ore price will continue its high - level volatile operation, and the performance of steel products should be monitored [3].