宝城期货铁矿石早报（2025年12月17日）-20251217

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The iron ore 2605 contract is expected to experience wide - range fluctuations, with a short - term, medium - term, and intraday outlook of oscillation, oscillation, and oscillation with a slightly upward bias respectively. The core logic is that the supply - demand pattern is weakening, and the ore price will continue to oscillate [1]. - The iron ore supply - demand pattern is operating weakly. Steel mill production is weakening in the off - season, leading to a continuous decline in ore demand and unchanged poor profitability. Meanwhile, domestic port arrivals have rebounded significantly, and miner shipments have reached a new high for the year. Overall, the ore supply remains high. Although short - term positive factors support the ore price at a relatively high level, the weakening demand and high supply result in a weak fundamental situation in the ore market, with limited upward momentum. The ore price will continue to oscillate, and the performance of steel should be monitored [3]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slightly upward bias. The overall view is wide - range oscillation, and the core logic is the weakening supply - demand pattern and continued ore price oscillation [1]. Market Driving Logic - The iron ore supply - demand pattern is weak. Steel mill production in the off - season leads to falling ore demand and unchanged profitability. Port arrivals have increased, and miner shipments are at a high level. Although short - term positives support the price, the supply - demand imbalance makes the market fundamental weak and the upward drive limited. The ore price will oscillate, and steel performance should be watched [3].