宝城期货铁矿石早报（2025年12月18日）-20251218

Group 1: Report Investment Rating - There is no information about the report's industry investment rating in the provided content. Group 2: Core Viewpoints - The short - term, medium - term, and intraday views of iron ore 2605 are shock, shock, and shock - weak respectively, with an overall view of wide - range shock. The core logic is that market sentiment has warmed up and the ore price is running at a high level [1]. - The iron ore supply - demand pattern continues to weaken. The terminal consumption of ore is declining, the profitability of steel mills has not improved, and the weak demand pattern remains unchanged, putting pressure on the ore price. The supply of ore is high, with a significant increase in port arrivals in China and a new high in weekly shipments from miners. The ore price is running strongly at a high level due to warm market sentiment and lingering positive factors, but with weak demand and high supply, the upward driving force is not strong, and it will continue to oscillate. Attention should be paid to the performance of steel [3]. Group 3: Summary by Related Catalog Variety Viewpoint Reference - For iron ore 2605, the short - term view is shock, the medium - term view is shock, the intraday view is shock - weak, and the overall view is wide - range shock. The core logic is that market sentiment has warmed up and the ore price is running at a high level [1]. Market Driving Logic - The supply - demand pattern of iron ore is weakening. Terminal ore consumption is decreasing, and the profitability of steel mills has not improved, so the demand for ore remains weak, which pressures the ore price. The supply of ore is high, with a large increase in port arrivals in China and a new high in weekly shipments from miners. Although domestic ore supply has shrunk, the overall supply is still high. The ore price is running strongly at a high level due to warm market sentiment and lingering positive factors, but the fundamentals are weak and the upward driving force is not strong. It will continue to oscillate, and attention should be paid to the performance of steel [3].