宝城期货铁矿石早报（2025年12月19日）-20251219

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - 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 weak oscillation respectively. The core logic is that the supply - demand pattern is weakening, and the upward driving force is not strong [1] 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 weak oscillation. The overall view is wide - range oscillation, and the core logic is the weakening supply - demand pattern and lack of upward driving force [1] Market Driving Logic - The supply - demand pattern of iron ore has not improved. Steel mill production is weakening, and their profitability has not improved, leading to weak ore demand and downward pressure on prices. At the same time, domestic port arrivals have increased significantly, and miners' shipments have reached a new high for the year. Overall ore supply remains high despite a contraction in domestic ore supply. Although there are short - term positive factors supporting the price to return to a high level, the continuous weakening of demand and high - level supply result in a poor fundamental situation. The price will continue to oscillate under the game of multiple and short factors, and attention should be paid to the performance of steel [3]