宝城期货铁矿石早报（2025年12月23日）-20251223

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report [1][3] 2. Core Viewpoint of the Report The report predicts that the iron ore 2605 contract will experience wide - range fluctuations. The supply - demand pattern of iron ore is weakening, and the ore price is under pressure. Although short - term bullish factors support the high - level operation of the ore price, the overall fundamentals are still weak, and the upward driving force is not strong. It is expected that the ore price will maintain a high - level oscillating operation, and caution should be exercised when the trading logic switches to the real - world situation [1][3] 3. Summary of Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both oscillating, the intraday trend is weakly oscillating, and the overall view is wide - range oscillation. The core logic is that the supply - demand pattern is weakening, and the ore price is under pressure [1] 3.2 Market Driving Logic - Demand side: Steel mills' production is weakening, their profitability has not improved, and the demand for ore is in a weak state, which continues to put pressure on the ore price. However, the low inventory in steel mills makes the pre - festival restocking expectation relatively strong [3] - Supply side: Both the arrival at domestic ports and the shipments from miners have decreased month - on - month but are still at a high level within the year. Overseas ore supply is active. Even though domestic ore supply is shrinking, the overall ore supply remains high [3]