宝城期货铁矿石早报（2026年1月6日）-20260106

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 high - level oscillations. Its short - term, medium - term, and intraday trends are respectively oscillatory, oscillatory, and oscillatory with a slight upward bias. The supply - demand pattern is weak, and the upward driving force is not strong [2]. - The iron ore market is in a state where the supply - demand sides have changed. Although the demand has increased to some extent and the supply has decreased, the fundamentals remain weak, and the subsequent trend will maintain a high - level oscillation. Attention should be paid to the steel mills' restocking situation [3]. Group 3: Summary by Relevant Content Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term view is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a slight upward bias. The overall view is high - level oscillation, and the core logic is that the supply - demand pattern is weak and the upward driving force is not strong [2]. Market Driving Logic - The supply and demand of iron ore have changed. Steel mills have started to resume production, and the terminal consumption of ore has rebounded from a low level, but the improvement in profitability is limited, and the off - season steel market cannot support a large - scale increase in production, so the rebound space of ore demand is limited. At the same time, the arrival at domestic ports has increased again, but after the year - end rush, the miners' shipments have dropped significantly, and the domestic ore supply is also seasonally shrinking, so the ore supply has dropped from a high level. Currently, due to steel mills' restocking and structural contradictions in the spot market, the ore price remains at a high level, but the supply is relatively high while the demand improvement is limited, so the fundamentals are weak and the upward driving force is not strong [3].