宝城期货铁矿石早报（2026年1月9日）-20260109

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The iron ore 2605 contract is expected to be oscillating and slightly bullish in the short - term and intraday, and oscillating in the medium - term. Investors are advised to pay attention to the support level at the MA5 line. The core logic is that the iron ore price fluctuates at a high level under the game between bulls and bears [2]. - The iron ore supply is relatively high, and the improvement in demand is limited. The fundamentals of iron ore have not improved, and the price continues to face pressure. The relatively positive factors are the warm commodity sentiment and the pre - holiday restocking expectation. The iron ore price maintains a high - level oscillating trend, and attention should be paid to the steel mills' restocking situation [3]. Group 3: Summary by Related Catalogs Variety View Reference - The short - term view of iron ore 2605 is oscillating and slightly bullish, the medium - term view is oscillating, and the intraday view is oscillating and slightly bullish. The reference view is to pay attention to the support at the MA5 line, with the core logic of high - level oscillation of ore prices under the game between bulls and bears [2]. Market Driving Logic - The supply - demand pattern of iron ore is weakly stable. Port inventories are rising at a high level. Steel mills are continuously resuming production, and the terminal consumption of ore is rising from a low level, but the profit situation has not improved, and the off - season steel market cannot bear a large - scale increase in production, so the demand improvement space is limited. At the same time, the arrival of goods at domestic ports has increased, and there is room for further increase. Even if the shipments of miners and domestic ore production shrink, the supply pressure of ore remains. The ore fundamentals have not improved, and the price is under pressure. The positive factors are the warm commodity sentiment and the pre - holiday restocking expectation, resulting in a high - level oscillating trend of ore prices [3].