宝城期货铁矿石早报（2026年1月14日）-20260114

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The iron ore market is expected to maintain high - level fluctuations. The market is in a game between expectations and reality, and there is no significant improvement in the fundamentals of the iron ore market. Attention should be paid to the support of MA10 and the steel mill restocking situation [2][3]. 3) Summary by Related Contents Variety View Reference - For the iron ore 2605 contract, the short - term and medium - term trends are expected to be volatile, and the intraday trend is expected to be slightly stronger. It is recommended to pay attention to the support of MA10. The core logic is the game between expectations and reality, leading to high - level fluctuations in ore prices [2]. Market Driving Logic - The supply - demand pattern of iron ore has not changed significantly. After the Spring Festival, steel mills have resumed production as scheduled, and the terminal consumption of ore has rebounded from a low level. However, the steel market in the off - season can't bear a large - scale increase in production, so the incremental space for ore demand is limited. The positive factor is the pre - holiday restocking by steel mills. - Domestic port arrivals have continued to rise, and miners' shipments are weakly stable, both at relatively high levels. Overseas ore supply is relatively active, and domestic ore supply is also increasing. Ore supply remains at a high level. - In general, with high - level supply and limited improvement in demand, the fundamentals of the iron ore market have not improved, inventory is rising at a high level, and the upward driving force is not strong. The pre - holiday restocking is a positive factor. Under the game of long and short factors, ore prices are expected to maintain high - level fluctuations, and attention should be paid to the restocking situation of steel mills [3].