宝城期货铁矿石早报（2026年1月23日）-20260123

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The report believes that the iron ore price is expected to show a stable and fluctuating trend. Although the supply pressure has not been alleviated and the demand is weak, the positive factors are the pre - holiday restocking of steel mills and the warming of commodity sentiment [2][3]. 3. Summary by Section 3.1 Variety View Reference - For the iron ore 2605 contract, the short - term, medium - term trend is oscillating, and the intraday trend is oscillating and slightly stronger, with an overall view of oscillating and stabilizing. The core logic is the positive commodity sentiment [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore remains weak. The inventory is rising at a high level, steel mill production is weakly stable, and terminal consumption of ore has little change. The steel market in the off - season has accumulated contradictions, and demand continues to operate weakly. The positive factor is the pre - holiday restocking of steel mills [3]. - Domestic port arrivals have declined from a high level, and miner shipments have continued to decrease. According to the shipping schedule, subsequent arrivals will decline, leading to a contraction in ore supply. However, due to the high inventory, the supply pressure has not been relieved [3].