宝城期货铁矿石早报（2026年2月11日）-20260211

Report Summary 1. Report Industry Investment Rating No investment rating information provided in the report. 2. Core Viewpoint - The iron ore market shows a short - term, medium - term, and intraday trend of shock, with the intraday trend being slightly stronger. Attention should be paid to the pressure at the MA5 line. The fundamental situation has not improved, and the ore price is under pressure [2]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term, medium - term, and intraday trends are shock, shock, and shock - slightly stronger respectively. The reference view is to pay attention to the pressure at the MA5 line. The core logic is that the fundamentals have not improved, leading the ore price to operate under pressure [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore has not changed much. Steel mill production has stabilized. The terminal consumption of ore has rebounded from a low level, but the increase is limited, and the industrial contradictions in the steel market are accumulating, with limited demand improvement and weak positive effects. Meanwhile, the arrival volume at domestic ports has declined, and due to hurricane disruptions, the shipments of miners have dropped significantly, leading to a short - term contraction in overseas ore supply. However, with high inventories, the supply pressure relief is limited. Overall, under weather factor disruptions, the overseas ore supply has contracted in the short term, while the demand is weakly stable. The iron ore fundamentals have not improved, and the ore price will still operate under pressure in the high - inventory situation. Attention should be paid to steel price performance [3].