铁矿石：需求预期转弱，震荡下行

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The demand expectation of iron ore is weakening, and the price is expected to decline in a volatile manner [1] Summary According to Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of I2605 is 762.0 yuan/ton, with a decrease of 0.5 yuan/ton and a decline rate of 0.07%. The持仓 is 497,918 hands, with a decrease of 9,039 hands [1] - Spot Price: The prices of various types of iron ore (including imported and domestic) remained unchanged compared to the previous day [1] - Basis: The basis of I2605 against Jinbuba increased by 0.5 yuan/ton to 71.1 yuan/ton, and against Chaote increased by 0.5 yuan/ton to 94.5 yuan/ton [1] - Price Spread: The spread of I2605 - I2609 decreased by 0.5 yuan/ton to 17.0 yuan/ton, while the spread of I2609 - I2701 remained unchanged at 11.5 yuan/ton. Other price spreads also remained unchanged [1] Macro and Industry News - In January, the CPI increased by 0.2% month - on - month and 0.2% year - on - year, and the core CPI increased by 0.8% year - on - year. The PPI increased by 0.4% month - on - month and decreased by 1.4% year - on - year [1] - China's RatingDog manufacturing PMI in January was 50.3, in line with expectations and higher than the previous value of 50.1 [1] Trend Intensity - The trend intensity of iron ore is -1, indicating a bearish view [1]