宝城期货铁矿石早报（2026年2月24日）-20260224

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore 2605 contract is expected to be in a weak and volatile state in the short - term and intraday, and in a volatile state in the medium - term. Attention should be paid to the pressure at the MA5 line. The current situation of the iron ore market is not good, causing the price to decline under pressure [2]. - The iron ore price is expected to continue to decline under pressure due to the limited improvement in demand, the recovery of supply, and the ongoing concern of medium - term oversupply. Attention should be paid to the post - holiday resumption of production by steel mills [3]. 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term view is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. The reference view is to pay attention to the pressure at the MA5 line, with the core logic being the poor current situation and the downward pressure on the ore price [2]. 3.2 Market Driving Logic - During the holiday, the SGX iron ore swaps and spot prices declined. The supply - demand pattern of iron ore is weak. Although the terminal consumption of iron ore has increased with the stable production of steel mills and the increase in daily hot - metal production and imported ore consumption of sample steel mills before the holiday, the profit situation of steel mills is poor and the contradictions in the steel market are accumulating. The demand growth space is limited and the boosting effect is weak [3]. - During the holiday, the arrival of iron ore at domestic ports continued to decline, but the shipments of miners increased significantly, with the overseas supply of ore recovering as expected. The domestic ore production is weakly stable and the port inventory is high, so the supply pressure of iron ore is large [3].