宝城期货铁矿石早报（2026年3月5日）-20260305

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The iron ore market is in a weak supply - demand pattern. Although the terminal consumption of ore is rising and steel mills' restocking after the festival has improved demand, the improvement is limited due to poor profitability of steel mills and accumulating industrial contradictions in the steel market. Meanwhile, domestic port arrivals are low but miner shipments are high, and subsequent arrivals are expected to increase. The iron ore fundamentals have not improved, and the upward driving force is not strong. The subsequent trend is cautiously optimistic, and attention should be paid to steel mills' production [3]. 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For iron ore 2605, the short - term and medium - term trends are both "oscillating", and the intraday trend is "oscillating weakly". It is recommended to pay attention to the support at the MA5 line. The core logic is that the fundamentals have not improved and the upward driving force is not strong [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore is weak. Terminal consumption of ore is rising, and demand has improved due to post - festival restocking by steel mills. However, the improvement is limited because of poor profitability of steel mills and accumulating industrial contradictions in the steel market. Domestic port arrivals are low, but miner shipments remain high, and subsequent arrivals are expected to increase according to shipping schedules. The supply of overseas ore is increasing, and domestic ore production is recovering, so the ore supply is back at a high level. During major conferences, domestic policy expectations have increased, and combined with the improved demand, the ore price has rebounded from a low level. But the improvement in demand is questionable, and the supply is rising again. The iron ore fundamentals have not improved, and the upward driving force is not strong. It is necessary to pay attention to steel mills' production [3].