宝城期货铁矿石早报-20260306

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The iron ore market's supply and demand pattern is weakly stable, and the ore price will continue to fluctuate. The demand for iron ore is weak, while the supply is increasing, and the fundamentals of the ore market remain weak. However, the increase in transportation costs due to conflicts provides support for the ore price. The ore price is expected to continue to fluctuate, and attention should be paid to the performance of steel [2][3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both "oscillation", and the intraday trend is "oscillation and weakening". It is recommended to pay attention to the support level of MA5. The core logic is that the supply - demand pattern is weakly stable, and the ore price continues to oscillate [2]. 3.2 Market Driving Logic - The supply and demand of iron ore have changed. Environmental protection restrictions have led to a decline in the terminal consumption of ore, and steel mills' profitability is poor. The industrial contradictions in the steel market are also accumulating, resulting in weak ore demand. On the supply side, although the arrival of goods at domestic ports is at a low level, the shipments of miners remain high. According to the shipping schedule, the subsequent arrival of goods will increase, the overseas ore supply will increase, and domestic ore production is also recovering, so the ore supply will return to a high level. Overall, the ore market fundamentals remain weak, and the ore price is still under pressure. The increase in transportation costs due to conflicts provides support for the ore price. Under the game of multiple and short factors, the ore price is expected to continue to oscillate, and attention should be paid to the performance of steel [3].