2026年3月23日：宝城期货铁矿石早报-20260323

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoint - The iron ore price is expected to maintain a high - level oscillating trend, and the performance of steel products should be monitored [2][3]. 3. Summary by Relevant Catalogs Variety Viewpoint Reference - For the iron ore 2605 contract, the short - term and medium - term trends are both oscillating, and the intraday trend is oscillating with a slight upward bias. It is recommended to pay attention to the support at the MA5 line. The core logic is that the bullish factors remain, and the ore price is at a high level [2]. Market Driving Logic - The supply - demand pattern of iron ore has changed little. Port inventories remain high. The resumption of production in steel mills has led to an increase in the terminal consumption of ore, with marginal improvement in demand. However, the contradictions in the steel market remain unresolved, and the incremental space is limited, so the positive effect is not strong. - Although the arrival of goods at domestic ports has declined, the shipments from miners have increased again. According to the shipping schedule, the subsequent arrivals will remain stable. The active production of domestic mines has brought an increase in supply, and the overall supply of ore is increasing steadily. - Currently, the strong energy market has led to an increase in transportation costs, and the marginal improvement in demand supports the high - level operation of the ore price. But the demand incremental space is limited, and the supply is increasing steadily. The fundamentals of the ore market are weakly stable, and the upward driving force for the over - valued ore price is not strong [3].