Core Viewpoint - Iron ore futures experienced a rapid increase, reaching a peak of 803.0 yuan, with a current price of 800.5 yuan, reflecting a rise of 3.09% [1] Group 1: Market Analysis - Yide Futures indicates that iron ore still has bullish support and remains a buy due to high supply levels and sufficient steel mill profits, with expectations driven by winter stockpiling and valuation recovery [2] - New Century Futures highlights a persistent theme of "loose supply, low demand, and port accumulation," with expectations for a decline in steel exports due to new licensing regulations, suggesting a bearish outlook for raw materials [3] - Donghai Futures anticipates a short-term range-bound movement for iron ore prices, influenced by a slight recovery in iron water production and steel mill profitability, while noting an increase in port inventories [3]

＃summary＃ 每日报告 021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 12 月 24 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 | | | | | | 表1：12月23日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2605 | ...

Group 1: Report Industry Investment Rating - No relevant content, skipped. Group 2: Core Viewpoints of the Report - The iron ore price is expected to continue an oscillating trend due to the game between bullish and bearish factors. The high - valued ore price is likely to face pressure under the situation of strong supply and weak demand [2]. - For the iron ore 2601 contract, the short - term and medium - term trends are oscillating, and the intraday trend is oscillating weakly. Attention should be paid to the support at the MA5 line [1]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term trend is oscillating, the medium - term trend is oscillating, and the intraday trend is oscillating weakly. The reference view is to pay attention to the support at the MA5 line, with the core logic being that market sentiment has warmed up and the ore price has bottomed out and rebounded [1]. Market Driving Logic - Market sentiment has warmed up, and the iron ore futures price has rebounded from a low level. However, the supply - demand pattern has changed little. Steel mill production is weakening, and the terminal consumption of ore is continuously falling. With the industrial contradictions in the steel market unresolved and the resurgence of production restrictions, demand is expected to continue to decline [2]. - Affected by weather factors, the arrival of ore at domestic ports has unexpectedly declined, but overseas ore shipments remain high. According to shipping schedules, subsequent arrivals will increase, and domestic ore production is normal, so the ore supply is stabilizing at a high level [2]. - Currently, although the market sentiment has warmed up and the iron ore price has rebounded from a low level, the supply remains high while the demand continues to weaken. Under the situation of strong supply and weak demand, the ore fundamentals are poor, and the high - valued ore price is prone to pressure [2].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - The short - term, medium - term, and intraday views of Iron Ore 2601 are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively. It is recommended to pay attention to the support level of MA20. The core logic is the market sentiment shift and the high - level adjustment of ore prices [1]. - The current supply - demand pattern of iron ore has changed little. The steel mills' production is stable, the terminal consumption of ore has slightly increased, and the steel mills' profitability is good, so the demand remains at a relatively high level with good resilience, which supports the ore price. At the same time, the arrival of ore at domestic ports has declined again, the overseas miners' shipments have decreased, and domestic ore production has weakened, resulting in weak ore supply. Currently, the iron ore fundamentals are good under the situation of weak supply and stable demand, but the relatively negative factors are the high valuation and the weakening market sentiment. In the short term, the ore price will continue the high - level adjustment trend, and the performance of finished steel should be monitored [2]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias. The reference suggestion is to pay attention to the support level of MA20, and the core logic is the market sentiment shift and the high - level adjustment of ore prices [1]. Market Driving Logic - The market sentiment has shifted, leading to a collective decline in ferrous metals and a high - level decline in ore prices. The supply - demand pattern of iron ore has changed little. The steel mills' production is stable, the terminal consumption of ore has slightly increased, and the steel mills' profitability is good, so the demand remains at a relatively high level with good resilience, which supports the ore price. The arrival of ore at domestic ports has declined again, the overseas miners' shipments have decreased, and domestic ore production has weakened, resulting in weak ore supply. Under the situation of weak supply and stable demand, the iron ore fundamentals are good, but the relatively negative factors are the high valuation and the weakening market sentiment. In the short term, the ore price will continue the high - level adjustment trend, and the performance of finished steel should be monitored [2].