Macro sentiment improved, iron ore will usher in a cold winter?

Gold Ten Futures on October 28, according to the feedback from traders, if the steel mill has a large loss, it can consider appropriate winter storage. Since 2025 is a big year of supply increase, the supply pressure will theoretically reach the largest since 2019, and before the 2501 contract, the pressure of the world's major mines to complete this year's production and sales targets is not large. The supply impulse in the fourth quarter is expected to be insufficient. If the current demand can be maintained, the price increase is expected to be stronger, but the short-term risk is still the change in the price of finished products and the level of domestic demand. Policy bullish is a dual influence of path and attitude: first, the bullish conditions are still based on the total amount announced by the Ministry of Finance, and the expected increase is not excessive; secondly, the market expects a clearer path to be given after the meeting; finally, macro bullish and weaker domestic demand are inversely related. If domestic demand is still insufficient, the duration of the policy will be longer.