1. Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The price of iron ore is expected to fluctuate sharply in the short - term due to high uncertainty of reciprocal tariffs. Although the risk of a sharp decline in iron ore prices is small, the supply - demand situation in April is expected to be more balanced with a relatively low inventory accumulation slope, and the price will be more affected by the price of finished steel products. It is recommended to short at high prices or sell call options. [2] 3. Summary by Relevant Catalogs Supply - The current mainstream shipments are in the end - of - quarter rush period, with the shipment volume increasing month - on - month. In April, the overall supply is expected to increase month - on - month. Mainstream mines may have a seasonal decline after the end - of - quarter rush, usually with about one - week's month - on - month decrease in shipments. Non - mainstream mines remain relatively weak, and domestic mines are in a slow recovery stage. The supply in April is expected to be in an upward cycle, with significant increases both year - on - year and month - on - month, and the support from the supply side will further weaken. [2] Demand - The overall demand is in a recovery stage. In April, domestic iron ore demand still has some room for growth. The expected maximum daily pig iron output may reach 240,000 tons (Steel Union's data), a rise of about 1% from the current 237,000 tons per day, and the monthly average pig iron output may reach 239,000 tons per day, a 2.5% increase compared to March. A phased demand peak is expected to appear at the end of April or early May. [2] Inventory - Both the absolute and relative levels of factory inventory are lower than last year and show a downward trend. Port inventory has increased for two consecutive weeks. In April, with both supply and demand being strong, inventory is expected to rise, but the inventory accumulation slope is not high. However, the absolute inventory level is still relatively high, putting pressure on prices. [2] Finished Steel - The current domestic terminal demand remains resilient. The steel market contradictions are not prominent, and steel is expected to continue to see a slight reduction in inventory in April. Attention should be paid to the marginal decline rate of export growth, changes in finished steel prices, and steel mill profits. [2]