Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The iron ore 2601 contract is expected to show a volatile trend in the short - and medium - term, and a slightly weaker volatile trend intraday. Attention should be paid to the support at the MA5 line, as the supply - demand pattern has changed and the upward trend of ore prices has weakened [1] - The supply - demand pattern of iron ore has changed. Short - term ore demand has dropped significantly due to production restrictions, the contradiction in finished products is accumulating, steel mill profits are continuously shrinking, and the room for demand recovery is limited. Meanwhile, domestic port arrivals have rebounded, overseas miners' shipments have returned to a high level, and ore supply has increased. The iron ore fundamentals are likely to weaken, and high - valued ore prices are under pressure. However, the expectation of the peak season and the intervention of varietal arbitrage funds support the short - term high - level volatile trend of ore prices, and it is necessary to guard against the intensification of industrial contradictions [2] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term view is volatile, the medium - term view is volatile, and the intraday view is slightly weaker volatile. The reference is to pay attention to the support at the MA5 line, with the core logic being the change in the supply - demand pattern and the weakening of the upward trend of ore prices [1] Market Driving Logic - The supply - demand pattern of iron ore has changed. Production restrictions have led to a significant short - term decline in ore demand, the contradiction in finished products is accumulating, steel mill profits are shrinking, and demand recovery space is limited. Domestic port arrivals have rebounded, overseas miners' shipments have reached a high level, and ore supply has increased. The fundamentals are likely to weaken, high - valued ore prices are under pressure, and the short - term high - level volatile trend is supported by the peak - season expectation and varietal arbitrage funds [2]