Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The unexpected easing of Sino-US trade relations has led to an upward revision of iron ore valuation. With the suspension of 90-day (24% reciprocal tariffs), the market has adjusted its expectations of declining exports. Iron ore is in a pattern of high demand, high discounts, and inventory reduction, resulting in greater price elasticity [3]. - In the short term, the trading focus tends to be on strong reality and sentiment repair. With the domestic macro - policy in a vacuum and weak expectations of incremental policies, the market is expected to be more dominated by macro - sentiment repair, and the influence of fundamentals will decrease [5]. 3. Summary by Related Catalogs Supply - The supply of foreign mines has increased significantly on a month - on - month basis, and the year - on - year decline is narrowing. In May, it is the peak season for foreign mine shipments, and mainstream mines are expected to maintain a steady and rising shipment trend, with the supporting force on the supply side gradually weakening [3]. Demand - Domestic demand is at a historically high level. Iron water production has declined to 244.8 (-0.87) on a month - on - month basis, indicating a short - term peak in demand. However, with a high profit rate for steel mills and an upward - revised export expectation, iron water production is expected to decline at a high level with a gentle slope, having a small impact on prices in the short term [4]. Inventory - Given the high domestic demand in May, port inventory is expected to remain stable or decline. However, the overall inventory is at a high level, and the phased inventory reduction at a high level cannot provide upward momentum [5]. Strategy - It is recommended to conduct range - bound operations. The market will mainly fluctuate within a range, with the price center shifting upward periodically. The pressure range for the i2509 contract is 720 - 750 yuan/ton, and the price range for the outer - market FE06 contract is 98 - 102 US dollars/ton [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Due to the unexpected easing of Sino - US trade relations, the short - term trading focus tends to trade strong reality and emotional repair. With the short - term domestic macro - policy in a complete vacuum, the expectation of incremental policies is weak, demand has basically peaked, and as the supply side continues to recover, it is expected to be more dominated by macro - emotional repair in the short term, with the influence of fundamentals decreasing [3][4]. 3. Summary by Related Catalogs Logic - The unexpected easing of Sino - US trade relations has led to an upward revision of the valuation of the black series. The suspension of 90 - day (24% reciprocal tariffs) has strengthened the behavior of seizing exports to the US, and the market has revised its expectation of export decline. The price of the black series has risen collectively, and the price of iron ore has rebounded more strongly due to high demand, high discount, and inventory depletion [3]. Supply - The overall shipment of foreign mines is stable, and the year - on - year decline is narrowing. May is the peak season for foreign mine shipments, and the shipments of mainstream mines are expected to maintain a steady upward trend, with the supporting force on the supply side weakening marginally [3]. Demand - Domestic demand is at a high level in the same historical period. The hot metal has decreased to 244.8 (- 0.87) month - on - month, indicating a short - term peak in demand. However, the profitability rate of steel mills is high and the export expectation has been revised upwards. It is expected that the hot metal will decline at a high level with a relatively low downward slope, and the short - term impact on prices is small [3]. Inventory - Given the current high domestic demand level, the port inventory in May will remain relatively stable or tend to be depleted. However, the overall inventory is at a high level, and the phased de - stocking at a high inventory level is difficult to provide upward driving force [3]. Strategy - It is recommended to conduct range operations, with the overall price still in a range - bound pattern and the price center shifting upwards periodically. The price pressure range of the i2509 contract is 720 - 750 yuan/ton, and the price range of the foreign FE06 contract is 98 - 102 US dollars/ton [4].