Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The iron ore market sentiment is weakening, and the high - valued ore price has declined. However, due to the supply - weak and demand - increasing situation, the downside space is limited, and the ore price is expected to enter a high - level oscillatory adjustment phase. Attention should be paid to the performance of finished steel products [3]. - For the iron ore 2509 contract, the short - term, medium - term, and intraday trends are all suggested to focus on the support at the MA5 line, with short - term and medium - term trends being oscillatory, and the intraday trend being oscillatory and weakening [2]. 3. Summary by Relevant Content 3.1 Variety Viewpoint Reference - The short - term, medium - term, and intraday trends of the iron ore 2509 contract are oscillatory, oscillatory, and oscillatory and weakening respectively. The core logic is that the market sentiment is weakening, and the ore price is undergoing oscillatory adjustment. It is recommended to focus on the support at the MA5 line [2]. 3.2 Market Driving Logic - The optimistic sentiment in the iron ore market is weakening, causing the high - valued ore price to decline. But the supply - demand pattern has improved, with inventory depletion. Steel mills are actively producing, terminal ore consumption has increased, and the profitability of steel mills is good, resulting in strong ore demand, which supports the ore price [3]. - Domestic port arrivals have decreased as expected. Although the shipments of overseas miners have rebounded from a low level, based on shipping schedules, short - term domestic arrivals will still decline, indicating a contraction in overseas ore supply. Meanwhile, domestic ore production has stabilized, leading to low overall ore supply [3].