Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The iron ore price is expected to continue its high - level oscillation before steel mills cut production, and the performance of key steel products should be closely monitored [2]. 3. Summary by Relevant Contents 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be oscillatory, while the intraday trend is expected to be oscillatory and slightly stronger. Attention should be paid to the support level at the MA60 line. The core logic is that the supply - demand pattern is weakly stable, and the iron ore price has fallen from its high level [1]. 3.2 Market Driving Logic - Market sentiment is weak, causing the over - valued iron ore price to fall under pressure. The supply - demand pattern of iron ore is weakly stable. The rigid demand for ore is relatively good, providing support for the price. However, the contradictions in the steel market are continuously accumulating, and the positive effects are weakening. - The arrival of ore at domestic ports has reached a new high, and the shipments from miners remain at a high level. Overseas ore suppliers are actively supplying under high prices, and domestic ore supply has also recovered, increasing the supply pressure. - In summary, the supply pressure of ore persists, and combined with the weakening market sentiment, the over - valued iron ore price has fallen under pressure. But the high - level rigid demand for ore continues to support the price, creating resistance to the downward movement [2].