Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The iron ore 2509 contract is expected to be under pressure, with short - term, medium - term trends being volatile and the intraday trend being weakly volatile. Attention should be paid to the pressure at the MA5 line. The core logic is that the supply has returned to a high level, and the ore price is under pressure [1]. 3. Summary by Relevant Catalog 3.1 Variety View Reference - For the iron ore 2509 contract, the short - term and medium - term trends are "volatile", and the intraday trend is "weakly volatile". The view reference is to pay attention to the pressure at the MA5 line, and the core logic is that the supply has returned to a high level, causing the ore price to be under pressure [1]. 3.2 Market Driving Logic - High rigid demand combined with pre - holiday restocking has led to good ore demand, providing support for the ore price. However, it has not led to inventory depletion, mainly due to the high ore supply. The supply recovery expectation remains, while there are concerns about the demand reaching its peak. The ore fundamentals have not improved substantially, and the ore price is expected to continue to be under pressure. Attention should be paid to the performance of finished steel [2].