1. Report Industry Investment Rating - The investment rating for the iron ore in the black building materials industry is "oscillation" [1] 2. Core Viewpoints of the Report - On Thursday, iron ore futures closed lower, and the night - session also ended down [1] - The supply of five major steel products this week was 7.9406 million tons, a week - on - week decrease of 258,400 tons or 3.2%; the total inventory was 14.4273 million tons, a week - on - week increase of 1.0498 million tons or 7.8%; the weekly apparent consumption was 6.8908 million tons, a week - on - week decrease of 9.4% [1] - This week, the production of rebar, hot - rolled coils and the five major steel products decreased, while the inventory increased, which was in line with expectations. The shipment and arrival of iron ore this period both decreased, as did the port iron ore trading volume. The daily output of molten iron this week was 2.3049 million tons, a week - on - week increase of 191,000 tons [1] - It is expected that the 750 level will still be a strong support for the iron ore main contract before the holiday. Be vigilant against possible concentrated liquidation on the last trading day, which may trigger an unexpected market. It is recommended to hold a light position or be out of the market during the holiday [1] 3. Summary by Relevant Catalogs Market Review - Iron ore futures closed lower on Thursday and in the night - session [1] Important Information - The National Energy Administration stated that in 2025, the new installed capacity of wind and solar power generation in China exceeded 430 million kilowatts, setting a new historical high [1] Market Logic - This week, the production of rebar, hot - rolled coils and the five major steel products decreased, while the inventory increased, which was in line with expectations. The shipment and arrival of iron ore this period both decreased, and the port iron ore trading volume also declined. The daily output of molten iron this week was 2.3049 million tons, a week - on - week increase of 191,000 tons [1] Trading Strategy - It is expected that the 750 level will still be a strong support for the iron ore main contract before the holiday. Be vigilant against possible concentrated liquidation on the last trading day, which may trigger an unexpected market. It is recommended to hold a light position or be out of the market during the holiday [1]