Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Recently, iron ore has rebounded from its bottom. The main reasons are the marginal improvement in the supply - demand relationship and inventory data of rebar, the recovery of hot metal production due to the weakening impact of environmental protection restrictions in North China, and the relatively high basis of iron ore, which provides a basis for price rebound [3] - In the short - term, there is a lack of macro - drivers. The peak of foreign ore supply has passed, and the shipping volume and arrival volume are expected to decline gradually. On the demand side, the hot metal production fluctuates in the short - term but will show a downward trend this year. The inventory will tend to accumulate, but the inventory level at the steel mill is low, and the basis rate and internal - external price difference are large. The current price is expected to be at a neutral position and will mainly fluctuate within a range [3] 3. Summary by Related Catalogs Supply - The weekly shipping volume of foreign ores has been increasing continuously on a week - on - week basis, with significant increases in shipments from Australia and Brazil, but the arrival volume has dropped significantly on a week - on - week basis. According to seasonal patterns and the shipping targets of major mines this year, the peak of foreign ore supply may have passed, and the supply pressure may decline on a week - on - week basis later [3] Demand - Domestic demand has increased on a week - on - week basis. After the lifting of production restrictions in Hebei, it has returned to full production. In this period, 7 blast furnaces were newly overhauled and 5 were restarted. Blast furnace overhauls mainly occurred in Hebei, Henan, Jiangsu, Jiangxi, etc. due to weak demand and losses; blast furnace restarts mainly occurred in Southwest, Northeast, Hebei, and Henan. The blast furnace in Southwest restarted after a long - term shutdown and is expected to be shut down for maintenance by the end of the year, while other regions restarted after the end of scheduled overhauls. Overall, the blast furnace operating rate and profitability have been continuously declining due to environmental protection and weak terminal demand, but the decline rate is not high. With steel mills entering the seasonal restocking cycle, domestic iron ore demand is expected to remain resilient [3] Price - The price operates within a range. The main contract of Dalian iron ore futures is in the range of 765 - 790 yuan/ton, corresponding to an external market price of about 103.5 - 105.0 US dollars/ton [3] Strategy - Adopt range - bound operations and sell call options [3]