Report Summary 1. Industry Investment Rating - Not provided 2. Core View - The high port inventory, negative landing profit and weak terminal demand are putting pressure on the iron ore market, and the de - stocking pressure of steel products is being transmitted upstream. However, factors such as supply - side disruptions and the recovery of steel mills' production after the Two Sessions will support the iron ore price, making it fluctuate with a slightly upward trend [1] 3. Summary by Relevant Catalogs 3.1. Spot and Basis - The spot price of PB powder at Rizhao Port converted to the futures price is 831 yuan/ton, with a basis of 36; the spot price of Brazilian mixed ore at Rizhao Port converted to the futures price is 841 yuan/ton, with a basis of 46, indicating a bullish signal [1] 3.2. Supply and Inventory - The port inventory is 17891.3 tons, showing a year - on - year increase and a week - on - week increase, which is a bearish factor. Also, the Sino - BHP negotiation setbacks and the impact of the US - Iran conflict on iron ore shipments are adding supply - side disturbances [1] 3.3. Demand and Downstream - The terminal demand is weak, and the de - stocking pressure of steel products is being transmitted upstream. But after the end of the Two Sessions, steel mills' production is recovering, which will strongly support the iron ore price [1]