Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - The iron ore market is expected to be weak with limited upside potential without further demand stimulation. The recommended trading strategy is to try to lay out medium - to - long - term short positions above 730 for the main contract, with a stop - loss at 750 [3]. 3. Summary by Relevant Content Black Building Materials - Iron Ore - **Market Performance**: On Thursday, the main iron ore contract closed at 727.0, up 0.14%, and slightly declined at the night session [3]. - **Important Information**: This week, the supply of five major steel products was 872.44 million tons, a week - on - week increase of 4.09 million tons or 0.5%. The total inventory was 1398.54 million tons, a week - on - week decrease of 32.12 million tons or 2.2%. The weekly consumption was 904.56 million tons, a week - on - week decrease of 1.0%. In April 2025, global crude steel production decreased by 0.3% year - on - year to 155.7 million tons [3]. - **Market Logic**: On Thursday, the price of imported iron ore fell. In terms of fundamentals, both the shipment and arrival of iron ore continued to decrease. The current inventory of 45 ports is 140 million tons, still at a relatively high level. The inventory at major ports in Australia and Brazil has reached the peak since the second quarter. The current daily hot metal output is 2.436 million tons, a week - on - week decrease of 117,000 tons, still at a high level. The support and pressure levels of the iron ore futures contract remain unchanged: the support level for the main contract is 700, and the pressure level is 740 [3]. - **Trading Strategy**: Try to lay out medium - to - long - term short positions above 730 for the main contract, with a stop - loss at 750 [3].