Report Overview - The report is the Baocheng Futures Iron Ore Morning Report on April 28, 2025, providing views and analysis on the iron ore 2509 contract [1]. Investment Rating - No investment rating for the industry is provided in the report. Core View - The iron ore 2509 contract is expected to continue its low - level oscillatory trend. The supply and demand pattern is weakly stable, and the price is affected by both supporting and negative factors. Attention should be paid to the limit - production policy situation [1][2]. Summary by Section Variety View Reference - For the iron ore 2509 contract, the short - term (within one week) view is oscillatory, the medium - term (two weeks to one month) view is also oscillatory, and the intraday view is weakly oscillatory. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the supply - demand pattern is weakly stable, leading to low - level oscillations of the ore price [1]. Market Driving Logic - The expectation of limit - production policies has reappeared, putting pressure on raw material prices. Although the high rigid demand and pre - holiday restocking support the ore demand, the inventory has not decreased, indicating that the fundamentals of the ore have not substantially improved. There is still an expectation of supply recovery and concerns about demand reaching its peak, so the negative factors remain, and the ore price is expected to continue its low - level oscillatory trend [2].