Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The iron ore price is expected to continue its high - level oscillation before steel mills cut production, and the performance of key steel products should be closely monitored [2]. 3. Summary by Relevant Contents 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be oscillatory, while the intraday trend is expected to be oscillatory and slightly stronger. Attention should be paid to the support level at the MA60 line. The core logic is that the supply - demand pattern is weakly stable, and the iron ore price has fallen from its high level [1]. 3.2 Market Driving Logic - Market sentiment is weak, causing the over - valued iron ore price to fall under pressure. The supply - demand pattern of iron ore is weakly stable. The rigid demand for ore is relatively good, providing support for the price. However, the contradictions in the steel market are continuously accumulating, and the positive effects are weakening. - The arrival of ore at domestic ports has reached a new high, and the shipments from miners remain at a high level. Overseas ore suppliers are actively supplying under high prices, and domestic ore supply has also recovered, increasing the supply pressure. - In summary, the supply pressure of ore persists, and combined with the weakening market sentiment, the over - valued iron ore price has fallen under pressure. But the high - level rigid demand for ore continues to support the price, creating resistance to the downward movement [2].

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core Viewpoints of the Report - The iron ore 2601 contract is expected to oscillate in the short - and medium - term, and show a slightly weak oscillation trend intraday. It is recommended to pay attention to the support at the M20 line. The supply - demand pattern is weakly stable, and the ore price will oscillate at a high level [2]. - The iron ore futures price is relatively strong due to improved market sentiment, but the supply - demand pattern has not improved. Ore demand continues to decline, while supply is rising. The ore fundamentals are expected to weaken, and the high - valued ore price is still under pressure. The positive factors are the peak - season expectation and the support of varietal arbitrage funds. The ore price is expected to continue to oscillate at a high level, and attention should be paid to the performance of steel prices [3]. Group 3: Summaries Based on Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are oscillation, and the intraday trend is slightly weak oscillation. The key is to focus on the M20 line support. The core logic is the weakly stable supply - demand pattern and high - level ore price oscillation [2]. Market Driving Logic - Market sentiment has improved, but the iron ore supply - demand pattern remains unchanged. Ore demand is falling as steel mill production weakens and steel product contradictions accumulate with shrinking profits. On the supply side, domestic port arrivals have rebounded as expected, and overseas miners' shipments are at a high level. Although domestic ore production is restricted, overall ore supply is increasing. The ore fundamentals are expected to deteriorate, and the high - valued ore price is under pressure. Positive factors include peak - season expectations and varietal arbitrage funds, and the ore price is expected to oscillate at a high level, with attention on steel prices [3].