Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The supply has generally improved, demand has declined, and the supply - demand structure has weakened on a month - on - month basis. In the short term, the bullish sentiment in the market may cool down, but the resilience of iron ore demand may be repeatedly traded, making it difficult to return to a downward trend. The strategy is to mainly wait and see and wait for the market to stabilize [1] Group 3: Summary by Relevant Catalogs Market Overview - On July 29, black - series commodity futures showed mixed performance. Rebar closed at 3347 yuan/ton, up 1.98%; hot - rolled coil closed at 3503 yuan/ton, up 2.01%; iron ore's main contract closed at 798 yuan/ton; coking coal and coke continued to decline, with coking coal's decline exceeding 6% [1] Market Analysis - Market sentiment has recovered. Iron ore futures rose with finished products, ending a four - day losing streak. There is a need for a rebound after continuous decline, and the prices of finished products and raw materials have risen in tandem. Long - process steel mills' profits have not been significantly compressed. Short - term foreign ore supply has decreased, domestic demand remains high, and the short - term accumulation pressure of port inventories is small, so iron ore is in a relatively strong real - world situation [1] - Last week, the inventory of five major steel products decreased slightly by 1.16 tons to 1336.5 tons, for the fourth consecutive week of small declines. Production decreased slightly by 1.22 tons, and the weekly change in apparent demand was small. The off - season characteristics are not obvious. Terminal market demand in the off - season maintains resilience, and the profitability of steel mills is good. The profitability rate of 247 steel mills has increased to 63.64%, a nine - month high. The blast furnace operating rate and iron - making capacity utilization rate have slightly declined, reaching 83.46% and 90.81% respectively. The daily average pig iron output has decreased by 0.21 tons to 242.23 tons, with a year - on - year increase of 1.09%. In the traditional off - season, iron ore demand maintains resilience [1] - The total global iron ore shipment volume this period increased by 91.8 tons week - on - week to 3200.9 tons, reaching a one - month high and being at a relatively high level in the same period in recent years. Australia's shipment volume increased sharply by 230.2 tons to 1859.6 tons, an increase of over 14%. Brazil's shipment volume decreased slightly, and the shipment volume from non - mainstream regions decreased by over 20%. From July 21 to July 27, the total arrival volume at 47 Chinese ports was 2319.7 tons, a week - on - week decrease of 192.1 tons. Port inventories decreased again. The total inventory of imported iron ore at 47 Chinese ports was 14281.73 tons, a decrease of 106.83 tons from the previous Monday; the total inventory at 45 ports was 13686.23 tons, a week - on - week decrease of 97.63 tons [1] Investment Advice - Iron ore: Pay attention to supply - demand changes and inventory conditions, and avoid chasing high prices [1] - Rebar: Investors are advised to adopt a shock - based approach in the short term and pay attention to the spread between hot - rolled coil and rebar [1] - Hot - rolled coil: Investors are advised to adopt a high - level consolidation approach in the short term and pay attention to supply - demand changes [1] - Coking coal and coke: Pay attention to the shock market after the decline stabilizes or the strength - weakness relationship between coking coal and coke [1]