Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The macro - drive is positive, and the prices of the black series have rebounded. The supply - demand contradiction of iron ore is weak, but the pressure of profit contraction in the industrial chain and the structural contradiction of finished product inventory limit the upside of prices. However, the domestic demand is resilient, and the basis of iron ore has strengthened year - on - year and month - on - month, with improved market sentiment. It is expected that the price will continue to rebound, and the price will run in a range [2][3][4]. 3) Summary by Relevant Catalogs Supply - Outer ore shipments increased slightly month - on - month, with stable shipments from Australia and a relative rebound in shipments from Brazil to a high - shipment range. The arrival volume dropped significantly for two consecutive weeks. Overall, the supply of outer ore increased steadily, and the immediate supply decreased significantly month - on - month, strengthening the support at the supply end [3]. Demand - Domestic demand continued to decline month - on - month due to environmental protection in Hebei causing some steel mills to shut down or reduce loads. Although the blast furnace operating rate increased this week, the molten iron output decreased. The loss range of steel mills expanded, and the profitability rate dropped to the lowest level of the year. The blast furnace operating rate and profitability rate continued to decline slowly, and considering the seasonal restocking cycle of steel mills, domestic iron ore demand is expected to remain resilient [4]. Inventory - The inventory level at the steel mill end increased slightly month - on - month as steel mills entered the seasonal restocking cycle. Due to the high arrival volume and a decline in the port clearance volume caused by weather, port inventories continued to accumulate month - on - month [4]. Price - The price will run in a range. The main contract of Dalian iron ore will be in the range of 785 - 820 yuan/ton, corresponding to an outer - market price of about 105 - 108 US dollars/ton [5]. Strategy - Adopt range operation and covered call options [5].