Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The iron ore 2601 contract is expected to show a volatile trend in the short - and medium - term, and a slightly weaker volatile trend intraday. Attention should be paid to the support at the MA5 line, as the supply - demand pattern has changed and the upward trend of ore prices has weakened [1] - The supply - demand pattern of iron ore has changed. Short - term ore demand has dropped significantly due to production restrictions, the contradiction in finished products is accumulating, steel mill profits are continuously shrinking, and the room for demand recovery is limited. Meanwhile, domestic port arrivals have rebounded, overseas miners' shipments have returned to a high level, and ore supply has increased. The iron ore fundamentals are likely to weaken, and high - valued ore prices are under pressure. However, the expectation of the peak season and the intervention of varietal arbitrage funds support the short - term high - level volatile trend of ore prices, and it is necessary to guard against the intensification of industrial contradictions [2] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term view is volatile, the medium - term view is volatile, and the intraday view is slightly weaker volatile. The reference is to pay attention to the support at the MA5 line, with the core logic being the change in the supply - demand pattern and the weakening of the upward trend of ore prices [1] Market Driving Logic - The supply - demand pattern of iron ore has changed. Production restrictions have led to a significant short - term decline in ore demand, the contradiction in finished products is accumulating, steel mill profits are shrinking, and demand recovery space is limited. Domestic port arrivals have rebounded, overseas miners' shipments have reached a high level, and ore supply has increased. The fundamentals are likely to weaken, high - valued ore prices are under pressure, and the short - term high - level volatile trend is supported by the peak - season expectation and varietal arbitrage funds [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The iron ore market shows a weak - stable supply - demand pattern, and the ore price is in a state of shock adjustment. The short - term and intraday trends of iron ore 2601 are weakly oscillating, while the medium - term trend is oscillating. Attention should be paid to the pressure at the MA10 line [1]. - The ore demand remains high with certain resilience, which supports the ore price. However, the shrinking steel mill profits and continuous production restrictions weaken the positive effects. Meanwhile, the supply has returned to a high level, causing the ore fundamentals to deteriorate and the over - valued ore price to face continuous pressure [2]. 3) Summary by Related Content - **Market Trend Judgment** - The short - term trend of iron ore 2601 is weakly oscillating, the medium - term is oscillating, and the intraday is also weakly oscillating. The reference view is to pay attention to the pressure at the MA10 line, with the core logic being the weak - stable supply - demand pattern and the shock adjustment of the ore price [1]. - **Market Driving Logic** - Demand side: Steel mills' production is stabilizing, and the terminal consumption of ore is running smoothly at a high level, showing good demand resilience. However, steel mill profits are shrinking, and production restrictions are constantly disturbing, weakening the positive effects [2]. - Supply side: Port arrivals have rebounded as expected, and miners' shipments have increased significantly to the highest level of the year. Overseas ore supply has increased significantly, while domestic ore supply is running in a weak - stable state. Overall, the ore supply has rebounded as expected [2].