1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The iron ore supply - demand pattern is weakening. The steel mills' production is weakly stable, and the terminal consumption of ore continues to decline. The positive factor is that the steel mills' profitability is fair, and the demand remains high, supporting the ore price. However, the arrival of ore at domestic ports has rebounded as expected. Even though the overseas miners' shipments have decreased again, the decline is small, and the continuation of the decline under high ore prices is questionable. The overseas ore supply is expected to increase, and the domestic ore production is weakly stable, so the overall supply will increase steadily. Currently, the ore demand has good resilience, supporting the high - level operation of the ore price, but the supply is rising, and the fundamentals are expected to weaken. Under the game of long and short factors, the ore price is expected to continue the high - level volatile consolidation, and attention should be paid to the performance of finished products [2] 3. Summary According to the Catalog 3.1 Variety View Reference - For the iron ore 2509 contract, the short - term trend is volatile, the medium - term trend is volatile, and the intraday trend is slightly stronger. It is recommended to pay attention to the support at the MA20 line. The core logic is that the supply - demand pattern is weakening, and the ore price is undergoing volatile adjustment [1] 3.2 Market Driving Logic - The iron ore supply - demand pattern is weakening. The steel mills' production is weakly stable, and the terminal consumption of ore continues to decline. The steel mills' good profitability maintains high - level demand, supporting the ore price. The arrival of ore at domestic ports has rebounded, and the overseas ore supply is expected to increase. The domestic ore production is weakly stable, and the overall supply will increase steadily. The ore demand has good resilience, but the supply is rising, so the fundamentals are expected to weaken. The ore price is expected to continue the high - level volatile consolidation, and attention should be paid to the performance of finished products [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The iron ore market is expected to continue high - level volatile consolidation, and attention should be paid to the trend of finished steel products. The demand for iron ore has some resilience, which supports the ore price, but the supply of iron ore will increase while the demand is weakly stable. Under the situation of increasing supply and stable demand, the fundamentals of the iron ore market will weaken [2]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2509 contract, the short - term view is weakly volatile, the medium - term view is volatile, and the intraday view is also weakly volatile. It is recommended to pay attention to the pressure at the MA10 line. The core logic is that market sentiment has weakened and the ore price is adjusting at a high level [1]. 3.2 Market Driving Logic - The supply and demand sides of iron ore have changed. Steel mill production has weakened, and the terminal consumption of ore has declined but remains at a high level within the year. Steel mills' profitability is good, and the resilience of ore demand still exists, which supports the ore price. Meanwhile, the arrival of ore at domestic ports has decreased as expected on a monthly basis, but according to ship schedules, subsequent arrivals are unlikely to decrease. On the contrary, the shipments of overseas miners have continued to increase, and they are expected to be active in shipping at high ore prices. Coupled with the recovery of domestic ore production, the ore supply will increase again [2].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The iron ore market presents a situation of strong reality and weak expectation, and the ore price continues to fluctuate. The short - term, medium - term, and intraday trends of iron ore 2509 are respectively: short - term is fluctuating, medium - term is fluctuating, and intraday is weakly fluctuating. It is necessary to pay attention to the pressure at the MA60 line [1]. - The iron ore supply - demand pattern has changed. The high - level ore demand has slightly declined, providing some support for the ore price, but the concern of reaching the peak has materialized with a weak positive effect. The port arrivals and overseas miners' shipments remain high, and domestic ore production is also active, resulting in a large supply pressure. Supported by the logic of discount repair, the ore price has rebounded from the low level, but the demand is approaching the peak and the supply remains high, so the fundamental expectation is weakening [2]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Regarding iron ore 2509, the short - term trend within a week is fluctuating, the medium - term trend from two weeks to one month is fluctuating, and the intraday trend is weakly fluctuating. The reference view is to pay attention to the pressure at the MA60 line, and the core logic is the situation of strong reality and weak expectation with the ore price continuing to fluctuate [1]. Market Driving Logic - The iron ore supply - demand pattern has changed. The high - level demand has slightly declined, which still supports the ore price, but the concern of reaching the peak has been realized with a weak positive effect. The port arrivals and overseas miners' shipments are at a high level, and domestic ore production is also active, leading to large supply pressure. Supported by the discount repair logic, the ore price has rebounded from the low level. However, the demand is approaching the peak and the supply remains high, so the fundamental expectation is weakening, and the iron - water change should be monitored [2].