Report Overview - The investment rating for the iron ore industry is not provided in the report [1] Core Viewpoints - The iron ore market shows a weak supply - demand pattern, with the price of iron ore under pressure due to unchanged supply - demand conditions. The short - term view is weak, the medium - term view is volatile, and the intraday view is weakly volatile [1][2] Summary by Relevant Content Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term outlook is weak, the medium - term is volatile, and the intraday is weakly volatile. The overall view is weakly volatile, with the core logic being that the supply - demand pattern has not improved and the ore price is under pressure [1] Market Driving Logic - The supply - demand pattern of iron ore is weak. Steel mill production is stable, terminal ore consumption is weakening, and steel mills' profitability is poor, so the demand remains weak. Meanwhile, domestic port arrivals have increased significantly, overseas miners' shipments are still at a high level this year despite a slight decline, and domestic ore supply is stable, keeping the ore supply at a high level. Although short - term positive factors support the ore price to rise, the fundamentals of the ore market have not improved, and the price is likely to be under pressure and run weakly, depending on the performance of steel [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The short - term, medium - term, and intraday views of iron ore 2601 are "oscillation", "oscillation", and "oscillation and weakening" respectively. It is recommended to pay attention to the pressure at the MA20 line. The core logic is that the current situation is weak and the driving force for the upward movement of ore prices is not strong [1]. 3. Summary by Related Contents Market Driving Logic - The decline of coking coal and coke led to the withdrawal of arbitrage funds, causing the iron ore futures price to rebound from a low level. However, the supply - demand pattern of iron ore has not improved. Steel mill production is weakening, the terminal consumption of ore continues to decline, and the industrial contradictions in the steel market have not been alleviated. Demand is unlikely to improve substantially, which will still suppress ore prices. At the same time, both the arrival of ore at domestic ports and the shipments of overseas miners have declined, but they are still at relatively high levels this year. Domestic ore production is weakly stable, and the supply pressure remains. In summary, iron ore demand is weakening while supply remains high. Under the situation of strong supply and weak demand, the fundamentals of the ore market are weak, and the ore price will continue to be under pressure. Attention should be paid to the performance of steel [2].

Report Summary 1. Report Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View of the Report - The iron ore 2601 contract is expected to show a weak - oscillating trend in the short - term, medium - term, and intraday periods. The core logic is that the supply - demand pattern of iron ore has weakened, leading to a weakening of the ore price. The high - valued ore price continues to be under pressure and weakens under the dominance of the real - world logic, and attention should be paid to the performance of steel [2][3]. 3. Summary by Related Content Variety View Reference - For the iron ore 2601 contract, the short - term, medium - term, and intraday trends are all described as weak - oscillating. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the weakening of the supply - demand pattern and the weak operation of the ore price [2]. Market Driving Logic - The supply - demand pattern of iron ore has weakened. Port inventories are rapidly accumulating, steel mill production is weakening, terminal consumption of ore is declining, and the industrial contradictions in the steel market remain unresolved, with the weak demand pattern difficult to change, which continues to drag down the ore price. At the same time, the arrival of ore at domestic ports has increased significantly, while the shipments of overseas miners have slightly declined from the high level, but the overall supply of foreign ore is still active. Coupled with the increase in domestic ore supply, the supply pressure of ore is relatively large. In summary, the supply of iron ore is high, while the demand continues to weaken, and the fundamentals of ore are not good [3].

Group 1: Report Industry Investment Rating - No relevant content, skipped. Group 2: Core Viewpoints of the Report - The iron ore price is expected to continue an oscillating trend due to the game between bullish and bearish factors. The high - valued ore price is likely to face pressure under the situation of strong supply and weak demand [2]. - For the iron ore 2601 contract, the short - term and medium - term trends are oscillating, and the intraday trend is oscillating weakly. Attention should be paid to the support at the MA5 line [1]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term trend is oscillating, the medium - term trend is oscillating, and the intraday trend is oscillating weakly. The reference view is to pay attention to the support at the MA5 line, with the core logic being that market sentiment has warmed up and the ore price has bottomed out and rebounded [1]. Market Driving Logic - Market sentiment has warmed up, and the iron ore futures price has rebounded from a low level. However, the supply - demand pattern has changed little. Steel mill production is weakening, and the terminal consumption of ore is continuously falling. With the industrial contradictions in the steel market unresolved and the resurgence of production restrictions, demand is expected to continue to decline [2]. - Affected by weather factors, the arrival of ore at domestic ports has unexpectedly declined, but overseas ore shipments remain high. According to shipping schedules, subsequent arrivals will increase, and domestic ore production is normal, so the ore supply is stabilizing at a high level [2]. - Currently, although the market sentiment has warmed up and the iron ore price has rebounded from a low level, the supply remains high while the demand continues to weaken. Under the situation of strong supply and weak demand, the ore fundamentals are poor, and the high - valued ore price is prone to pressure [2].