Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The short - term positive factors for iron ore have been realized, and the upward driving force has slowed down [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Information**: The closing price of iron ore futures was 736.5 yuan/ton, down 0.5 yuan or - 0.07%. The previous day's position was 757,976 lots, with an increase of 13,617 lots [4]. - **Spot Price**: Imported ore prices decreased, with the price of 65% Carajás fines dropping 3 yuan to 863 yuan/ton, 61.5% PB fines down 5 yuan to 773 yuan/ton, 61% Jimbobara fines down 2 yuan to 738 yuan/ton, and 56.5% Super Special fines down 4 yuan to 642 yuan/ton. Domestic ore prices remained unchanged [4]. - **Spread**: The basis of 12505 contract against Super Special fines decreased by 10.4 yuan to 48 yuan/ton, and against Jimbobara fines decreased by 8.2 yuan to 17.3 yuan/ton. The spread between 12509 - 12601 increased by 1 yuan to 38.5 yuan/ton, and 12505 - 12509 increased by 6.5 yuan to 65 yuan/ton. The difference between Carajás fines and PB fines increased by 2 yuan to 90 yuan/ton, PB - Jimbobara decreased by 3 yuan to 35 yuan/ton, and PB - Super Special decreased by 1 yuan to 131 yuan/ton [4]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, a year - on - year increase of 8% [4]. 3.3 Trend Intensity - The trend intensity of iron ore is - 1, indicating a relatively bearish outlook [4].