Black iron ore futures showed weak volatility, with the May iron ore ending at 723.5 yuan, up 2.77%, with a trading volume of 781,500 and a daily increase of 23,200 contracts. In the morning, traders mainly quoted on a case-by-case basis, with most traders raising their prices; trading prices in Tangshan area: PB fines at 825 yuan/ton, mixed fines at 645 yuan/ton, and ultra-fines at 525 yuan/ton; trading prices in Shandong area: PB fines at 825/830 yuan/ton, coking fines at 1030/1035 yuan/ton, and Newmans lump at 1040 yuan/ton. The import ore spot market is performing strongly. Today, the market saw volatility and upward movement, with increased positions and active inquiries, with traders mainly focusing on selling. On the steel mill side, purchases are still cautious, with replenishing inventory as needed. Due to the increased inventory of steel mills, actual transactions are generally moderate. The trading sentiment throughout the day was not overly bullish. On the supply side, as the shipment volumes from Australia and Brazil decline, the supply side is expected to tighten seasonally, supporting the rise in ore prices. However, as the market hype fades, the market will eventually return to the demand side, and the upward momentum may be insufficient. Overall, it is expected that the iron ore market may experience wide-range volatility in the short term.