Last week, the relevant state departments investigated issues concerning the surging iron ore prices. On the macro front, China's CPI data was lower than expected. Institutions predicted that the possibility of the US Fed raising interest rates by 50 basis points will increase, arousing wild fluctuations in the market sentiment. In terms of fundamentals, tight iron ore supply, pig iron output returning to a high level, and surging downstream demand all supported iron ore prices. Last week, the trading volume of the most-traded I2305 contract rose WoW, and the open interest declined.