银河期货铁矿石日报-20251120

Report Summary - Report Date: November 20, 2025 - Report Type: Iron Ore Daily Report 1. Futures and Spot Market Data - Futures Prices: DCE01 closed at 788.5, down 3.0 from yesterday; DCE05 at 753.0, down 2.0; DCE09 at 728.0, down 2.0 [2] - Spot Prices: PB powder (60.8%) remained unchanged at 790; Newman powder dropped 2 to 790; Macarthur powder dropped 2 to 786; etc [2] - Base Prices: The optimal delivery product is Carajás fines, with 01 factory - warehouse basis at 46, 05 at 82, and 09 at 107 [2] - Price Spreads: Carajás fines - PB powder spread decreased 5 to 94; Newman powder - Jinbuba powder spread decreased 2 to 44; etc [2] - Import Profits: Carajás fines' import profit decreased 13 to 3; Newman powder's decreased 1 to 18; etc [2] - Platts Index: Platts 62% iron ore price dropped 0.1 to 105.1; Platts 65% dropped 0.1 to 117.1; Platts 58% dropped 0.1 to 93.9 [2] - Domestic - Foreign Dollar Spreads: SGX main - DCE01 spread decreased 1.0 to 2.2; SGX main - DCE05 spread decreased 0.7 to 6.8; SGX main - DCE09 spread decreased 0.5 to 10.0 [2] 2. Graphical Data - Base Price Graphs: There are graphs showing the basis between the optimal delivery product and 01, 05, 09 contracts over time [8][11] - Import Profit Graphs: Graphs display the import profits of PB powder, PB lump, Super Special powder, Carajás fines over the years [13][20] - Price Spread Graphs: Graphs show the price spreads of PB lump - PB powder, Carajás fines - PB powder, and iron ore domestic - foreign dollar spreads [24][28] - Profit - Spread Relationship Graph: A graph shows the relationship between steel mill cash profits and high - medium - low grade price spreads [28]