1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On Wednesday, the I2605 contract rebounded but was blocked. The US and Iran have released statements indicating a relaxation of the conflict, and the decline in oil prices has weakened the support for iron ore prices. The current supply and demand situation shows that the shipment volume of Australian and Brazilian iron ore has decreased, the arrival volume has increased, the blast furnace operating rate and molten iron output of steel mills have continued to rise, and port inventories have declined. The expectation of increased demand will drive further inventory reduction. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are running below the 0 - axis. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract is 812.00 yuan/ton, up 4.00 yuan; the trading volume is 347,799 lots, down 5,825 lots; the 5 - 9 contract spread is 23 yuan/ton, up 1.50 yuan; the net position of the top 20 in the I contract is - 981 lots, down 1,765 lots; the Dalian Commodity Exchange warehouse receipts are 3,300 lots, up 3,300 lots; the Singapore iron ore main contract is quoted at 106.5 US dollars/ton as of 15:00, up 1.02 US dollars [2] 3.2 Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 835 yuan/dry ton, up 5 yuan; the price of 60.5% Mac fines at Qingdao Port is 824 yuan/dry ton, up 5 yuan; the price of 56.5% Super Special fines at Jingtang Port is 742 yuan/dry ton, unchanged; the basis of the I main contract (Mac fines dry ton - main contract) is 12 yuan, up 1 yuan; the 62% Platts iron ore index (previous day) is 107.65 US dollars/ton, down 0.85 US dollars; the ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port is 3.15, down 0.01; the estimated import cost is 855 yuan/ton, down 9 yuan; the global iron ore shipment volume (weekly) is 2,472.40 tons, down 671.90 tons; the arrival volume at 47 ports in China (weekly) is 2,626.70 tons, up 243.60 tons; the iron ore inventory at 47 ports (weekly) is 17,666.83 tons, down 147.35 tons; the iron ore inventory of sample steel mills (weekly) is 8,978.56 tons, down 55.50 tons [2] 3.3 Industry Situation - The iron ore import volume (monthly) is 9,764.00 tons, down 1,475.00 tons; the available days of iron ore (weekly) are 25 days, up 6 days; the daily output of 266 mines (weekly) is 40.16 tons, down 0.69 tons; the operating rate of 266 mines (weekly) is 63.62%, down 0.67%; the iron concentrate inventory of 266 mines (weekly) is 61.95 tons, down 1.18 tons; the BDI index is 1,995.00, down 22.00; the iron ore freight rate from Tubarao, Brazil to Qingdao is 30.12 US dollars/ton, down 0.08 US dollars; the iron ore freight rate from Western Australia to Qingdao is 11.12 US dollars/ton, up 0.14 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 81.05%, up 1.25%; the blast furnace capacity utilization rate of 247 steel mills (weekly) is 86.65%, up 1.10%; the domestic crude steel output (monthly) is 6,818 tons, down 169 tons [2] 3.5 Option Market - The historical 20 - day volatility of the underlying (daily) is 15.55%, down 0.12%; the historical 40 - day volatility of the underlying (daily) is 15.94%, up 0.01%; the implied volatility of at - the - money call options (daily) is 19.98%, up 0.66%; the implied volatility of at - the - money put options (daily) is 21.00%, up 1.26% [2] 3.6 Industry News - From March 23 to March 29, 2026, the global iron ore shipment volume was 2,472.4 tons, a week - on - week decrease of 671.9 tons. The total shipment volume of Australian and Brazilian iron ore was 1,875.1 tons, a week - on - week decrease of 684.3 tons. The Australian shipment volume was 1,033.8 tons, a week - on - week decrease of 961.9 tons, and the volume shipped from Australia to China was 839.2 tons, a week - on - week decrease of 795.6 tons. The Brazilian shipment volume was 841.4 tons, a week - on - week increase of 277.6 tons. - From March 23 to March 29, 2026, the arrival volume at 47 ports in China was 2,626.7 tons, a week - on - week increase of 243.6 tons; the arrival volume at 45 ports in China was 2,426.3 tons, a week - on - week increase of 154.7 tons; the arrival volume at the six northern ports was 1,198.1 tons, a week - on - week increase of 147.7 tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On Monday, the I2605 contract traded in a range. The macro - situation involves the US military's quick - decision plan for ground warfare. In terms of supply and demand, the iron ore shipments from Australia and Brazil decreased this period, while the arrivals increased. Steel mills' blast furnace operating rates and molten iron production continued to rise, port inventories declined, and the expected increase in demand will drive further inventory reduction, providing support for iron ore prices. Technically, the 1 - hour MACD indicator of the I2605 contract shows DIFF and DEA running near the 0 - axis. It is recommended for short - term trading with attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - I main contract closing price: 813.00 yuan/ton, up 1.00 yuan [2] - I main contract position: 371,421 lots, down 15,823 lots [2] - I 5 - 9 contract spread: 22 yuan/ton, down 2.00 yuan [2] - I contract top 20 net position: - 5,545 lots, up 1,075 lots [2] - Dalian Commodity Exchange iron ore warehouse receipts: 2,700.00 lots, down 500.00 lots [2] - Singapore iron ore main contract quote at 15:00: 107.25 US dollars/ton, up 0.30 US dollars [2] 3.2 Spot Market - Qingdao Port 61.5% PB powder ore: 846 yuan/dry ton, up 1 yuan [2] - Qingdao Port 60.5% Mac fine ore: 823 yuan/dry ton, up 5 yuan [2] - Jingtang Port 56.5% Super Special fine ore: 742 yuan/dry ton, unchanged [2] - I main contract basis (Mac fine dry ton - main contract): 10 yuan, up 4 yuan [2] - Iron ore 62% Platts Index (previous day): 108.10 US dollars/ton, down 0.40 US dollars [2] - Ratio of Jiangsu scrap steel to Qingdao Port 60.5% Mac fine ore: 3.21, unchanged [2] - Estimated import cost: 861 yuan/ton, down 2 yuan [2] - Global iron ore shipments (weekly): 2,472.40 million tons, down 671.90 million tons [2] - China's 47 - port arrivals (weekly): 2,626.70 million tons, up 243.60 million tons [2] - 47 - port iron ore inventory (weekly): 17,666.83 million tons, down 147.35 million tons [2] - Sample steel mills' iron ore inventory (weekly): 8,978.56 million tons, down 55.50 million tons [2] 3.3 Industry Situation - Iron ore imports (monthly): 9,764.00 million tons, down 1,475.00 million tons [2] - Iron ore available days (weekly): 25.00 days, up 6 days [2] - 266 mines' daily output (weekly): 40.16 million tons, down 0.69 million tons [2] - 266 mines' operating rate (weekly): 63.62%, down 0.67% [2] - 266 mines' iron concentrate inventory (weekly): 61.95 million tons, down 1.18 million tons [2] - BDI index: 2,031.00, up 17.00 [2] - Iron ore freight rate: Tubarao, Brazil - Qingdao: 30.48 US dollars/ton, down 0.08 US dollars [2] - Iron ore freight rate: Western Australia - Qingdao: 10.99 US dollars/ton, up 0.39 US dollars [2] 3.4 Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 81.05%, up 1.25% [2] - 247 steel mills' blast furnace capacity utilization rate (weekly): 86.65%, up 1.10% [2] - Domestic crude steel output (monthly): 6,818 million tons, down 169 million tons [2] 3.5 Option Market - Underlying historical 20 - day volatility (daily): 15.38%, up 0.02% [2] - Underlying historical 40 - day volatility (daily): 16.21%, down 0.20% [2] - At - the - money call option implied volatility (daily): 21.95%, down 0.82% [2] - At - the - money put option implied volatility (daily): 22.08%, up 0.22% [2] 3.6 Industry News - From March 23 to March 29, 2026, Mysteel's global iron ore shipments totaled 2,472.4 million tons, a week - on - week decrease of 671.9 million tons. The total shipments from Australia and Brazil were 1,875.1 million tons. Brazil's shipments were 841.4 million tons, a week - on - week increase of 277.6 million tons [2] - From March 23 to March 29, 2026, China's 47 - port arrivals totaled 2,626.7 million tons, a week - on - week increase of 243.6 million tons; 45 - port arrivals totaled 2,426.3 million tons, a week - on - week increase of 154.7 million tons; the arrivals at the six northern ports totaled 1,198.1 million tons, a week - on - week increase of 147.7 million tons. Australia's shipments were 1,033.8 million tons, a week - on - week decrease of 961.9 million tons, and the amount shipped from Australia to China was 839.2 million tons, a week - on - week decrease of 795.6 million tons [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Thursday, the I2605 contract fluctuated and trended stronger. Macroeconomically, the US White House stated that the negotiations between the US and Iran are "ongoing and productive", and Trump instructed the US Department of Defense to suspend the strike on Iran's power and energy infrastructure. If Iran refuses to accept the reality, the US will take tougher actions. In terms of supply and demand, the shipment and arrival volumes of iron ore from Australia and Brazil increased this period, the domestic port inventory declined, the blast furnace operating rate and molten iron output increased, and there is an expectation of increased demand. However, the chaotic situation between the US and Iran affects market sentiment. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are testing the 0 - axis support. It is recommended for short - term trading with attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - I main contract closing price: 817.00 yuan/ton, up 10.50 yuan [2] - I main contract open interest: 408,026 lots, down 6,288 lots [2] - I 5 - 9 contract spread: 29.5 yuan/ton, up 0.50 yuan [2] - I contract top 20 net open interest: - 13,809 lots, down 3,537 lots [2] - I Dalian Commodity Exchange warehouse receipts: 3,200.00 lots, unchanged [2] - Singapore iron ore main contract quote as of 15:00: 107.35 US dollars/ton, up 2.16 US dollars [2] 3.2 Spot Market - Qingdao Port 61.5% PB powder ore: 851 yuan/dry ton, down 5 yuan [2] - Qingdao Port 60.5% Mac fine ore: 830 yuan/dry ton, down 10 yuan [2] - Jingtang Port 56.5% Super Special fine ore: 739 yuan/dry ton, down 11 yuan [2] - I main contract basis (Mac fine dry ton - main contract): 13 yuan, down 20 yuan [2] - Iron ore 62% Platts Index (previous day): 106.50 US dollars/ton, down 2.20 US dollars [2] - Ratio of Jiangsu scrap steel to Qingdao Port 60.5% Mac fine ore: 3.19, up 0.02 [2] - Estimated import cost: 846 yuan/ton, down 15 yuan [2] - Global iron ore shipment volume (weekly): 3,144.30 tons, up 95.50 tons [2] - China's 47 - port arrival volume (weekly): 2,383.10 tons, up 66.10 tons [2] - 47 - port iron ore inventory (weekly): 17,814.18 tons, down 133.14 tons [2] - Sample steel mill iron ore inventory (weekly): 9,034.06 tons, up 104.96 tons [2] 3.3 Industry Situation - Iron ore import volume (monthly): 9,764.00 tons, down 1,475.00 tons [2] - Iron ore available days (weekly): 19.00 days, down 2 days [2] - Daily output of 266 mines (weekly): 40.85 tons, up 1.04 tons [2] - Operating rate of 266 mines (weekly): 64.29%, up 1.80% [2] - Iron concentrate inventory of 266 mines (weekly): 63.13 tons, up 15.45 tons [2] - BDI index: 2,001.00, up 12.00 [2] - Iron ore freight rate: Tubarao, Brazil - Qingdao: 30.25 US dollars/ton, up 0.15 US dollars [2] - Iron ore freight rate: Western Australia - Qingdao: 10.59 US dollars/ton, down 0.67 US dollars [2] 3.4 Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly): 79.80%, up 1.44% [2] - Blast furnace capacity utilization rate of 247 steel mills (weekly): 85.55%, up 2.65% [2] - Domestic crude steel output (monthly): 6,818 tons, down 169 tons [2] 3.5 Option Market - Underlying historical 20 - day volatility (daily): 14.92%, down 0.02% [2] - Underlying historical 40 - day volatility (daily): 16.32%, up 0.16% [2] - At - the - money call option implied volatility (daily): 22.48%, up 0.57% [2] - At - the - money put option implied volatility (daily): 23.59%, up 1.05% [2] 3.6 Industry News - Mysteel statistics show that the total inventory of imported sinter powder of 114 steel mills is 2,854.15 tons, a week - on - week increase of 6.05 tons. The total daily consumption of imported sinter powder is 111.04 tons, a week - on - week increase of 2.34 tons. The inventory - to - consumption ratio is 25.7, a week - on - week decrease of 0.50 [2] - From March 16 to March 22, 2026, the arrival volume at China's 47 ports is 2,383.1 tons, a week - on - week increase of 66.1 tons; the arrival volume at China's 45 ports is 2,271.6 tons, a week - on - week increase of 56.6 tons; the arrival volume at the six northern ports is 1,050.4 tons, a week - on - week decrease of 179.8 tons [2] 3.7 Key Focus - Domestic iron ore port inventory, steel mill blast furnace operating rate and capacity utilization rate on Friday [2]

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoint of the Report On Tuesday, the I2605 contract fluctuated with a stronger bias. Macroeconomically, the global financial market was greatly shaken by Trump's remarks on the US - Iran negotiations. In terms of supply and demand, the shipment and arrival volume of Australian and Brazilian iron ore increased this period, domestic port inventories declined, blast furnace operating rates and hot metal production increased, and the expected increase in demand still supported iron ore prices, but the chaotic international situation affected market sentiment. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are running above the 0 - axis. The reference view is to expect a fluctuating and bullish trend, and attention should be paid to risk control [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the I main contract was 824.00 yuan/ton, up 5.00 yuan; the position volume was 445,891 hands, up 3,958 hands [2]. - The price difference between the I 5 - 9 contracts was 33.5 yuan/ton, up 1.00 yuan; the net position of the top 20 in the I contract was - 19,700 hands, up 3,647 hands [2]. - The warehouse receipts of the I Dalian Commodity Exchange were 3,200.00 hands, down 200.00 hands [2]. - The quotation of the Singapore iron ore main contract as of 15:00 was 107.85 US dollars/ton, down 0.38 US dollars [2]. Spot Market - The price of 61.5% PB powder ore at Qingdao Port was 854 yuan/dry ton, unchanged; the price of 60.5% Macfarlane powder ore at Qingdao Port was 837 yuan/dry ton, unchanged [2]. - The price of 56.5% Super Special powder ore at Jingtang Port was 756 yuan/dry ton, unchanged; the basis of the I main contract (Macfarlane dry ton - main contract) was 13 yuan, down 5 yuan [2]. - The 62% Platts iron ore index (previous day) was 109.45 US dollars/ton, down 0.10 US dollars; the ratio of Jiangsu scrap steel to 60.5% Macfarlane powder ore at Qingdao Port was 3.14, down 0.04 [2]. - The estimated import cost was 868 yuan/ton, down 2 yuan [2]. Industry Situation - The global iron ore shipment volume (weekly) was 3,144.30 tons, up 95.50 tons; the arrival volume at 47 ports in China (weekly) was 2,383.10 tons, up 66.10 tons [2]. - The iron ore inventory at 47 ports (weekly) was 17,814.18 tons, down 133.14 tons; the iron ore inventory of sample steel mills (weekly) was 9,034.06 tons, up 104.96 tons [2]. - The iron ore import volume (monthly) was 9,764.00 tons, down 1,475.00 tons; the available days of iron ore (weekly) were 19.00 days, down 2 days [2]. - The daily output of 266 mines (weekly) was 40.85 tons, up 1.04 tons; the operating rate of 266 mines (weekly) was 64.29%, up 1.80% [2]. - The iron concentrate inventory of 266 mines (weekly) was 63.13 tons, up 15.45 tons; the BDI index was 2,037.00, down 19.00 [2]. - The iron ore freight rate from Tubarao, Brazil to Qingdao was 30.55 US dollars/ton, down 0.10 US dollars; the iron ore freight rate from Western Australia to Qingdao was 11.65 US dollars/ton, down 0.06 US dollars [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 79.80%, up 1.44%; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 85.55%, up 2.65% [2]. - The domestic crude steel output (monthly) was 6,818 tons, down 169 tons [2]. Option Market - The 20 - day historical volatility of the underlying (daily) was 12.47%, down 0.75%; the 40 - day historical volatility of the underlying (daily) was 15.26%, down 0.98% [2]. - The implied volatility of at - the - money call options (daily) was 21.81%, up 0.27%; the implied volatility of at - the - money put options (daily) was 22.73%, up 1.09% [2]. Industry News - From March 16th to March 22nd, 2026, the global iron ore shipment volume was 3,144.3 tons, a week - on - week increase of 95.5 tons. The total shipment volume of Australian and Brazilian iron ore was 2,559.4 tons, with an increase of 95.0 tons. The Australian shipment volume was 1,995.7 tons, an increase of 120.4 tons, and the volume shipped from Australia to China was 1,634.8 tons, an increase of 47.6 tons. The Brazilian shipment volume was 563.8 tons, a decrease of 25.4 tons [2]. - From March 16th to March 22nd, 2026, the arrival volume at 47 ports in China was 2,383.1 tons, a week - on - week increase of 66.1 tons; the arrival volume at 45 ports in China was 2,271.6 tons, a week - on - week increase of 56.6 tons; the arrival volume at the six northern ports was 1,050.4 tons, a week - on - week decrease of 179.8 tons [2].

Report Industry Investment Rating - Not provided Core Viewpoint - The I2605 contract's center of gravity moved up on Monday. Considering the macro - situation and supply - demand, with the increase in Australian and Brazilian iron ore shipments and port arrivals, the decline in domestic port inventory, and the increase in blast furnace operating rate and hot metal output, the expected increase in demand still supports the iron ore price. Technically, the 1 - hour MACD of the I2605 contract shows that DIFF and DEA are running above the 0 - axis, and the green column turns red. The view is oscillating upward, with attention to risk control [2] Summary by Directory Futures Market - The closing price of the I main contract is 819.00 yuan/ton, up 3.50 yuan; the position volume is 441,933 lots, down 8,257 lots. The I 5 - 9 contract spread is 32.5 yuan/ton, down 2.00 yuan. The net position of the top 20 of the I contract is - 23,347 lots, down 4,711 lots. The DCE warehouse receipt of I is 3,400 lots, unchanged. The Singapore iron ore main contract is quoted at 108.3 dollars/ton as of 15:00, up 0.07 dollars [2] 现货市场 - The price of 61.5% PB powder ore at Qingdao Port is 854 yuan/dry ton, up 3 yuan; the price of 60.5% Mac fine ore is 835 yuan/dry ton, up 4 yuan. The price of 56.5% Super Special fine ore at Jingtang Port is 756 yuan/dry ton, up 5 yuan. The basis of the I main contract (Mac fine dry ton - main contract) is 16 yuan, up 1 yuan. The 62% Platts iron ore index (previous day) is 109.55 dollars/ton, up 1.15 dollars. The ratio of Jiangsu scrap steel to Qingdao Port 60.5% Mac fine ore is 3.18, up 0.02. The estimated import cost is 870 yuan/ton, up 11 yuan [2] Industry Situation - The global iron ore shipment volume (weekly) is 3,144.30 million tons, up 95.50 million tons. The arrival volume at 47 Chinese ports (weekly) is 2,383.10 million tons, up 66.10 million tons. The iron ore inventory at 47 ports (weekly) is 17,814.18 million tons, down 133.14 million tons. The iron ore inventory of sample steel mills (weekly) is 9,034.06 million tons, up 104.96 million tons. The iron ore import volume (monthly) is 9,764.00 million tons, down 1,475.00 million tons. The available days of iron ore (weekly) is 19 days, down 2 days. The daily output of 266 mines (weekly) is 40.85 million tons, up 1.04 million tons. The operating rate of 266 mines (weekly) is 64.29%, up 1.80%. The iron concentrate inventory of 266 mines (weekly) is 63.13 million tons, up 15.45 million tons. The BDI index is 2,056, down 1. The iron ore freight rate from Tubarao, Brazil to Qingdao is 30.65 dollars/ton, down 0.08 dollars; from Western Australia to Qingdao is 11.71 dollars/ton, down 0.17 dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 79.80%, up 1.44%. The blast furnace capacity utilization rate of 247 steel mills (weekly) is 85.55%, up 2.65%. The domestic crude steel output (monthly) is 6,818 million tons, down 169 million tons [2] Option Market - The 20 - day historical volatility of the underlying (daily) is 13.22%, down 2.78%. The 40 - day historical volatility of the underlying (daily) is 16.24%, up 0.02%. The implied volatility of at - the - money call options (daily) is 21.54%, up 1.02%. The implied volatility of at - the - money put options (daily) is 21.64%, up 0.02% [2] Industry News - From March 16th to March 22nd, 2026, the global iron ore shipment volume was 3,144.3 million tons, a week - on - week increase of 95.5 million tons. The total shipment volume of Australian and Brazilian iron ore was 2,559.4 million tons, a week - on - week increase of 95.0 million tons. The Australian shipment volume was 1,995.7 million tons, a week - on - week increase of 120.4 million tons, and the volume shipped from Australia to China was 1,634.8 million tons, a week - on - week increase of 47.6 million tons. The Brazilian shipment volume was 563.8 million tons, a week - on - week decrease of 25.4 million tons. The arrival volume at 47 Chinese ports was 2,383.1 million tons, a week - on - week increase of 66.1 million tons; at 45 Chinese ports was 2,271.6 million tons, a week - on - week increase of 56.6 million tons; at six northern ports was 1,050.4 million tons, a week - on - week decrease of 179.8 million tons [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The I2605 contract fluctuated weakly on Thursday. The Fed kept the federal funds rate target range between 3.5% and 3.75%, meeting market expectations. The shipping volume of Australian and Brazilian iron ore increased, the arrival volume decreased, and domestic port inventories continued to rise. Steel mills generally purchase on demand. The volatile situation in the Middle East and oil prices affect market sentiment. Technically, the 1-hour MACD of the I2605 contract shows a downward adjustment, and the futures price may consolidate in the range of 800 - 815. Attention should be paid to risk control [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract was 807.50 yuan/ton, a decrease of 3.50 yuan; the position volume was 446,896 lots, a decrease of 8,625 lots. The 5 - 9 contract spread was 31.5 yuan/ton, a decrease of 0.50 yuan. The net position of the top 20 in the I contract was -17,786 lots, an increase of 5,246 lots. The warehouse receipts of the Dalian Commodity Exchange were 3,400 lots, unchanged. The Singapore iron ore main contract was quoted at 107.2 US dollars/ton at 15:00, an increase of 0.11 US dollars [2] 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port was 849 yuan/dry ton, a decrease of 7 yuan; the price of 60.5% Mac fines was 834 yuan/dry ton, a decrease of 6 yuan. The price of 56.5% Super Special fines at Jingtang Port was 751 yuan/dry ton, a decrease of 5 yuan. The basis of the I main contract was 27 yuan, a decrease of 3 yuan. The 62% Platts iron ore index was 108.50 US dollars/ton (previous day), a decrease of 1.50 US dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port was 3.18, an increase of 0.03. The estimated import cost was 861 yuan/ton, a decrease of 11 yuan [2] 3.3 Industry Situation - The global iron ore shipping volume was 3,048.80 million tons per week, an increase of 151.00 million tons; the arrival volume at 47 ports in China was 2,317.00 million tons per week, a decrease of 380.50 million tons. The iron ore inventory at 47 ports was 17,947.32 million tons per week, an increase of 52.49 million tons; the iron ore inventory of sample steel mills was 8,929.10 million tons per week, a decrease of 82.47 million tons. The iron ore import volume was 9,764.00 million tons per month, a decrease of 1,475.00 million tons. The available days of iron ore were 21 days per week, unchanged. The daily output of 266 mines was 39.81 million tons per week, an increase of 1.21 million tons; the operating rate of 266 mines was 62.49%, an increase of 1.59 percentage points. The iron concentrate inventory of 266 mines was 47.68 million tons per week, a decrease of 2.49 million tons. The BDI index was 2,064.00, an increase of 40.00. The freight rate from Tubarao, Brazil to Qingdao was 30.51 US dollars/ton, an increase of 0.61 US dollars; the freight rate from Western Australia to Qingdao was 12.365 US dollars/ton, a decrease of 0.36 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills was 78.36% per week, an increase of 0.67 percentage points; the blast furnace capacity utilization rate was 82.90% per week, a decrease of 2.40 percentage points. The domestic crude steel output was 6,818 million tons per month, a decrease of 169 million tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying was 15.88% per day, an increase of 0.21 percentage points; the 40 - day historical volatility was 16.20% per day, an increase of 0.02 percentage points. The implied volatility of at - the - money call options was 19.34% per day, an increase of 0.53 percentage points; the implied volatility of at - the - money put options was 19.78% per day, a decrease of 0.19 percentage points [2] 3.6 Industry News - According to Mysteel statistics, the total inventory of imported sinter powder of 114 steel mills was 2,848.1 million tons, a week - on - week increase of 105.72 million tons. The total daily consumption was 108.7 million tons, a week - on - week increase of 7.04 million tons. The inventory - to - consumption ratio was 26.2, a week - on - week decrease of 0.78. From March 9th to March 15th, 2026, the arrival volume at 47 ports in China was 2,317.0 million tons, a week - on - week decrease of 380.5 million tons; the arrival volume at 45 ports was 2,215.0 million tons, a week - on - week decrease of 394.9 million tons; the arrival volume at six northern ports was 1,230.2 million tons, a week - on - week decrease of 234.3 million tons [2] 3.7 Key Points of Attention - The iron ore port inventory in domestic ports, the blast furnace operating rate and capacity utilization rate of steel mills on Friday [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On Tuesday, the I2605 contract first declined and then rebounded. The panic in the market decreased as the price dropped from a high level, weakening the support for the ore price. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are running at a high level with the red bar shrinking. In terms of supply - demand, the iron ore shipments from Australia and Brazil decreased this period, while the arrival volume increased. Steel mills in North China limited production, leading to a decline in molten iron output, and the iron ore port inventory continued to increase. It is recommended to refer to short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract is 784.00 yuan/ton, down 0.50 yuan; the position volume is 467,965 hands, down 5,292 hands. The I 5 - 9 contract spread is 27 yuan/ton, up 0.50 yuan; the net position of the top 20 I contracts is - 41,153 hands, down 2,654 hands. The DCE warehouse receipt is 2,900.00 hands, up 300.00 hands. The Singapore iron ore main contract's quote at 15:00 is 103.75 US dollars/ton, up 0.68 US dollars [2] 3.2 Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 825 yuan/dry ton, down 4 yuan; the price of 60.5% Mac fine ore is 814 yuan/dry ton, down 3 yuan. The price of 56.5% Chaote fine ore at Jingtang Port is 736 yuan/dry ton, up 6 yuan. The basis of the I main contract (Mac fine dry ton - main contract) is 30 yuan, down 3 yuan. The 62% Platts iron ore index (previous day) is 104.55 US dollars/ton, up 1.90 US dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fine ore at Qingdao Port is 3.23, up 0.05. The estimated import cost is 830 yuan/ton, up 13 yuan [2] 3.3 Industry Situation - The global iron ore shipping volume (weekly) is 2,897.80 tons, down 442.90 tons; the arrival volume at 47 ports in China (weekly) is 2,697.50 tons, up 467.50 tons. The iron ore inventory at 47 ports (weekly) is 17,894.83 tons, up 3.53 tons; the iron ore inventory of sample steel mills (weekly) is 9,011.57 tons, down 73.53 tons. The iron ore import volume (monthly) is 11,965.00 tons, up 2,201.21 tons; the available days of iron ore (weekly) is 21.00 days, unchanged. The daily output of 266 mines (weekly) is 38.60 tons, up 1.48 tons; the operating rate of 266 mines (weekly) is 60.90%, up 1.87%. The iron concentrate inventory of 266 mines (weekly) is 50.17 tons, up 8.45 tons. The BDI index is 2,066.00, up 56.00. The iron ore freight rate from Tubarao, Brazil to Qingdao is 27.71 US dollars/ton, up 1.96 US dollars; the iron ore freight rate from Western Australia to Qingdao is 12.87 US dollars/ton, up 3.26 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 77.69%, down 2.55%; the blast furnace capacity utilization rate of 247 steel mills (weekly) is 85.30%, down 2.18%. The domestic crude steel output (monthly) is 6,818 tons, down 169 tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying (daily) is 15.70%, down 0.45%; the 40 - day historical volatility of the underlying (daily) is 17.83%, down 0.17%. The implied volatility of at - the - money call options (daily) is 22.93%, up 1.42%; the implied volatility of at - the - money put options (daily) is 22.24%, down 1.64% [2] 3.6 Industry News - From March 2nd to March 8th, 2026, Mysteel's global iron ore shipping volume was 2,897.8 tons, a week - on - week decrease of 442.9 tons. The total iron ore shipping volume from Australia and Brazil was 2,342.1 tons, a week - on - week decrease of 348.5 tons. Australia's shipping volume was 1,753.2 tons, a week - on - week decrease of 195.3 tons, and the volume shipped from Australia to China was 1,465.9 tons, a week - on - week decrease of 105.1 tons. Brazil's shipping volume was 589.0 tons, a week - on - week decrease of 153.3 tons. - According to data from the General Administration of Customs on March 10th, China's cumulative imports of iron ore and its concentrates from January to February were 21,002.3 tons, a year - on - year increase of 10.0% [2]

Group 1: Report Industry Investment Rating - No specific investment rating is provided in the report. Group 2: Core View of the Report - The report suggests an overall view of "oscillating bullish" for the iron ore market, but also emphasizes the need for risk control [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the I main contract is 784.50 yuan/ton, up 12.50 yuan; the trading volume is 473,257 lots, down 14,997 lots. The I 5 - 9 contract spread is 26.5 yuan/ton, up 1.00 yuan. The net position of the top 20 in the I contract is -38,499 lots, down 3,558 lots, and the DCE warehouse receipt is 2,600 lots with no change. The Singapore iron ore main contract is quoted at 103.1 US dollars/ton, up 1.51 US dollars [2]. Spot Market - The price of 61.5% PB fines at Qingdao Port is 832 yuan/dry ton, up 13 yuan; the price of 60.5% Mac fines is 823 yuan/dry ton, up 12 yuan. The price of 56.5% Super Special fines at Jingtang Port is 729 yuan/dry ton, up 14 yuan. The basis of the I main contract is 39 yuan, down 1 yuan. The 62% Platts iron ore index is 102.65 US dollars/ton, up 1.30 US dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fines at Qingdao Port is 3.18, down 0.07. The estimated import cost is 817 yuan/ton, up 12 yuan [2]. Industry Situation - The global iron ore shipping volume is 2,897.80 tons, down 442.90 tons; the arrival volume at 47 ports in China is 2,697.50 tons, up 467.50 tons. The iron ore inventory at 47 ports is 17,894.83 tons, up 3.53 tons; the iron ore inventory of sample steel mills is 9,011.57 tons, down 73.53 tons. The iron ore import volume is 11,965.00 tons, up 911.00 tons. The available days of iron ore are 21 days with no change. The daily output of 266 mines is 38.60 tons, up 1.48 tons; the operating rate of 266 mines is 60.90%, up 1.87%. The iron concentrate inventory of 266 mines is 50.17 tons, up 8.45 tons. The BDI index is 2,010.00, down 128.00. The shipping price from Tubarao, Brazil to Qingdao is 25.80 US dollars/ton, up 0.03 US dollars; the shipping price from Western Australia to Qingdao is 10.75 US dollars/ton, up 0.23 US dollars [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills is 77.69%, down 2.55%; the blast furnace capacity utilization rate is 85.30%, down 2.18%. The domestic crude steel output is 6,818 tons, down 169 tons [2]. Option Market - The 20 - day historical volatility of the underlying is 16.15%, up 0.94%; the 40 - day historical volatility is 18.00%, up 0.47%. The implied volatility of at - the - money call options is 21.51%, up 3.31%; the implied volatility of at - the - money put options is 23.88%, up 4.82% [2]. Industry News - From March 2nd to March 8th, the global iron ore shipping volume was 2,897.8 tons, a decrease of 442.9 tons from the previous period. The shipping volume from Australia and Brazil was 2,342.1 tons, a decrease of 348.5 tons. The shipping volume from Australia was 1,753.2 tons, a decrease of 195.3 tons, and the volume shipped to China was 1,465.9 tons, a decrease of 105.1 tons. The shipping volume from Brazil was 589.0 tons, a decrease of 153.3 tons. The arrival volume at China's 47 ports was 2,697.5 tons, an increase of 467.5 tons; the arrival volume at 45 ports was 2,609.9 tons, an increase of 463.0 tons; the arrival volume at six northern ports was 1,464.5 tons, an increase of 431.7 tons [2].

1. Report Industry Investment Rating - The report gives a view of "oscillating on the bullish side" for the iron ore industry [2] 2. Core View of the Report - On Monday, the I2605 contract rebounded with a reduction in positions. Due to the geopolitical situation where Iran's Islamic Revolutionary Guard Corps announced a ban on ships passing through the Strait of Hormuz on February 28, there are expectations of rising freight rates and a potential reduction in international iron ore supply, which may support iron ore prices. The shipping volume of iron ore from Australia and Brazil increased, the arrival volume decreased, and domestic port inventories increased again. After the Spring Festival, there are expectations of an increase in the blast furnace operating rate and molten iron output of steel mills. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA are rising, and the red column is expanding [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the I main contract is 754.50 yuan/ton, up 4.00 yuan; the position volume of the I main contract is 542,727 lots, down 3,955 lots; the spread between the I 5 - 9 contracts is 21 yuan/ton, up 1.50 yuan; the net position of the top 20 in the I contract is - 39,219 lots, up 3,286 lots; the Dalian Commodity Exchange warehouse receipts are 2,900 lots, unchanged; the quote of the Singapore iron ore main contract as of 15:00 is 99.1 US dollars/ton, up 0.74 US dollars [2] 3.2 Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 802 yuan/dry ton, up 1 yuan; the price of 60.5% Mac fine ore at Qingdao Port is 792 yuan/dry ton, up 1 yuan; the price of 56.5% Super Special fine ore at Jingtang Port is 707 yuan/dry ton, unchanged; the basis of the I main contract (Mac fine dry ton - main contract) is 38 yuan, down 3 yuan; the 62% Platts iron ore index (previous day) is 99.75 US dollars/ton, up 0.45 US dollars; the ratio of Jiangsu scrap steel to 60.5% Mac fine ore at Qingdao Port is 3.32, unchanged; the estimated import cost is 795 yuan/ton, up 4 yuan [2] 3.3 Industry Situation - The global iron ore shipping volume (weekly) is 3,340.70 tons, up 19.80 tons; the arrival volume at 47 ports in China (weekly) is 2,230.00 tons, down 91.00 tons; the iron ore inventory at 47 ports (weekly) is 17,891.30 tons, up 159.18 tons; the iron ore inventory of sample steel mills (weekly) is 9,085.10 tons, down 1,618.83 tons; the iron ore import volume (monthly) is 11,965.00 tons, up 911.00 tons; the available days of iron ore (weekly) is 21.00 days, down 8 days; the daily output of 266 mines (weekly) is 37.12 tons, down 1.78 tons; the operating rate of 266 mines (weekly) is 59.03%, down 2.24%; the iron concentrate inventory of 266 mines (weekly) is 41.72 tons, up 2.17 tons; the BDI index is 2,140.00, up 23.00; the iron ore freight rate from Tubarao, Brazil to Qingdao is 23.45 US dollars/ton, down 0.02 US dollars; the iron ore freight rate from Western Australia to Qingdao is 10.239 US dollars/ton, up 0.41 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 80.24%, up 0.09%; the blast furnace capacity utilization rate of 247 steel mills (weekly) is 87.48%, up 1.05%; the domestic crude steel output (monthly) is 6,818 tons, down 169 tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying (daily) is 15.87%, down 0.45%; the 40 - day historical volatility of the underlying (daily) is 17.57%, up 0.06%; the implied volatility of at - the - money call options (daily) is 16.81%, up 0.13%; the implied volatility of at - the - money put options (daily) is 16.96%, down 0.01% [2] 3.6 Industry News - From February 23 to March 1, 2026, the global iron ore shipping volume was 3,340.7 tons, a week - on - week increase of 19.8 tons. The shipping volume of iron ore from Australia and Brazil was 2,690.7 tons, a week - on - week decrease of 22.6 tons. The shipping volume from Australia was 1,948.4 tons, a week - on - week decrease of 62.3 tons, and the volume shipped from Australia to China was 1,571.1 tons, a week - on - week decrease of 138.0 tons. The shipping volume from Brazil was 742.2 tons, a week - on - week increase of 39.7 tons. - From February 23 to March 1, 2026, the arrival volume at 47 ports in China was 2,230.0 tons, a week - on - week decrease of 91.1 tons; the arrival volume at 45 ports in China was 2,146.9 tons, a week - on - week decrease of 5.5 tons; the arrival volume at the six northern ports was 1,032.8 tons, a week - on - week increase of 5.1 tons [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Wednesday, the I2605 contract showed a strong performance. The tariff adjustment by the US has affected market sentiment. The supply of iron ore remains loose, but the downward momentum of the futures price weakens below 750. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA rebound from low levels, with the green column turning red. It is recommended for short - term trading with risk control [2] Group 3: Summary by Directory Futures Market - The closing price of the I main contract is 752.50 yuan/ton, up 12.00 yuan; the position volume is 528,484 hands, up 9280 hands. The 5 - 9 contract spread is 17 yuan/ton, up 1.00 yuan. The net position of the top 20 in the I contract is - 35228 hands, down 6176 hands. The Dalian Commodity Exchange warehouse receipt is 2,900.00 hands, unchanged. The Singapore iron ore main contract is quoted at 98.7 dollars/ton as of 15:00, up 2.06 dollars [2] Spot Market - The price of 61.5% PB powder ore at Qingdao Port is 800 yuan/dry ton, down 7 yuan; the price of 60.5% Mac fine ore is 788 yuan/dry ton, down 9 yuan. The price of 56.5% Super Special fine ore at Jingtang Port is 707 yuan/dry ton, down 5 yuan. The basis of the I main contract (Mac fine dry ton - main contract) is 36 yuan, down 21 yuan. The 62% Platts iron ore index (previous day) is 96.90 dollars/ton, up 0.50 dollars. The ratio of Jiangsu scrap steel to 60.5% Mac fine ore at Qingdao Port is 3.34, up 0.03. The estimated import cost is 774 yuan/ton, up 3 yuan [2] Industry Situation - The global iron ore shipping volume (weekly) is 3,320.90 million tons, up 631.00 million tons. The arrival volume at 47 ports in China (weekly) is 2,321.10 million tons, down 174.60 million tons. The iron ore inventory at 47 ports (weekly) is 17,732.12 million tons, down 182.56 million tons. The iron ore inventory of sample steel mills (weekly) is 10,703.93 million tons, up 387.29 million tons. The iron ore import volume (monthly) is 11,965.00 million tons, up 911.00 million tons. The available days of iron ore (weekly) is 29.00 days, down 3 days. The daily output of 266 mines (weekly) is 38.90 million tons, up 0.39 million tons. The operating rate of 266 mines (weekly) is 61.27%, unchanged. The iron concentrate inventory of 266 mines (weekly) is 39.55 million tons, up 0.48 million tons. The BDI index is 2,129.00, up 17.00. The iron ore freight rate from Tubarao, Brazil to Qingdao is 24.42 dollars/ton, up 0.10 dollars; the freight rate from Western Australia to Qingdao is 10.174 dollars/ton, unchanged [2] Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) is 80.15%, up 0.60%. The blast furnace capacity utilization rate of 247 steel mills (weekly) is 86.43%, up 0.72%. The domestic crude steel output (monthly) is 6,818 million tons, down 169 million tons [2] Option Market - The 20 - day historical volatility of the underlying (daily) is 16.39%, up 1.44%. The 40 - day historical volatility of the underlying (daily) is 17.48%, up 0.49%. The implied volatility of at - the - money call options (daily) is 24.51%, up 3.83%. The implied volatility of at - the - money put options (daily) is 15.43%, down 0.66% [2] Industry News - From February 16 to February 22, 2026, the global iron ore shipping volume was 3320.9 million tons, a week - on - week increase of 631.0 million tons. The shipping volume from Australia and Brazil increased by 394.9 million tons. The shipping volume from Brazil was 702.5 million tons, a week - on - week increase of 58.2 million tons. The total shipping volume from Australia was 2010.8 million tons, a week - on - week increase of 540.2 million tons, and the volume shipped to China was 1709.1 million tons. From February 16 to February 22, 2026, the arrival volume at 47 ports in China was 2321.1 million tons, a week - on - week decrease of 174.6 million tons; the arrival volume at 45 ports was 2152.4 million tons, a week - on - week decrease of 265.6 million tons; the arrival volume at six northern ports was 1027.7 million tons, a week - on - week decrease of 303.3 million tons [2]