投资咨询业务资格：证监许可【2011】1778 号 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 期货研究报告 宝城期货铁矿石早报（2026 年 2 月 12 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2605 | 震荡 | 震荡 | 震荡 偏强 | 低位震荡 | 供需格局弱稳，矿价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 ◼ 行情驱动逻辑 铁矿石供需两端有所变化，节前钢厂生产趋稳，矿石终端消耗小幅回升，但钢市产业矛盾持续累 积，短期需求改善力度受限，利好效应不强。与此同时，国内港口到货量回落，而飓风扰动下矿商发 运大幅下降，海外矿石供应迎来收缩，但库存高企局面下供应压力缓解有限。总之，天气因素扰动下 海外矿石供 ...

Group 1: Report General Information - Report title: Iron Ore Daily Report [2] - Report date: October 14, 2025 [2] Group 2: Futures Market Data - DCE01 price: 782.0, down 22.5 from yesterday [2] - DCE05 price: 761.0, down 20.0 from yesterday [2] - DCE09 price: 739.5, down 19.5 from yesterday [2] - I01 - I05 spread: 21.0, down 2.5 from yesterday [2] - I05 - I09 spread: 21.5, down 0.5 from yesterday [2] - I09 - I01 spread: -42.5, up 3.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price: 787, up 5 from the day before yesterday [2] - Newman powder price: 793, up 11 from the day before yesterday [2] - Mac powder price: 789, up 10 from the day before yesterday [2] - Jinbuba powder (60.5%) price: 766, up 8 from the day before yesterday [2] - Roy Hill powder price: 782, up 8 from the day before yesterday [2] - Super Special powder price: 720, up 4 from the day before yesterday [2] - BRBF (62.5%) price: 827, up 5 from the day before yesterday [2] - BRBF (63%) price: 832, up 5 from the day before yesterday [2] - FMG price: 762, up 7 from the day before yesterday [2] - Carajás fines price: 925, up 2 from the day before yesterday [2] - Karara concentrate price: 922, up 7 from the day before yesterday [2] - Ukrainian concentrate price: 920, up 7 from the day before yesterday [2] - IOC6 price: 800, up 8 from the day before yesterday [2] - KUMBA price: 870, up 5 from the day before yesterday [2] - SP10 price: 746, up 7 from the day before yesterday [2] - Minmetals standard powder price: 793, up 5 from the day before yesterday [2] - Optimal deliverable: Jinbuba powder (60.5%) [2] Group 4: Spot Price Spread and Import Profit Data - Carajás fines - PB powder spread: 129, down 6 from the day before yesterday [2] - Newman powder - Jinbuba powder spread: 27, up 3 from the day before yesterday [2] - Carajás fines - Jinbuba powder spread: 159, down 6 from the day before yesterday [2] - PB powder - Jinbuba powder spread: 30, unchanged from the day before yesterday [2] - Newman lump - Newman powder spread: 127, down 6 from the day before yesterday [2] - Roy Hill lump - Roy Hill powder spread: 66, down 2 from the day before yesterday [2] - Mac powder - Super Special powder spread: 69, up 6 from the day before yesterday [2] - PB powder - Super Special powder spread: 76, up 4 from the day before yesterday [2] - PB lump - PB powder spread: 130, down 1 from the day before yesterday [2] - Carajás fines import profit: -6, down 6 from the day before yesterday [2] - Newman powder import profit: -19, up 2 from the day before yesterday [2] - PB powder import profit: -20, down 4 from the day before yesterday [2] - Jinbuba powder import profit: 1, unchanged from the day before yesterday [2] - Super Special powder import profit: 11, down 6 from the day before yesterday [2] - PB lump import profit: 72, down 3 from the day before yesterday [2] - BRBF import profit: -18, down 4 from the day before yesterday [2] - Mac powder import profit: -15, up 1 from the day before yesterday [2] - FMG import profit: 0, down 3 from the day before yesterday [2] Group 5: Platts Index and USD Spread Data - Platts 62% iron ore price: 109.2, up 1.8 from the day before yesterday [2] - Platts 65% iron ore price: 122.8, up 1.5 from the day before yesterday [2] - Platts 58% iron ore price: 97.4, up 1.6 from the day before yesterday [2] - SGX主力 - DCE01 spread: 9.4, up 0.4 from the day before yesterday [2] - SGX主力 - DCE05 spread: 12.3, up 0.7 from the day before yesterday [2] - SGX主力 - DCE09 spread: 15.1, up 0.8 from the day before yesterday [2] Group 6: Graphs - Figure 1: Optimal deliverable - 01 contract basis [10] - Figure 2: Optimal deliverable - 05 contract basis [10] - Figure 3: Optimal deliverable - 09 contract basis [12] - Figure 4: Inter - period arbitrage 1/5 spread [12] - Figure 5: PB powder import profit [14] - Figure 6: PB lump import profit [14] - Figure 7: Super Special powder import profit [21] - Figure 8: Carajás fines import profit [21] - Figure 9: PB lump - PB powder spread [25] - Figure 10: Carajás fines - PB powder spread [25] - Figure 11: Iron ore domestic - foreign USD spread [29] - Figure 12: Rebar cash profit and high - medium - low grade price spread [29]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View No explicit core view is presented in the given content. The report mainly offers daily data on iron ore futures and spot markets. 3. Summary by Related Catalogs Futures Data - DCE01 closed at 777.0, up 5.5 from yesterday; DCE05 closed at 754.5, up 4.5; DCE09 closed at 813.0, up 11.0 [2] - I01 - I05 spread was 22.5, up 1.0; I05 - I09 spread was -58.5, down 6.5; I09 - I01 spread was 36.0, up 5.5 [2] Spot Data - PB powder price was 769, up 4 from the day before yesterday; Newman powder was 765, up 3; Mac powder was 754, up 4 [2] - The optimal deliverable was PB powder, with 01 factory - warehouse basis of 31, 05 basis of 52, and 09 basis of 0 [2] Spot Variety Spread - The spread of Carajás fines - PB powder was 116, up 1; Newman powder - Jinbuba powder was 25, up 1; Carajás fines - Jinbuba powder was 145, up 3 [2] Import Profit - Carajás fines import profit was -24, up 2; Newman powder import profit was -5, down 2; PB powder import profit was -13, unchanged [2] Index Data - The Platts 62% iron ore price was 102.7, up 0.9; Platts 65% price was 120.8, up 0.3; Platts 58% price was 90.0, up 0.6 [2] Inner - Outer Market US Dollar Spread - SGX main contract - DCE01 spread was 9.2, down 0.7; SGX main contract - DCE05 spread was 11.9, down 0.9; SGX main contract - DCE09 spread was 5.3, down 0.1 [2]