Group 1: Report Information - Report Name: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: April 1, 2026 [2] Group 2: Spot Market Australia - **Newman Powder**: Latest price is 747, with no daily change and a weekly increase of 7. The discounted price on the futures market is 798.7, the forward price is 100.45, with a daily decrease of 0.65 and a weekly decrease of 1.65. The import profit is -30.36 [3] - **PB Powder**: Latest price is 777, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 826.9 [3] - **Mac Powder**: Latest price is 766, with a daily decrease of 5 and a weekly decrease of 17. The discounted price on the futures market is 836.7, the forward price is 100.55, with a daily decrease of 0.60 and a weekly decrease of 0.75. The import profit is 11.38 [3] - **Jimbobara**: Latest price is 730, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 821.5, the forward price is 96.90, with a daily decrease of 0.60 and a weekly increase of 0.45. The import profit is -3.86 [3] - **Mixed Powder**: Latest price is 709, with a daily decrease of 4 and a weekly decrease of 13. The discounted price on the futures market is 845.5, the forward price is 99.70, with a daily decrease of 0.85 and a weekly decrease of 1.20. The import profit is -40.67 [3] - **Ultra - Special Powder**: Latest price is 668, with a daily decrease of 3 and a weekly decrease of 10. The discounted price on the futures market is 887.6, the forward price is 94.15, with a daily decrease of 0.80 and a weekly decrease of 1.00. The import profit is -31.18 [3] - **Caribbean Powder**: Latest price is 943, with a daily decrease of 3 and a weekly decrease of 17. The discounted price on the futures market is 881.8, the forward price is 126.10, with a daily decrease of 0.75 and a weekly decrease of 1.10. The import profit is 6.88 [3] Brazil - **Brazilian Blend**: Latest price is 821, with a daily decrease of 4 and a weekly decrease of 21. The discounted price on the futures market is 827.6, the forward price is 113.90, with a daily decrease of 0.80 and a weekly decrease of 1.45. The import profit is -22.85 [3] - **Brazilian Coarse IOC6**: Latest price is 741, with a daily decrease of 7 and a weekly decrease of 17. The discounted price on the futures market is 818.9 [3] - **Brazilian Coarse SSFG**: Latest price is 746, with a daily decrease of 7 and a weekly decrease of 17 [3] Non - Mainstream - **Ukrainian Concentrate**: Latest price is 877, with a daily decrease of 4 and a weekly decrease of 18. The discounted price on the futures market is 957.6 [3] - **61% Indian Powder**: Latest price is 719, with a daily decrease of 7 and a weekly decrease of 21 [3] - **Carrara Concentrate**: Latest price is 880, with a daily decrease of 4 and a weekly decrease of 18. The discounted price on the futures market is 900.6 [3] - **Roy Hill Powder**: Latest price is 764, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 841.0, the forward price is 99.60, with a daily decrease of 0.70 and a weekly decrease of 1.40. The import profit is 23.01 [3] - **KUMBA Powder**: Latest price is 836, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 815.1 [3] - **57% Indian Powder**: Latest price is 600, with a daily decrease of 3 and a weekly decrease of 13 [3] - **Atlas Powder**: Latest price is 704, with a daily decrease of 4 and a weekly decrease of 13 [3] Others - **PB Lump / Lump Premium**: Latest price is 888, with a daily decrease of 5 and a weekly decrease of 20. The premium is 0.13, with no daily change and a weekly decrease of 0.0385 [3] - **Ukrainian Pellets / Pellet Premium**: Latest price is 877, with a daily decrease of 4 and a weekly decrease of 18. The premium is 17.35, with no daily change and a weekly increase of 0.05 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: Latest price is 969, with no daily or weekly change. The discounted price on the futures market is 856.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: Latest price is 769.0, with a daily decrease of 2.5 and a weekly increase of 2.5. The monthly spread is 17.5, the basis is 46.1, with a daily decrease of 4.7 and a weekly decrease of 24.1 [3] - **i2605**: Latest price is 808.0, with a daily decrease of 5.0 and a weekly decrease of 16.0. The monthly spread is -39.0, the basis is 7.1, with a daily decrease of 2.2 and a weekly decrease of 5.6 [3] - **i2609**: Latest price is 786.5, with a daily decrease of 4.5 and a weekly decrease of 4.0. The monthly spread is 21.5, the basis is 28.6, with a daily decrease of 2.7 and a weekly decrease of 17.6 [3] Singapore Exchange - **FE01**: Latest price is 101.51, with a daily increase of 0.04 and a weekly decrease of 0.59. The monthly spread is 1.91, the basis is -21.3, with a daily increase of 1.8 and a weekly increase of 6.2 [3] - **FE05**: Latest price is 106.23, with a daily increase of 0.26 and a weekly decrease of 0.79. The monthly spread is -4.72, the basis is -16.7, with a daily decrease of 0.9 and a weekly decrease of 10.3 [3] - **FE09**: Latest price is 103.42, with a daily increase of 0.03 and a weekly decrease of 0.64. The monthly spread is 2.81, the basis is -16.8, with a daily increase of 2.9 and a weekly increase of 0.9 [3]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Date: March 27, 2026 [2] - Data Source: MYSTEEL [7] Group 2: Spot Market Information Australian Mainstream Iron Ore - Newman Powder: Latest price is 736, daily change is 10, weekly change is 4, converted to the disk is 786.7, import profit is -50.99 [3] - PB Powder: Latest price is 794, daily change is 10, weekly change is 4, converted to the disk is 845.6 [3] - Mac Powder: Latest price is 777, daily change is 10, weekly change is 0, converted to the disk is 848.7, import profit is 13.03 [3] - Jinbuba: Latest price is 747, daily change is 10, weekly change is 4, converted to the disk is 839.8, import profit is 16.74 [3] - Mixed Powder: Latest price is 720, daily change is 10, weekly change is 1, converted to the disk is 857.4, import profit is -34.72 [3] - Super Special Powder: Latest price is 678, daily change is 10, weekly change is 8, converted to the disk is 898.6, import profit is -25.13 [3] - Carat Powder: Latest price is 956, daily change is 10, weekly change is 8, converted to the disk is 895.8, import profit is 17.67 [3] Brazilian Mainstream Iron Ore - Brazilian Mixed: Latest price is 835, daily change is 10, weekly change is 8, converted to the disk is 842.8, import profit is -13.63 [3] - Brazilian Coarse IOC6: Latest price is 758, daily change is 10, weekly change is 8, converted to the disk is 837.4 [3] - Brazilian Coarse SSFG: Latest price is 763, daily change is 10, weekly change is 8 [3] Other Iron Ore - Ukrainian Concentrate: Latest price is 890, daily change is 10, weekly change is 7, converted to the disk is 962.2 [3] - 61% Indian Powder: Latest price is 736, daily change is 10, weekly change is 4 [3] - Karara Concentrate: Latest price is 893, daily change is 10, weekly change is 4, converted to the disk is 915.0 [3] - Roy Hill Powder: Latest price is 781, daily change is 10, weekly change is 4, converted to the disk is 859.6, import profit is 34.29 [3] - KUMBA Powder: Latest price is 853, daily change is 10, weekly change is 4, converted to the disk is 832.6 [3] - 57% Indian Powder: Latest price is 613, daily change is 10, weekly change is 8 [3] - Atlas Powder: Latest price is 715, daily change is 10, weekly change is 1 [3] Others - PB Lump/Ore Premium: Latest price is 905, daily change is 10, weekly change is 5 [3] - Ukrainian Pellet/Pellet Premium: Latest price is 890, daily change is 10, weekly change is 7 [3] - Tangshan Iron Concentrate: Latest price is 969, daily change is 6, weekly change is 0, converted to the disk is 856.0 [3] Group 3: Futures Market Information Dalian Commodity Exchange - i2701: Latest price is 767.5, daily change is 10.5, weekly change is 11.0, monthly spread is 20.0, basis/inner and outer disk spread (in RMB) is 65.1, daily change is -0.2, weekly change is -6.9 [3] - i2605: Latest price is 817.0, daily change is 10.5, weekly change is 9.5, monthly spread is -49.5, basis/inner and outer disk spread (in RMB) is 15.6, daily change is -0.2, weekly change is -5.4 [3] - i2609: Latest price is 787.5, daily change is 10.0, weekly change is 11.5, monthly spread is 29.5, basis/inner and outer disk spread (in RMB) is 45.1, daily change is 0.3, weekly change is -7.4 [3] Singapore Exchange - FE01: Latest price is 100.40, daily change is -1.50, weekly change is -1.27, monthly spread is 1.71, basis/inner and outer disk spread (in RMB) is -26.3, daily change is 1.3, weekly change is 8.4 [3] - FE05: Latest price is 104.39, daily change is -2.17, weekly change is -1.82, monthly spread is -3.99, basis/inner and outer disk spread (in RMB) is -7.9, daily change is -1.5, weekly change is 11.4 [3] - FE09: Latest price is 102.11, daily change is -1.60, weekly change is -1.37, monthly spread is 2.28, basis/inner and outer disk spread (in RMB) is -19.1, daily change is -1.5, weekly change is 10.6 [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Spot Market - The latest price of the Platts 61 index is 109.45, with a daily change of -0.10 and a weekly change of 0.65 [3] - For Australian mainstream ores, Newman powder is priced at 740, with a daily change of 1 and a weekly change of 5; PB powder is 798, with a daily change of 1 and a weekly change of 1; etc [3] - For Brazilian mainstream ores, the price of Bahun is 842, with a daily change of 1 and a weekly change of 8; the price of Baocu IOC6 is 758, with a daily change of 1 and a weekly change of 1 [3] - The price of Tangshan iron concentrate powder (domestic ore) is 969, with a daily change of 0 and a weekly change of -4 [3] Forward Market - For DCE contracts, the latest price of i2701 is 766.5, with a daily change of 4.0 and a weekly change of 1.5; the latest price of i2605 is 824.0, with a daily change of 5.0 and a weekly change of 7.5; the latest price of i2609 is 790.5, with a daily change of 4.0 and a weekly change of 5.0 [3] - For SGX contracts, the latest price of FE01 is 102.10, with a daily change of -0.17 and a weekly change of 0.60; the latest price of FE05 is 107.02, with a daily change of -0.07 and a weekly change of 0.84; the latest price of FE09 is 104.06, with a daily change of -0.04 and a weekly change of 0.63 [3] Basis and Spread - The basis of i2701 is 70.2, with a daily change of -3.0 and a weekly change of -0.5; the basis of i2605 is 12.7, with a daily change of -4.0 and a weekly change of -6.5; the basis of i2609 is 46.2, with a daily change of -3.0 and a weekly change of -4.0 [3] - The spread between FE01 and FE05 is 1.96, with a daily change of 5.8 and a weekly change of 0.3; the spread between FE05 and FE09 is -4.92, with a daily change of 5.1 and a weekly change of 6.4; the spread between FE09 and FE01 is 2.96, with a daily change of 6.8 and a weekly change of 4.1 [3]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoint - No relevant content found 3. Summary by Related Catalog Futures Prices - DCE01 price increased from 762.5 to 766.5, a rise of 4.0; DCE05 rose from 819.0 to 824.0, an increase of 5.0; DCE09 climbed from 786.5 to 790.5, a gain of 4.0 [2] - The spread I01 - I05 decreased by 1.0 to -57.5; I05 - I09 increased by 1.0 to 33.5; I09 - I01 remained unchanged at 24.0 [2] Spot Prices - PB powder (60.8%) remained at 794; Newman powder stayed at 739; Macfarlane powder rose from 780 to 782; etc. [2] - The optimal deliverable is Newman powder, with a price of 808, 01 - contract basis of 38, 05 - contract basis of -19, and 09 - contract basis of 14 [2] Spot Variety Spreads - The spread of Carajás - PB powder increased by 2 to 159; Newman - Jinbuba decreased by 2 to -11; etc. [2] Import Profits - Carajás import profit increased from 15 to 18; Newman powder's import profit rose from -23 to -21; etc. [2] Indexes - The price of Platts Iron Ore 61% decreased from 109.6 to 109.5; 65% dropped from 127.2 to 127.1; 58% fell from 99.1 to 98.9 [2] - The spread of SGX main - DCE01 decreased from 14.0 to 13.4; SGX main - DCE05 dropped from 6.7 to 6.1; SGX main - DCE09 declined from 11.1 to 10.3 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 23, 2026 [2] - Report Team: Research Center Black Team [2] Group 2: Spot Market Australia - **Newman Powder**: The latest price is 737, with a daily change of 5 and a weekly change of 7. The discounted price on the disk is 787.8, the forward price is 103.15, with a daily change of 0.90 and a weekly change of 0.35. The import profit is -59.17 [3] - **PB Powder**: The latest price is 795, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 846.7 [3] - **MacPowder**: The latest price is 780, with a daily change of 3 and a weekly change of -5. The discounted price on the disk is 851.9, the forward price is 103.15, with a daily change of 0.80 and a weekly change of 0.40. The import profit is 7.90 [3] - **Jimbob**: The latest price is 748, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 840.9, the forward price is 97.45, with a daily change of 0.90 and a weekly change of 0.95. The import profit is 11.32 [3] - **Mixed Powder**: The latest price is 722, with a daily change of 3 and a weekly change of -8. The discounted price on the disk is 859.5, the forward price is 101.25, with a daily change of 0.70 and a weekly change of 0.50. The import profit is -37.61 [3] - **Ultra - Special Powder**: The latest price is 675, with a daily change of 5 and a weekly change of -3. The discounted price on the disk is 895.3, the forward price is 95.55, with a daily change of 0.80 and a weekly change of 0.50. The import profit is -33.00 [3] - **Carol Powder**: The latest price is 956, with a daily change of 8 and a weekly change of 6. The discounted price on the disk is 895.8, the forward price is 127.75, with a daily change of 0.70 and a weekly change of 0.25. The import profit is 9.55 [3] Brazil - **Brazilian Blend**: The latest price is 832, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 839.5, the forward price is 115.85, with a daily change of 0.75 and a weekly change of 0.60. The import profit is -24.35 [3] - **Brazilian Coarse IOC6**: The latest price is 755, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 834.2 [3] - **Brazilian Coarse SSFG**: The latest price is 760, with a daily change of 5 and a weekly change of -2 [3] Non - mainstream - **Ukrainian Concentrate**: The latest price is 888, with a daily change of 5 and a weekly change of -7. The discounted price on the disk is 980.2 [3] - **61% Indian Powder**: The latest price is 737, with a daily change of 5 and a weekly change of -2 [3] - **Karara Concentrate**: The latest price is 894, with a daily change of 5 and a weekly change of -7. The discounted price on the disk is 916.1 [3] - **Roy Hill Powder**: The latest price is 782, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 860.7, the forward price is 101.40, with a daily change of 0.85 and a weekly change of 0.50. The import profit is 29.39 [3] - **KUMBA Powder**: The latest price is 854, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 833.6 [3] - **57% Indian Powder**: The latest price is 610, with a daily change of 5 and a weekly change of -3 [3] - **Atlas Powder**: The latest price is 717, with a daily change of 3 and a weekly change of -8 [3] Others - **PB Lump/Lump Premium**: The latest price is 905, with a daily change of 5 and a weekly change of -8. The premium is 0.1685, with no daily change and no weekly change [3] - **Ukrainian Pellet/Pellet Premium**: The latest price is 888, with a daily change of 5 and a weekly change of -7. The premium is 17.50, with a daily change of 0.00 and a weekly change of -0.05 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The latest price is 969, with no daily change and a weekly change of -4. The discounted price on the disk is 856.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price is 759.0, with a daily change of 2.5 and a weekly change of 0.5. The monthly spread is 22.0, the basis/inside - outside spread is 28.8, with a daily change of 2.9 and a weekly change of 7.1 [3] - **i2605**: The latest price is 815.5, with a daily change of 8.0 and a weekly change of 4.0. The monthly spread is -56.5, the basis/inside - outside spread is -27.7, with a daily change of -2.6 and a weekly change of 3.6 [3] - **i2609**: The latest price is 781.0, with a daily change of 5.0 and a weekly change of 3.5. The monthly spread is 34.5, the basis/inside - outside spread is 6.8, with a daily change of 0.4 and a weekly change of 4.1 [3] Singapore Exchange - **FE01**: The latest price is 101.47, with a daily change of -0.20 and a weekly change of -1.60. The monthly spread is 1.86, the basis/inside - outside spread is -34.7, with a daily change of -3.1 and a weekly change of -4.1 [3] - **FE05**: The latest price is 106.03, with a daily change of -0.18 and a weekly change of -0.72. The monthly spread is -4.56, the basis/inside - outside spread is -19.3, with a daily change of -5.4 and a weekly change of -6.1 [3] - **FE09**: The latest price is 103.33, with a daily change of -0.15 and a weekly change of -1.32. The monthly spread is 2.70, the basis/inside - outside spread is -29.7, with a daily change of -5.1 and a weekly change of -3.7 [3]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 19, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Data Australia - **Newman Powder**: The latest price is 735, with no daily change and a weekly decrease of 34. The discounted futures price is 785.6, the forward price is 102.45, with a daily decrease of 1.40 and a weekly increase of 2.85. The import profit is -54.47 [3]. - **PB Powder**: The latest price is 793, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 844.5 [3]. - **Mac Powder**: The latest price is 780, with a daily decrease of 5 and a weekly increase of 19. The discounted futures price is 851.9, the forward price is 102.50, with a daily decrease of 1.50 and a weekly increase of 3.15. The import profit is 14.05 [3]. - **Jimbobara Powder**: The latest price is 746, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 838.8, the forward price is 96.70, with a daily decrease of 1.15 and a weekly increase of 4.15. The import profit is 16.14 [3]. - **Mixed Powder**: The latest price is 720, with a daily decrease of 4 and a weekly increase of 13. The discounted futures price is 857.4, the forward price is 100.65, with a daily decrease of 1.20 and a weekly increase of 3.25. The import profit is -33.81 [3]. - **Ultra - Special Powder**: The latest price is 670, with a daily decrease of 6 and a weekly increase of 15. The discounted futures price is 889.8, the forward price is 94.90, with a daily decrease of 1.10 and a weekly increase of 3.05. The import profit is -32.06 [3]. - **Caribbean Powder**: The latest price is 951, with a daily decrease of 2 and a weekly increase of 41. The discounted futures price is 890.4, the forward price is 127.25, with a daily decrease of 1.20 and a weekly increase of 2.80. The import profit is 9.94 [3]. Brazil - **Brazilian Mixed Powder**: The latest price is 830, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 837.4, the forward price is 115.20, with a daily decrease of 1.05 and a weekly increase of 3.40. The import profit is -20.08 [3]. - **Brazilian Coarse IOC6**: The latest price is 753, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 832.0 [3]. - **Brazilian Coarse SSFG**: The latest price is 758, with a daily decrease of 4 and a weekly increase of 20 [3]. Non - mainstream - **Ukrainian Concentrate**: The latest price is 890, with a daily decrease of 4 and a weekly increase of 23. The discounted futures price is 978.0 [3]. - **61% Indian Powder**: The latest price is 735, with a daily decrease of 4 and a weekly increase of 20 [3]. - **Karara Concentrate**: The latest price is 896, with a daily decrease of 4 and a weekly increase of 23. The discounted futures price is 918.3 [3]. - **Roy Hill Powder**: The latest price is 780, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 858.5, the forward price is 100.70, with a daily decrease of 1.35 and a weekly increase of 3.20. The import profit is 33.83 [3]. - **KUMBA Powder**: The latest price is 852, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 831.5 [3]. - **57% Indian Powder**: The latest price is 605, with a daily decrease of 6 and a weekly increase of 15 [3]. - **Atlas Powder**: The latest price is 715, with a daily decrease of 4 and a weekly increase of 13 [3]. Others - **PB Lump/Lump Premium**: The latest price is 905, with a daily decrease of 5 and a weekly increase of 22. The lump premium is 0.1685, with no daily change and a weekly decrease of 0.002 [3]. - **Ukrainian Pellet/Pellet Premium**: The latest price is 890, with a daily decrease of 4 and a weekly increase of 23. The pellet premium is 17.55, with no daily change and a weekly decrease of 0.10 [3]. - **Tangshan Iron Concentrate**: The latest price is 969, with a daily decrease of 4 and a weekly increase of 6. The discounted futures price is 856.0 [3]. Group 3: Futures Market Data Dalian Commodity Exchange - **i2701**: The latest price is 758.0, with a daily decrease of 7.0 and a weekly increase of 17.5. The monthly spread is 21.0, the basis/inside - outside spread is 27.6, with a daily increase of 7.0 and a weekly decrease of 42.8 [3]. - **i2605**: The latest price is 811.0, with a daily decrease of 5.5 and a weekly increase of 23.5. The monthly spread is -53.0, the basis/inside - outside spread is -25.4, with a daily increase of 5.5 and a weekly decrease of 48.8 [3]. - **i2609**: The latest price is 779.0, with a daily decrease of 6.5 and a weekly increase of 20.5. The monthly spread is 32.0, the basis/inside - outside spread is 6.6, with a daily increase of 6.5 and a weekly decrease of 45.8 [3]. Singapore Exchange - **FE01**: The latest price is 102.39, with a daily increase of 0.89 and a weekly increase of 2.55. The monthly spread is 2.00, the basis/inside - outside spread is -32.9, with a daily decrease of 0.4 and a weekly increase of 5.4 [3]. - **FE05**: The latest price is 107.45, with a daily increase of 1.27 and a weekly increase of 4.37. The monthly spread is -5.06, the basis/inside - outside spread is -20.8, with a daily decrease of 2.4 and a weekly decrease of 4.3 [3]. - **FE09**: The latest price is 104.39, with a daily increase of 0.96 and a weekly increase of 3.08. The monthly spread is 3.06, the basis/inside - outside spread is -28.0, with a daily increase of 0.5 and a weekly increase of 4.0 [3].

Report Overview - The report is an iron ore daily report dated March 12, 2026, focusing on the iron ore market [2] Futures Market - **Contract Prices**: DCE01 closed at 749.5, up 9.0 from yesterday; DCE05 closed at 795.5, up 8.0; DCE09 closed at 766.5, up 8.0 [2] - **Spread Changes**: I01 - I05 spread was -46.0, up 1.0; I05 - I09 spread was 29.0, unchanged; I09 - I01 spread was 17.0, down 1.0 [2] Spot Market - **Prices and Changes**: Various iron ore powders and concentrates showed price changes, with some increasing and some decreasing. For example, PB powder (60.8%) increased by 1 to 770, while super special powder decreased by 1 to 654 [2] - **Base Differences**: The base differences between different contracts and spot prices were provided, with the optimal delivery product being BRBF (62.5%) [2] - **Price Spreads**: Spreads between different spot varieties were also presented, such as the spread between PB powder and super special powder increasing by 2 to 120 [2] Indexes and Profits - **Platts Indexes**: The Platts iron ore 61% price was 105.1, up 0.3; the 65% price was 124.5, up 0.3; the 58% price remained unchanged at 95.6 [2] - **Import Profits**: Import profits of different iron ore varieties changed, with some increasing and some remaining stable. For example, the import profit of PB powder increased by 3 to -10 [2] - **USD Spreads**: The spreads between SGX and DCE contracts decreased, with SGX - DCE01 down 0.2 to 11.9, SGX - DCE05 down 0.5 to 5.9, and SGX - DCE09 down 0.2 to 9.6 [2] Graphs - The report included multiple graphs showing the base differences between the optimal delivery product and different contracts, cross - period spreads, import profits of different iron ore varieties, price spreads between different varieties, and the relationship between iron ore internal and external USD spreads and steel mill cash profits [8][11][12]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog Spot Market - **Australia**: The latest price of the Platts 61 index is 104.55, with a daily change of 1.90 and a weekly change of 4.20. Newman powder is priced at 769, with a daily change of 1 and a weekly change of 22, and its import profit is 1.72. PB powder is 773, with a daily change of 1 and a weekly change of 22. Mac powder is 761, with a daily change of 1, a weekly change of 21, and an import profit of 18.67. Jinbuba powder is 726, with a daily change of 1, a weekly change of 22, and an import profit of 27.14. Mixed powder is 707, with a daily change of 2, a weekly change of 22, and an import profit of -22.48. Super special powder is 655, with a weekly change of 16 and an import profit of -24.53. Car powder is 910, with a daily change of 5, a weekly change of 27, and an import profit of -9.73 [3]. - **Brazil**: The latest price of Ba Hun is 810, with a daily change of 2 and a weekly change of 23, and its import profit is -14.70. Ba coarse IOC6 is 733, with a daily change of 1 and a weekly change of 22. Ba coarse SSFG is 738, with a daily change of 1 and a weekly change of 22 [3]. - **Non - mainstream**: Ukrainian fine powder is 867, with a daily change of -6 and a weekly change of 16. 61% Indian powder is 715, with a daily change of 1 and a weekly change of 22. Karara fine powder is 873, with a weekly change of 22. Roy Hill powder is 760, with a daily change of 1, a weekly change of 22, and an import profit of 37.54. KUMBA powder is 832, with a daily change of 1 and a weekly change of 22. 57% Indian powder is 590, with a weekly change of 16. Atlas powder is 702, with a daily change of 2 and a weekly change of 22 [3]. - **Domestic Mines**: The latest price of Tangshan iron concentrate powder is 963, with a weekly change of 13 [3]. Futures Market - **Dalian Commodity Exchange**: The latest price of i2701 is 740.5, with a daily change of 1.5 and a weekly change of 23.0, and the monthly spread is 18.0, with a basis of 70.5. i2605 is 787.5, with a daily change of 3.5, a weekly change of 35.5, a monthly spread of -47.0, and a basis of 23.5. i2609 is 758.5, with a daily change of 1.5, a weekly change of 27.0, a monthly spread of 29.0, and a basis of 52.5 [3]. - **Singapore Exchange**: The latest price of FE01 is 99.84, with a daily change of 0.80 and a weekly change of 4.48, and the monthly spread is 1.47, with a basis of -40.3. FE05 is 103.08, with a daily change of 0.68, a weekly change of 4.57, a monthly spread of -3.24, and a basis of -20.6. FE09 is 101.31, with a daily change of 0.77, a weekly change of 4.59, a monthly spread of 1.77, and a basis of -33.7 [3].

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: March 11, 2026 [2] Group 2: Futures Market Data - DCE01 price: 740.5, up 1.5 from yesterday [2] - DCE05 price: 787.5, up 3.5 from yesterday [2] - DCE09 price: 758.5, up 1.5 from yesterday [2] - I01 - I05 spread: -47.0, down 2.0 from yesterday [2] - I05 - I09 spread: 29.0, up 2.0 from yesterday [2] - I09 - I01 spread: 18.0, unchanged from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%): price 769, unchanged; standard - grade equivalent 835; 01 - factory - basis 88, 05 - factory - basis 43, 09 - factory - basis 70 [2] - Newman powder: price 769, unchanged; standard - grade equivalent 841; 01 - factory - basis 94, 05 - factory - basis 49, 09 - factory - basis 76 [2] - Macfie powder: price 762, unchanged; standard - grade equivalent 842; 01 - factory - basis 95, 05 - factory - basis 50, 09 - factory - basis 77 [2] - Jinbuba powder (60.3%): price 725, unchanged; standard - grade equivalent 878; 01 - factory - basis 131, 05 - factory - basis 86, 09 - factory - basis 113 [2] - Roy Hill powder: price 759, unchanged; standard - grade equivalent 853; 01 - factory - basis 106, 05 - factory - basis 61, 09 - factory - basis 88 [2] - Super Special powder: price 655, down 3; standard - grade equivalent 877; 01 - factory - basis 130, 05 - factory - basis 85, 09 - factory - basis 112 [2] - BRBF (62.5%): price 795, down 3; standard - grade equivalent 816; 01 - factory - basis 69, 05 - factory - basis 24, 09 - factory - basis 51 [2] - BRBF (63%): price 805, down 3; standard - grade equivalent 820; 01 - factory - basis 73, 05 - factory - basis 28, 09 - factory - basis 55 [2] - FMG: price 705, down 5; standard - grade equivalent 847; 01 - factory - basis 100, 05 - factory - basis 55, 09 - factory - basis 82 [2] - Carajás powder: price 905, unchanged; standard - grade equivalent 854; 01 - factory - basis 107, 05 - factory - basis 62, 09 - factory - basis 89 [2] - Karara concentrate: price 875, unchanged; standard - grade equivalent 863; 01 - factory - basis 116, 05 - factory - basis 71, 09 - factory - basis 98 [2] - Ukrainian concentrate: price 873, unchanged; standard - grade equivalent 911; 01 - factory - basis 164, 05 - factory - basis 119, 09 - factory - basis 146 [2] - IOC6: price 732, unchanged; standard - grade equivalent 818; 01 - factory - basis 71, 05 - factory - basis 26, 09 - factory - basis 53 [2] - KUMBA: price 837, down 3; standard - grade equivalent 823; 01 - factory - basis 76, 05 - factory - basis 31, 09 - factory - basis 58 [2] - SP10: price 699, unchanged; standard - grade equivalent 838; 01 - factory - basis 91, 05 - factory - basis 46, 09 - factory - basis 73 [2] - Minmetals standard powder: price 781, down 5; standard - grade equivalent 843; 01 - factory - basis 96, 05 - factory - basis 51, 09 - factory - basis 78 [2] - Optimal delivery product: BRBF (62.5%) [2] Group 4: Spot Price Spreads and Import Profits - Carajás powder - PB powder spread: 132, unchanged [2] - Newman powder - Jinbuba powder spread: 44, unchanged [2] - Carajás powder - Jinbuba powder spread: 180, unchanged [2] - PB powder - Jinbuba powder spread: 48, unchanged [2] - Newman lump - Newman powder spread: 113, down 6 [2] - Roy Hill lump - Roy Hill powder spread: 48, down 6 [2] - Macfie powder - Super Special powder spread: 107, up 3 [2] - PB powder - Super Special powder spread: 118, up 3 [2] - PB lump - PB powder spread: 110, down 2 [2] - Carajás powder import profit: -12, down 13 [2] - Newman powder import profit: 33, unchanged [2] - PB powder import profit: -13, down 1 [2] - Jinbuba powder import profit: 36, down 3 [2] - Super Special powder import profit: -16, down 7 [2] - PB lump import profit: 91, down 3 [2] - BRBF import profit: -14, down 6 [2] - Macfie powder import profit: 30, unchanged [2] - FMG import profit: -20, down 9 [2] Group 5: Platts Index and内外盘美金价差 - Platts Iron Ore 61% price: 104.9, up 0.3 [2] - Platts Iron Ore 65% price: 124.3, up 1.1 [2] - Platts Iron Ore 58% price: 95.6, up 1.1 [2] - SGX main - DCE01 spread: 12.1, up 0.8 [2] - SGX main - DCE05 spread: 6.4, up 0.6 [2] - SGX main - DCE09 spread: 9.8, up 0.7 [2] Group 6: Graphs - Graph 1: Optimal delivery product - 01 contract basis [8] - Graph 2: Optimal delivery product - 05 contract basis [8] - Graph 3: Optimal delivery product - 09 contract basis [11] - Graph 4: Inter - period arbitrage 5/9 spread [11] - Graph 5: PB powder import profit [12] - Graph 6: PB lump import profit [12] - Graph 7: Super Special powder import profit [14] - Graph 8: Carajás powder import profit [14] - Graph 9: PB lump - PB powder spread [18] - Graph 10: Carajás powder - PB powder spread [18] - Graph 11: Iron ore domestic - foreign US dollar spread [22] - Graph 12: Steel mill cash profit and high - medium - low grade spreads [22]