地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 104.75 -0.35 1.15 纽曼粉 787 -2 7 842.2 100.30 0.10 1.40 -11.31 PB粉 790 -2 7 838.2 105.30 0.10 1.55 -10.56 麦克粉 783 -1 10 855.2 99.45 0.20 1.20 15.11 金布巴 743 0 9 835.5 93.95 0.05 0.80 10.38 主流 混合粉 726 -1 4 854.9 95.95 0.10 1.20 -17.07 超特粉 670 -5 0 883.8 91.75 0.15 1.30 -31.41 卡粉 883 -2 1 827.3 116.70 0.10 2.10 -10.37 巴西 巴混 831 0 11 847.1 108.20 0.20 1.40 5.30 主流 巴粗IOC6 767 -2 -16 841.4 巴粗SSFG 772 -2 -16 乌克兰精粉 875 -1 0 964.4 61%印粉 732 0 9 卡拉拉精粉 877 -1 0 897.3 罗伊山粉 777 -2 7 85 ...

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]

【现货】 截至11月19日收盘，主流矿粉现货价格：日照港（600017）PB粉+0元/吨至795元/吨，卡粉+0元至892.0 元/吨。 【期货】 以收盘价统计，铁矿主力合约-0.5（-0.06%），收于791.5元/吨，铁矿远月2605合约-2.5(-0.33%)收于 755，1-5价差走强至36.5，SGX铁矿掉期价格+0.20美元/吨（+0.19%）至104.45美元/吨。 【基差】 截至11月19日，日均铁水产量236.88万吨/日，环比+2.66万吨/日；高炉开工率82.81%，环比-0.32%；高 炉炼铁产能利用率88.8%，环比+0.99%；钢厂盈利率38.96%，环比-0.87%；进口矿日耗292.63万吨/日， 环比3.93万吨/日。 【供给】 截至11月19日，上周全球发运环比上升，到港量下降。全球发运3516.4万吨，周环比+477.4万吨。47港 口到港量2268.9万吨，周环比-472.3万吨。全国9月进口量11632.6万吨，月环比+110.1万吨。 【库存】 截至11月19日，港口库存小幅去库，日均疏港量环比回升，钢厂进口矿库存环比上升。45港库存 15114.45万吨，环比-1 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content Group 3: Summary by Related Catalogs Spot Market - Newman powder: price 792, daily change 0, weekly change 11, converted to the disk 847.7, import profit -7.70 [1] - PB powder: price 795, daily change 0, weekly change 11, converted to the disk 843.7, import profit -6.48 [1] - Mac powder: price 786, daily change 0, weekly change 8, converted to the disk 858.5, import profit 17.50 [1] - Jinbuba powder: price 746, daily change 0, weekly change 11, converted to the disk 838.8, import profit 11.22 [1] - Mainstream mixed powder: price 728, daily change 0, weekly change -5, converted to the disk 857.0, import profit -16.09 [1] - Super special powder: price 678, daily change 0, weekly change 1, converted to the disk 892.6, import profit -24.44 [1] - Carajás powder: price 885, daily change -7, weekly change 1, converted to the disk 829.5, import profit -9.57 [1] - Brazilian mixed powder: price 834, daily change 2, weekly change 15, converted to the disk 850.3, import profit 9.28 [1] - Brazilian coarse IOC6: price 772, daily change 0, weekly change -12 [1] - Brazilian coarse SSFG: price 777, daily change 0, weekly change -12 [1] - Ukrainian concentrate powder: price 880, daily change -7, weekly change 2 [1] - 61% Indian powder: price 735, daily change 0, weekly change 11 [1] - Karara concentrate powder: price 882, daily change -7, weekly change 2 [1] - Roy Hill powder: price 782, daily change 0, weekly change 11, converted to the disk 860.7, import profit 23.04 [1] - KUMBA powder: price 854, daily change 0, weekly change 11, converted to the disk 845.6 [1] - 57% Indian powder: price 613, daily change 0, weekly change 1 [1] - Atlas powder: price 723, daily change 0, weekly change -5 [1] - Tangshan iron concentrate powder: price 1020, daily change 0, weekly change 12, converted to the disk 907.0 [1] Futures Market - i2601 contract: latest price 791.5, daily change -0.5, weekly change 17.5, monthly spread -61.5 [1] - i2605 contract: latest price 755.0, daily change -2.5, weekly change 7.5, monthly spread 36.5 [1] - i2609 contract: latest price 730.0, daily change -4.0, weekly change 5.5, monthly spread 25.0 [1] - FE01 contract: latest price 101.27, daily change 0.08, weekly change 2.87, monthly spread -4.67 [1] - FE05 contract: latest price 98.73, daily change 0.00, weekly change 2.63, monthly spread 2.54 [1] - FE09 contract: latest price 96.60, daily change 0.00, weekly change 2.60, monthly spread 2.13 [1]

地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 105.30 1.70 2.30 纽曼粉 792 2 20 847.7 100.70 0.30 2.10 -8.43 PB粉 795 2 20 843.7 105.65 0.35 2.55 -7.18 麦克粉 786 2 18 858.5 99.75 0.05 2.35 16.78 金布巴 746 2 20 838.8 94.55 -0.15 2.20 9.76 主流 混合粉 728 1 3 857.0 96.35 0.20 2.70 -17.19 超特粉 678 -2 8 892.6 92.20 0.25 3.00 -25.88 卡粉 892 0 16 837.2 116.20 0.30 1.50 3.38 巴西 巴混 832 2 18 848.2 108.30 0.25 2.70 6.62 主流 巴粗IOC6 772 2 -3 846.9 巴粗SSFG 777 2 -3 乌克兰精粉 887 2 16 973.5 61%印粉 735 2 20 卡拉拉精粉 889 2 16 910.6 罗伊山粉 782 2 20 860.7 99.45 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - Australian mainstream iron ore prices generally increased, with Newman powder at 790 (up 10 daily and 18 weekly), PB powder at 793 (up 10 daily and 18 weekly), etc [1] - Brazilian mainstream iron ore prices also had mixed trends, with Baha at 830 (up 10 daily and 14 weekly), while Baha coarse IOC6 was at 770 (down 13 daily and 7 weekly) [1] - Other varieties like Ukrainian concentrate powder, 61% Indian powder, etc also had price changes [1] 3.2 Exchange Contracts - For DCE contracts, i2601 was at 788.5 (up 16.0 daily and 23.5 weekly), i2605 at 756.5 (up 13.0 daily and 14.5 weekly), i2609 at 732.0 (up 10.5 daily and 10.0 weekly) [1] - For SGX contracts, FE01 was at 99.51 (down 0.20 daily and up 1.31 weekly), FE05 at 97.15 (down 0.25 daily and up 1.06 weekly), FE09 at 95.09 (down 0.23 daily and up 0.97 weekly) [1] 3.3 Premiums - Information on U - ball/pellet premium, PB block/block ore premium was presented, but specific data was not fully summarized here [1] 3.4 Basis and Spread - The monthly spread and other relevant data for each contract were given, such as the monthly spread of i2601 was - 56.5 (up 48.1 daily and down 5.2 weekly) [1]

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - No core view is presented in the given content. 3. Summary by Relevant Catalogs Spot Market - Australian mainstream iron ore fines: Newman powder price is 780, unchanged daily and up 10 weekly; PB powder is 783, unchanged daily and up 10 weekly; Mac powder is 773, down 3 daily and up 3 weekly; Jinbuba powder is 734, unchanged daily and up 10 weekly; Mixed powder is 722, down 3 daily and down 3 weekly; Super special powder is 670, down 2 daily and down 3 weekly; Carajás powder is 882, down 1 daily and up 4 weekly [1]. - Brazilian mainstream iron ore fines: Brazilian blend is 820, up 2 daily and up 6 weekly; Brazilian coarse IOC6 is 783, unchanged daily and up 8 weekly; Brazilian coarse SSFG is 788, unchanged daily and up 8 weekly [1]. - Other varieties: Ukrainian concentrate is 875, unchanged daily and weekly; 61% Indian powder is 723, unchanged daily and up 10 weekly; Karara concentrate is 877, unchanged daily and weekly; Roy Hill powder is 770, unchanged daily and up 10 weekly; KUMBA powder is 842, unchanged daily and up 10 weekly; 57% Indian powder is 605, down 2 daily and down 3 weekly; Atlas powder is 717, down 3 daily and down 3 weekly [1]. - Domestic ore: Tangshan iron concentrate is 1008, unchanged daily and weekly [1]. Futures Market - Dalian Commodity Exchange contracts: i2601 is 772.5, unchanged daily and up 12 weekly; i2605 is 743.5, down 2 daily and up 3.5 weekly; i2609 is 721.5, down 1.5 daily and down 0.5 weekly [1]. - Singapore Exchange contracts: FE01 is 99.71, up 0.03 daily and down 1.04 weekly; FE05 is 97.40, up 0.01 daily and down 1.10 weekly; FE09 is 95.32, down 0.06 daily and down 1.11 weekly [1]. Premium and Spread - Ore premium: PB lump/ lump ore premium and U - ball/ pellet premium data are presented, but specific analysis is not provided [1]. - Inter - monthly spread: For Dalian Commodity Exchange contracts, i2601 - i2605 spread is - 51.0, unchanged daily and down 1.2 weekly; i2605 - i2609 spread is 29.0, up 2.0 daily and up 7.3 weekly; i2609 - i2601 spread is 22.0, up 1.5 daily and up 11.3 weekly [1].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 780, down 1 from the previous day and up 2 for the week; PB powder price is 783, down 1 from the previous day and down 2 for the week; Macfarlane powder price is 776, down 2 from the previous day and down 4 for the week; Jinbuba powder price is 734, down 1 from the previous day and down 2 for the week; Super special powder price is 672, down 5 from the previous day and down 15 for the week; Carajás powder price is 883, down 1 from the previous day and down 10 for the week; Roy Hill powder price is 770, down 1 from the previous day and down 2 for the week; KUMBA powder price is 842, down 1 from the previous day and down 2 for the week [1] - **Brazilian Iron Ore**: Brazilian mixed ore price is 818, down 1 from the previous day and down 3 for the week; Brazilian coarse IOC6 price is 783, down 1 from the previous day and down 4 for the week; Brazilian coarse SSFG price is 788, down 1 from the previous day and down 4 for the week [1] - **Other Regions' Iron Ore**: Ukrainian concentrate price is 875, down 3 from the previous day and down 15 for the week; 61% Indian powder price is 723, down 1 from the previous day and down 2 for the week; Karara concentrate price is 877, down 3 from the previous day and down 15 for the week; 57% Indian powder price is 607, down 5 from the previous day and down 15 for the week; Atlas powder price is 720, down 8 from the previous day and down 12 for the week; Tangshan iron concentrate price is 1008, unchanged from the previous day and the week [1] Futures Market - **DCE Contracts**: i2601 contract price is 772.5, down 1.5 from the previous day and down 5.0 for the week; i2605 contract price is 745.5, down 2.0 from the previous day and down 10.5 for the week; i2609 contract price is 723.0, down 1.5 from the previous day and down 12.0 for the week [1] - **SGX Contracts**: FE01 contract price is 99.68, up 1.28 from the previous day and down 0.79 for the week; FE05 contract price is 97.39, up 1.29 from the previous day and down 0.79 for the week; FE09 contract price is 95.38, up 1.38 from the previous day and down 0.72 for the week [1] Spread and Premium - **Inter - monthly Spread**: For DCE contracts, i2601 - i2605 spread is - 49.5, up 0.4 from the previous day and up 2.8 for the week; i2605 - i2609 spread is 27.0, up 0.9 from the previous day and up 8.3 for the week; i2609 - i2601 spread is 22.5, up 0.4 from the previous day and up 9.8 for the week; For SGX contracts, FE01 - FE05 spread is - 4.30, up 0.7 from the previous day and up 5.6 for the week; FE05 - FE09 spread is 2.29, up 0.2 from the previous day and up 1.1 for the week; FE09 - FE01 spread is 2.01, down 3.6 from the previous day and down 2.5 for the week [1] - **Premium**: Information on U - ball/ pellet premium, PB block/ block premium is presented in the form of historical data charts, but specific current premium values are not clearly summarized in the text [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market - **Australian Ore**: Newman powder price is 781, daily change is 9, weekly change is 7; PB powder price is 784, daily change is 9, weekly change is 3; Macfarlane powder price is 778, daily change is 10, weekly change is 0; Jinbuba powder price is 735, daily change is 9, weekly change is 2; Mixed powder price is 733, daily change is 8, weekly change is -4; Super special powder price is 677, daily change is 7, weekly change is -10; Carajás powder price is 884, daily change is 8, weekly change is -9; Roy Hill powder price is 771, daily change is 9, weekly change is 3; KUMBA powder price is 843, daily change is 9, weekly change is 3 [1] - **Brazilian Ore**: Brazilian mixed ore price is 819, daily change is 5, weekly change is -2; Brazilian coarse IOC6 price is 784, daily change is 9, weekly change is 1; Brazilian coarse SSFG price is 789, daily change is 9, weekly change is 1 [1] - **Other Ores**: Ukrainian concentrate price is 878, daily change is 7, weekly change is -10; 61% Indian powder price is 724, daily change is 9, weekly change is 2; Karara concentrate price is 880, daily change is 7, weekly change is -10; 57% Indian powder price is 612, daily change is 7, weekly change is -10; Atlas powder price is 728, daily change is 8, weekly change is -4 [1] - **Domestic Ore**: Tangshan iron concentrate price is 1008, daily change is 6, weekly change is 0 [1] 3.2 Futures Market - **DCE Contracts**: i2601 contract price is 774.0, daily change is 11.0, weekly change is -2.0; i2605 contract price is 747.5, daily change is 10.5, weekly change is -6.5; i2609 contract price is 724.5, daily change is 7.5, weekly change is -9.5 [1] - **SGX Contracts**: FE01 contract price is 98.40, daily change is -0.63, weekly change is -2.21; FE05 contract price is 96.10, daily change is -0.75, weekly change is -2.28; FE09 contract price is 94.00, daily change is -0.85, weekly change is -2.29 [1] 3.3 Premium and Spread - **Uzbekistan Ball/Pellet Premium**: No specific data presented in a summarized way - **PB Lump/Block Ore Premium**: No specific data presented in a summarized way - **Monthly Spread**: i2601 - i2605 spread is -49.5, daily change is -1.3, weekly change is 4.2; i2605 - i2609 spread is 26.5, daily change is -0.8, weekly change is 8.7; i2609 - i2601 spread is 23.0, daily change is 2.2, weekly change is 11.7; FE01 - FE05 spread is -4.40, daily change is -28.4, weekly change is 3.4; FE05 - FE09 spread is 2.30, daily change is -35.9, weekly change is 1.3; FE09 - FE01 spread is 2.10, daily change is -39.0, weekly change is 2.1 [1]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. Group 2: Report's Core View - There is no clear core view presented in the provided content. Group 3: Summary by Related Catalogs Spot Market - **Australian Ore**: Newman powder price is 772, unchanged daily and down 3 weekly; PB powder is 775, unchanged daily and down 7 weekly; Mac powder is 768, down 4 daily and 11 weekly; Jinbuba is 726, unchanged daily and down 8 weekly; mainstream mixed powder is 725, down 3 daily and 20 weekly; super special powder is 670, down 4 daily and 17 weekly; Carra powder is 876, down 2 daily and 18 weekly; Roy Hill powder is 762, unchanged daily and down 7 weekly; KUMBA powder is 834, unchanged daily and down 7 weekly [1]. - **Brazilian Ore**: Brazilian mixed ore is 814, down 2 daily and 8 weekly; Brazilian coarse IOC6 is 775, down 2 daily and 9 weekly; Brazilian coarse SSFG is 780, down 2 daily and 9 weekly [1]. - **Other Ores**: Ukrainian concentrate is 871, down 5 daily and 19 weekly; 61% Indian powder is 715, unchanged daily and down 8 weekly; 57% Indian powder is 605, down 4 daily and 17 weekly; Atlas powder is 720, down 3 daily and 20 weekly; Tangshan iron concentrate is 1002, unchanged daily and down 19 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 763.0, down 2.0 daily and 12.5 weekly; i2605 is 737.0, down 5.0 daily and 19.0 weekly; i2609 is 717.0, down 5.0 daily and 18.5 weekly [1]. - **SGX Contracts**: FE01 is 99.03, up 0.83 daily and down 2.90 weekly; FE05 is 96.85, up 0.76 daily and down 2.73 weekly; FE09 is 94.85, up 0.73 daily and down 2.65 weekly [1]. Other Data - **Import Profits**: Newman powder is -13.64; PB powder is -9.81; Mac powder is 14.98; Jinbuba is 5.03; mainstream mixed powder is -1.31; super special powder is -13.05; Carra powder is -2.97; Brazilian mixed ore is 7.09; Roy Hill powder is 20.22 [1]. - **Monthly Spreads and Basis/Spreads**: For DCE contracts, i2601's monthly spread is -46.0, up 2.0 daily and 3.9 weekly; i2605's is 26.0, up 5.0 daily and 10.4 weekly; i2609's is 20.0, up 5.0 daily and 9.9 weekly. For SGX contracts, FE01's is -4.18, down 1.9 daily and up 5.4 weekly; FE05's is 2.18, down 3.8 daily and up 3.0 weekly; FE09's is 2.00, down 5.6 daily and up 2.4 weekly [1].