数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系 统篡改或伪造变造资料等，我司均不承担任何责任。 声明 0% 10% 20% 30% 1/1 3/1 5/1 7/1 9/1 11/1 62.5% 2023 2024 2025 2026 / 10 15 20 25 65% 2023 2024 2025 2026 / (10 ...

主流矿粉现货价格：日照港（600017）PB粉+22至832元/湿吨，巴混+22至867元/湿吨，卡粉+18至919 元/湿吨。 【期货】 截止1月7日收盘，铁矿主力合约+4.09%(+32.5)，收于828元/吨。 【基差】 最优交割品为卡粉。PB粉和卡粉仓单成本分别为891元和890元。主力合约PB粉基差66元/吨。 【需求】 日均铁水产量227.43万吨，环比+0.85万吨；高炉开工率78.94%，环比+0.62%；高炉炼铁产能利用率 85.26%，环比+0.32个百分点；钢厂盈利率38.1%，环比+0.87个百分点。 【现货】 【供给】 本期全球发运环比小幅回落，但仍处于历史同期高位水平。全球发运-463.4万吨至3213.7万吨。澳洲巴 西铁矿发运总量量2742.7万吨，环比减少316.9万吨。溴洲发运量1939.6万吨，环比减少174.1万吨，其中 澳洲发往中国的量1615.3万吨，环比减少252.3万吨。巴西发运量803.2万吨，环比减少142.7万吨。45港 口到港量2756.4万吨，环比增加155.0万吨。 【库存】 截至1月2日，45港库存15970.89万吨，环比+41万吨；小部分钢厂复 ...

数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系 统篡改或伪造变造资料等，我司均不承担任何责任。 声明 0% 10% 20% 30% 1/1 3/1 5/1 7/1 9/1 11/1 62.5% 2023 2024 2025 2026 / 10 15 20 25 65% 2023 2024 2025 2026 / (10 ...

Report Summary 1) Report Industry Investment Rating - Not available 2) Core View - Not provided in the given content 3) Summary by Relevant Categories 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 802 with a daily change of 4 and a weekly change of 1, PB powder is 810 (daily +4, weekly +6), Mac powder is 812 (daily +4, weekly +10), etc. [1] - **Brazilian Mainstream Iron Ore**: Ba mix price is 851 with a daily change of -1 and a weekly change of 11, Ba coarse IOC6 is 774 (daily +4, weekly +6), etc. [1] - **Other Iron Ore**: Ukrainian iron concentrate powder is 889 (daily +5, weekly +7), 61% Indian powder is 752 (daily +4, weekly +6), etc. [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 976 with a daily change of 0 and a weekly change of -6 [1] 3.2 Futures Market - **DCE Contracts**: i2601 price is 826.0 with a daily change of 11.5 and a weekly change of 10.0, i2605 is 801.0 (daily +4.0, weekly +4.5), i2609 is 780.0 (daily +5.0, weekly +6.5) [1] - **SGX Contracts**: FE01 price is 105.97 with a daily change of 0.42 and a weekly change of 0.62, FE05 is 104.73 (daily +0.47, weekly +0.71), FE09 is 102.80 (daily +0.49, weekly +0.75) [1] 3.3 Other Information - **Import Profit**: Newman powder import profit is 11.84, Mac powder is 46.72, etc. [1] - **Month - to - Month Price Difference**: For i2601 - i2605, the month - to - month price difference is - 46.0 with a daily change of 10.4 and a weekly change of - 5.0, etc. [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - No information provided Group 3: Summary of Spot Market - For Australian mainstream iron ore, Newman powder was priced at 799 with a daily change of 1 and a weekly change of 11, PB powder at 802 (daily +1, weekly +11), Mac powder at 804 (daily +1, weekly +18), etc [1]. - Brazilian mainstream iron ore included Ba Hun at 852 (daily +1, weekly +25), Ba Cu IOC6 at 766 (daily +1, weekly +11), etc [1]. - Other types like Ukrainian concentrate powder was at 878 (daily +1, weekly +3), 61% Indian powder at 744 (daily +1, weekly +11), etc [1]. - Domestic iron ore, such as Tangshan iron concentrate powder, was priced at 982 with no daily change and a weekly change of 6 [1]. Group 4: Summary of Futures Market - For DCE contracts, i2601 was at 805.0 (daily -4.0, weekly +7.0), i2605 at 789.5 (daily +0.5, weekly +10.0), i2609 at 768.5 (daily +1.5, weekly +10.5) [1]. - For SGX contracts, FE01 was at 105.68 (daily -0.15, weekly +1.31), FE05 at 104.03 (daily -0.14, weekly +1.50), FE09 at 102.03 (daily -0.13, weekly +1.62) [1].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market Data - **Australian Mainstream Iron Ore**: Newman powder price is 798, down 3 daily and up 11 weekly; PB powder price is 801, down 3 daily and up 11 weekly; Mac powder price is 803, up 1 daily and up 19 weekly; Jinbuba powder price is 754, down 3 daily and up 11 weekly; Mixed powder price is 740, down 5 daily and up 7 weekly; Super special powder price is 680, unchanged daily and up 8 weekly; Carajás powder price is 885, down 7 daily and up 15 weekly; Roy Hill powder price is 788, down 3 daily and up 11 weekly; KUMBA powder price is 860, down 3 daily and up 11 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 851, up 11 daily and up 26 weekly; Brazilian coarse IOC6 price is 765, down 3 daily and up 11 weekly; Brazilian coarse SSFG price is 770, down 3 daily and up 11 weekly [1] - **Other Iron Ore**: Ukrainian concentrate powder price is 877, down 5 daily and up 2 weekly; 61% Indian powder price is 743, down 3 daily and up 11 weekly; Karara concentrate powder price is 882, down 5 daily and up 7 weekly; 57% Indian powder price is 615, unchanged daily and up 8 weekly; Atlas powder price is 735, down 5 daily and up 7 weekly; Tangshan iron concentrate powder price is 982, unchanged daily and up 6 weekly [1] Futures Market Data - **Dalian Commodity Exchange Contracts**: i2601 contract price is 809.0, down 7.0 daily and up 12.5 weekly; i2605 contract price is 789.0, down 7.5 daily and up 10.5 weekly; i2609 contract price is 767.0, down 6.5 daily and up 10.5 weekly [1] - **Singapore Exchange Contracts**: FE01 contract price is 105.83, up 1.16 daily and up 1.07 weekly; FE05 contract price is 104.17, up 1.15 daily and up 1.36 weekly; FE09 contract price is 102.16, up 1.14 daily and up 1.41 weekly [1] Other Data - **Import Profit**: Newman powder import profit is 20.28; PB powder import profit is - 14.00; Mac powder import profit is 52.72; Jinbuba powder import profit is 37.44; Mixed powder import profit is 4.61; Super special powder import profit is - 10.63; Carajás powder import profit is - 26.66; Brazilian mixed ore import profit is 13.52 [1] - **Month - to - Month Spread**: i2601/i2605 spread is - 42.0, up 10.1 daily and up 3.7 weekly; i2605/i2609 spread is 20.0, up 30.1 daily and up 5.7 weekly; i2609/i2601 spread is 22.0, up 52.1 daily and up 5.7 weekly; FE01/FE05 spread is - 3.67, down 21.9 daily and up 5.3 weekly; FE05/FE09 spread is 1.66, down 28.2 daily and up 7.8 weekly; FE09/FE01 spread is 2.01, down 35.3 daily and up 5.4 weekly [1]

Report Information - Report Name: Iron Ore Daily Report - Date: December 30, 2025 - Industry: Iron Ore Report Highlights Futures Market - DCE01 closed at 809.0, down 7.0 from the previous day [2] - DCE05 closed at 789.0, down 7.5 from the previous day [2] - DCE09 closed at 767.0, down 6.5 from the previous day [2] Spot Market - PB powder (60.8%) price increased by 7 to 800 [2] - Newman powder price increased by 7 to 802 [2] - Macarthur powder price increased by 7 to 802 [2] Spread - I01 - I05 spread was 20.0, up 0.5 from the previous day [2] - I05 - I09 spread was 22.0, down 1.0 from the previous day [2] - I09 - I01 spread was -42.0, up 0.5 from the previous day [2] Import Profit - Carajás fines import profit increased by 11 to -14 [2] - Newman powder import profit decreased by 1 to 53 [2] - PB powder import profit decreased by 1 to 3 [2] Index - Platts 62% iron ore price increased by 1.0 to 108.9 [2] - Platts 65% iron ore price increased by 1.0 to 121.9 [2] - Platts 58% iron ore price increased by 1.1 to 94.7 [2] Price Difference - Carajás fines - PB powder price difference increased by 11 to 88 [2] - Newman powder - Jinbuba powder price difference remained unchanged at 45 [2] - Carajás fines - Jinbuba powder price difference increased by 11 to 135 [2] Base Difference - The optimal deliverable - 01 contract base difference was 16 for Carajás fines [2] - The optimal deliverable - 05 contract base difference was 35 for Carajás fines [2] - The optimal deliverable - 09 contract base difference was 58 for Carajás fines [2] Inner-Outer Spread - SGX main - DCE01 spread was 0.4, up 0.8 from the previous day [2] - SGX main - DCE05 spread was 2.9, up 1.0 from the previous day [2] - SGX main - DCE09 spread was 5.9, up 1.1 from the previous day [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market Information - **Australian Mainstream Iron Ore**: Newman powder price is 794, up 4 daily and 2 weekly, with an import profit of 19.31; PB powder price is 797, up 4 daily and 2 weekly, with an import profit of -12.85; Mac powder price is 795, up 10 daily and 10 weekly, with an import profit of 49.12; Jinbuba powder price is 750, up 4 daily and 2 weekly, with an import profit of 39.70; Mixed powder price is 740, up 6 daily and 2 weekly, with an import profit of 9.76; Super special powder price is 675, up 2 daily and down 2 weekly, with an import profit of -10.58; Roy Hill powder price is 784, up 4 daily and 2 weekly, with an import profit of 41.96 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder price is 833, up 4 daily and 3 weekly, with an import profit of 2.39; Brazilian coarse IOC6 price is 761, up 4 daily and down 4 weekly; Brazilian coarse SSFG price is 766, up 4 daily and down 4 weekly [1] - **Other Varieties**: Ukrainian concentrate powder price is 873, up 2 daily and down 2 weekly; 61% Indian powder price is 739, up 4 daily and 2 weekly; Karara concentrate powder price is 878, up 3 daily and 3 weekly; 57% Indian powder price is 610, up 2 daily and down 2 weekly; Atlas powder price is 735, up 6 daily and 2 weekly [1] - **Domestic Ore**: Tangshan iron concentrate powder price is 982, up 6 daily and 6 weekly [1] Futures Market Information - **Dalian Commodity Exchange Contracts**: i2601 price is 801.5, up 3.5 daily and 3.5 weekly, with a monthly spread of -40.5; i2605 price is 783.0, up 4.5 daily and 3.0 weekly, with a monthly spread of 18.5; i2609 price is 761.0, up 4.0 daily and 3.0 weekly, with a monthly spread of 22.0 [1] - **Singapore Exchange Contracts**: FE01 price is 104.05, unchanged daily and down 0.83 weekly, with a monthly spread of -3.69; FE05 price is 102.37, unchanged daily and down 0.49 weekly, with a monthly spread of 1.68; FE09 price is 100.36, unchanged daily and down 0.43 weekly, with a monthly spread of 2.01 [1]

铁矿石期货周报 铁 水 止 降 ， 钢 厂 补 库 预 期 支 撑 价 格 品种 主要观点 本周操作建议 上周操作建议 徐艺丹 投资咨询资格：Z0020017 期货从业资格：F03125507 联系方式：020-88818017 本报告中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明。 快速开户 微信公众号 短期观点 现货价格 供应：本期全球发运环比小幅下滑，但整体仍维持高位。全球发运-128万吨至3464.5万吨。澳洲巴西铁矿发运总量 2814.7万吨，环比减少150.8万吨。澳洲发运量1950.6万吨，环比减少102万吨，其中澳洲发往中国的量1694.5万吨，环比减 少7.6万吨。巴西发运量864.1万吨，环比减少48.8万吨。45港口到港量2646.7万吨，环比减少76.7万吨。 需求：日均铁水产量226.58万吨，环比+0.03万吨；高炉开工率78.32%，环比-0.15%；高炉炼铁产能利用率84.94%，环 比+0.01个百分点；钢厂盈利率37.23%，环比+1.3个百分点。 铁矿石（I） 库存：截至12月25日，45港库存15858.66万吨，环比+346.03万吨；小部分钢厂复产，日均疏 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 790, up 2 from the previous day and down 1 for the week, with a discounted futures price of 845.5 and an import profit of 17.17; PB powder price is 793, up 2 from the previous day and down 1 for the week, with a discounted futures price of 844.5 and an import profit of -15.25; Mac powder price is 785, down 1 from the previous day and up 1 for the week, with a discounted futures price of 857.4 and an import profit of 39.47; Jinbuba powder price is 746, up 2 from the previous day and down 1 for the week, with a discounted futures price of 838.8 and an import profit of 37.64; Mixed powder price is 734, unchanged from the previous day and down 4 for the week, with a discounted futures price of 872.5 and an import profit of 5.25; Super special powder price is 673, unchanged from the previous day and down 5 for the week, with a discounted futures price of 893.1 and an import profit of -11.38; Roy Hill powder price is 780, up 2 from the previous day and down 1 for the week, with a discounted futures price of 858.5 and an import profit of 38.66 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 829, up 2 from the previous day and down 3 for the week, with a discounted futures price of 836.3 and an import profit of -0.78; Brazilian coarse IOC6 price is 757, up 2 from the previous day and down 7 for the week; Brazilian coarse SSFG price is 762, up 2 from the previous day and down 7 for the week [1] - **Other Iron Ores**: Ukrainian concentrate price is 871, down 4 from the previous day and down 2 for the week, with a discounted futures price of 948.6; 61% Indian powder price is 735, up 2 from the previous day and down 1 for the week; Karara concentrate price is 875, unchanged from the previous day and up 2 for the week, with a discounted futures price of 895.1; 57% Indian powder price is 608, unchanged from the previous day and down 5 for the week; Atlas powder price is 729, unchanged from the previous day and down 4 for the week; KUMBA powder price is 852, up 2 from the previous day and down 1 for the week, with a discounted futures price of 831.5; Tangshan iron concentrate price is 976, unchanged from the previous day and for the week, with a discounted futures price of 863 [1] Futures Market - **Dalian Commodity Exchange Contracts**: i2601 price is 798.0, unchanged from the previous day and up 1 for the week, with a monthly spread of -41.0 and a spread change of 5.9 from the previous day and -2.1 for the week; i2605 price is 778.5, down 1 from the previous day and up 1 for the week, with a monthly spread of 19.5 and a spread change of 25.4 from the previous day and -2.1 for the week; i2609 price is 757.0, down 1 from the previous day and up 2 for the week, with a monthly spread of 21.5 and a spread change of 46.9 from the previous day and -3.1 for the week [1] - **Singapore Exchange Contracts**: FE01 price is 104.05, down 0.32 from the previous day and up 0.40 for the week, with a monthly spread of -3.69 and a spread change of -28.4 from the previous day and 8.1 for the week; FE05 price is 102.37, down 0.16 from the previous day and up 0.84 for the week, with a monthly spread of 1.68 and a spread change of -33.5 from the previous day and 6.6 for the week; FE09 price is 100.36, down 0.05 from the previous day and up 0.91 for the week, with a monthly spread of 2.01 and a spread change of -39.1 from the previous day and 7.0 for the week [1]