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1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - No explicit core view is presented in the given content. It mainly provides a comprehensive set of data on iron ore, including prices, price changes, and related spreads for different varieties, regions, and contracts. 3. Summary by Related Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 772, down 3 from the previous day and up 3 for the week; PB powder price is 776, down 4 from the previous day and up 4 for the week; Macfarlane powder price is 765, down 2 from the previous day and up 6 for the week; Jinbuba powder price is 749, down 4 from the previous day and up 4 for the week; mainstream mixed powder price is 700, down 2 from the previous day and down 3 for the week; super special powder price is 650, down 2 from the previous day and up 3 for the week; Carajás powder price is 880, down 3 from the previous day and up 6 for the week [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 803, unchanged from the previous day and up 1 for the week; Brazilian coarse IOC6 price is 766, down 4 from the previous day and up 4 for the week; Brazilian coarse SSFG price is 771, down 4 from the previous day and up 4 for the week [1]. - **Other Iron Ores**: Ukrainian concentrate price is 868, down 2 from the previous day and up 8 for the week; 61% Indian powder price is 738, down 4 from the previous day and up 4 for the week; Karara concentrate price is 868, down 1 from the previous day and up 10 for the week; Roy Hill powder price is 746, down 4 from the previous day and up 4 for the week; KUMBA powder price is 836, down 4 from the previous day and up 4 for the week; 57% Indian powder price is 595, down 2 from the previous day and up 3 for the week; Atlas powder price is 695, down 2 from the previous day and down 3 for the week [1]. - **Domestic Iron Ore**: Tangshan iron concentrate price is 952, up 13 from the previous day and up 23 for the week [1]. Futures Market - **Dalian Commodity Exchange Contracts**: i2601 contract price is 777.5, down 0.5 from the previous day and up 11.5 for the week; i2605 contract price is 754.5, unchanged from the previous day and up 9.0 for the week; i2509 contract price is 794.5, down 4.0 from the previous day and up 5.5 for the week [1]. - **New Exchange Contracts**: FE01 contract price is 102.23, up 1.21 from the previous day and up 0.92 for the week; FE05 contract price is 100.15, up 1.25 from the previous day and up 1.09 for the week; FE09 contract price is 102.47, up 0.97 from the previous day and down 0.27 for the week [1]. Price Spreads - **Inter - monthly Spreads**: For i2601, the inter - monthly spread is 17.0, up 0.5 from the previous day and down 10.4 for the week; for i2605, the inter - monthly spread is 23.0, unchanged from the previous day and down 7.9 for the week; for i2509, the inter - monthly spread is - 40.0, up 4.0 from the previous day and down 4.4 for the week [1]. - **Other Spreads**: For FE01, the spread is 0.24, up 1.6 from the previous day and down 0.7 for the week; for FE05, the spread is 2.08, up 1.2 from the previous day and down 4.0 for the week; for FE09, the spread is - 2.32, down 0.5 from the previous day and up 2.0 for the week [1].

Group 1: Report Summary - The report is an iron ore morning report from the Black Team of the Research Center on July 25, 2025, with data sourced from MYSTEEL [1] Group 2: Spot Market Data - **Australian mainstream iron ore**: Newman powder is priced at 783, unchanged daily and up 22 weekly; PB powder is at 790, up 2 daily and 25 weekly; Mac powder is at 770, unchanged daily and up 27 weekly; Jinbuba is at 757, up 2 daily and 21 weekly; the mainstream mixed powder is at 725, unchanged daily and up 34 weekly; Super Special powder is at 663, down 3 daily and up 15 weekly; Carajás powder is at 888, unchanged daily and up 21 weekly; Roy Hill powder is at 760, up 2 daily and 25 weekly; KUMBA powder is at 850, up 2 daily and 25 weekly [1] - **Brazilian mainstream iron ore**: Brazilian mixed ore is at 817, down 3 daily and up 18 weekly; Brazilian coarse IOC6 is at 780, up 2 daily and 38 weekly; Brazilian coarse SSFG is at 785, up 2 daily and 38 weekly [1] - **Other iron ore**: Ukrainian concentrate is at 878, up 1 daily and 31 weekly; 61% Indian powder is at 746, up 2 daily and 21 weekly; Karara concentrate is at 878, up 1 daily and 31 weekly; 57% Indian powder is at 618, down 3 daily and up 15 weekly; Atlas powder is at 720, unchanged daily and up 34 weekly; Tangshan iron concentrate is at 939, unchanged daily and up 45 weekly [1] Group 3: Futures Market Data - **DCE contracts**: i2601 is at 783.5, down 0.5 daily and up 31 weekly; i2605 is at 762.5, unchanged daily and up 31.5 weekly; i2509 is at 811, down 1 daily and up 25.5 weekly [1] - **SGX contracts**: FE01 is at 102.84, down 0.73 daily and up 3.59 weekly; FE05 is at 100.62, down 0.73 daily and up 3.02 weekly; FE09 is at 104.52, down 0.92 daily and up 4.35 weekly [1] Group 4: Other Data - **Platts 62% index**: The latest value is 104, down 0.85 daily and up 4.9 weekly [1] - **Import profit**: Newman powder is -36.2; PB powder is -9.76; Mac powder is -11.76; Jinbuba is -5.13; the mainstream mixed powder is 7.46; Super Special powder is -13.44; Carajás powder is -27.04; Brazilian mixed ore is -8.7; Roy Hill powder is -5.43 [1] - **Monthly spread**: For i2601 - i2605, the latest value is 27.5, down 0.3 daily and 8.1 weekly; for i2605 - i2509, it is 21, down 0.8 daily and 8.6 weekly; for i2509 - i2601, it is -48.5, up 0.2 daily and down 2.6 weekly [1] - **Base/Internal - external spread**: Data is presented in RMB terms [1] - **Ukrainian pellet/pellet premium** and **PB lump/lump premium**: Data is presented graphically [1]