Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - No clear core view presented in the given content Group 3: Summary by Relevant Catalogs Spot Market - Newman powder price is 818, with daily change of 0 and weekly change of -6. Its discounted futures price is 875.9, with daily change of -0.30 and weekly change of -1.00, and import profit is 16.98 [1] - PB powder price is 827, with daily change of 1 and weekly change of -5. Its discounted futures price is 881.9 [1] - Mac powder price is 820, with daily change of -8 and weekly change of -14. Its discounted futures price is 895.5, with daily change of -0.30 and weekly change of -1.00, and import profit is 43.45 [1] - Jinbuba powder price is 780, with daily change of 1 and weekly change of -5. Its discounted futures price is 875.3, with daily change of -0.35 and weekly change of -1.40, and import profit is 53.71 [1] - Mainstream mixed powder price is 757, with daily change of 0 and weekly change of -1. Its discounted futures price is 897.4, with daily change of -0.30 and weekly change of -0.65, and import profit is 5.79 [1] - Super special powder price is 702, with daily change of -1 and weekly change of -8. Its discounted futures price is 924.9, with daily change of -0.20 and weekly change of -0.60, and import profit is 5.76 [1] - Carajás powder price is 909, with daily change of 1 and weekly change of -10. Its discounted futures price is 845.0, with daily change of -0.35 and weekly change of -1.20, and import profit is -11.83 [1] - Brazilian mixed powder price is 858, with daily change of -5 and weekly change of -15. Its discounted futures price is 867.8, with daily change of -0.15 and weekly change of -1.15, and import profit is 8.79 [1] - Brazilian coarse IOC6 price is 787, with daily change of -3 and weekly change of -9. Its discounted futures price is 863.3 [1] - Brazilian coarse SSFG price is 792, with daily change of -3 and weekly change of -9 [1] - Ukrainian iron concentrate price is 901, with daily change of -8 and weekly change of -14. Its discounted futures price is 998.3 [1] - 61% Indian powder price is 769, with daily change of 1 and weekly change of -5 [1] - Karara iron concentrate price is 905, with daily change of -4 and weekly change of -10. Its discounted futures price is 928.3 [1] - Roy Hill powder price is 814, with daily change of 1 and weekly change of -5. Its discounted futures price is 895.9, with daily change of -0.35 and weekly change of -0.95, and import profit is 65.00 [1] - KUMBA powder price is 886, with daily change of 1 and weekly change of -5. Its discounted futures price is 866.5 [1] - 57% Indian powder price is 637, with daily change of -1 and weekly change of -8 [1] - Atlas powder price is 752, with daily change of 0 and weekly change of -1 [1] - Tangshan iron concentrate price is 982, with daily change of 0 and weekly change of -6. Its discounted futures price is 869.0 [1] Futures Market - i2601 contract price is 832.5, with daily change of 2.5 and weekly change of -6.5. The monthly spread is -33.5, with daily change of 12.5, weekly change of -1.4, and weekly change of -4.3 [1] - i2605 contract price is 821.0, with daily change of 1.5 and weekly change of -7.0. The monthly spread is 11.5, with daily change of 24.0, weekly change of -0.4, and weekly change of -3.8 [1] - i2609 contract price is 799.0, with daily change of 1.0 and weekly change of -5.5. The monthly spread is 22.0, with daily change of 46.0, weekly change of 0.1, and weekly change of -5.3 [1] - FE01 price is 108.19, with daily change of -0.70 and weekly change of 1.55. The monthly spread is -2.55, with daily change of -22.7, weekly change of -28.7, and weekly change of -7.2 [1] - FE05 price is 107.41, with daily change of -0.83 and weekly change of 1.86. The monthly spread is 0.78, with daily change of -27.0, weekly change of 3.4, and weekly change of 4.9 [1] - FE09 price is 105.64, with daily change of -0.76 and weekly change of 1.99. The monthly spread is 1.77, with daily change of -34.6, weekly change of 1.8, and weekly change of 3.3 [1]

Group 1: Spot Market Information - Newman powder price is 780, with a daily change of 2 and a weekly change of 7. The discounted spot price is 834.6, and the import profit is -27.15 [1] - PB powder price is 783, with a daily change of 2 and a weekly change of 5. The discounted spot price is 830.5, and the import profit is -23.48 [1] - Macfarlane powder price is 780, with a daily change of 3 and a weekly change of 5. The discounted spot price is 851.9, and the import profit is 2.81 [1] - Jinbuba powder price is 751, with a daily change of 2 and a weekly change of 3. The discounted spot price is 844.1, and the import profit is 7.56 [1] - Mainstream mixed powder price is 750, with a daily change of 6 and a weekly change of 5. The discounted spot price is 880.8, and the import profit is 2.47 [1] - Super special powder price is 705, with a daily change of 0 and a weekly change of 2. The discounted spot price is 922.2, and the import profit is 3.27 [1] - Carajás powder price is 907, with a daily change of 2 and a weekly change of 3. The discounted spot price is 853.6, and the import profit is -7.99 [1] - Brazilian blend price is 816, with a daily change of 0 and a weekly change of 6. The discounted spot price is 830.9, and the import profit is -13.47 [1] - Brazilian coarse IOC6 price is 784, with a daily change of 2 and a weekly change of 5 [1] - Brazilian coarse SSFG price is 789, with a daily change of 2 and a weekly change of 5 [1] - Ukrainian concentrate price is 905, with a daily change of 2 and a weekly change of 5 [1] - 61% Indian powder price is 740, with a daily change of 2 and a weekly change of 3 [1] - Karara concentrate price is 905, with a daily change of 2 and a weekly change of 5 [1] - Roy Hill powder price is 770, with a daily change of 2 and a weekly change of 5. The discounted spot price is 847.6, and the import profit is 4.64 [1] - KUMBA powder price is 842, with a daily change of 2 and a weekly change of 5 [1] - 57% Indian powder price is 640, with a daily change of 2 and a weekly change of 4 [1] - Atlas powder price is 745, with a daily change of 6 and a weekly change of 5 [1] - Tangshan iron concentrate price is 1021, with a daily change of 0 and a weekly change of 8 [1] Group 2: Futures Market Information - i2601 contract price is 777.0, with a daily change of 3.0 and a weekly change of 3.5. The monthly spread is -42.0, and the spread change is 53.5, with a daily change of -0.8 and a weekly change of 2.7 [1] - i2605 contract price is 756.0, with a daily change of 3.0 and a weekly change of 4.0. The monthly spread is 21.0, and the spread change is 74.5, with a daily change of -0.8 and a weekly change of 2.2 [1] - i2609 contract price is 735.0, with a daily change of 4.0 and a weekly change of 4.0. The monthly spread is 21.0, and the spread change is 95.5, with a daily change of -1.8 and a weekly change of 2.2 [1] - FE01 contract price is 100.95, with a daily change of 0.70 and a weekly change of -0.55. The monthly spread is -4.07, and the spread change is -38.5, with a daily change of -1.3 and a weekly change of 3.8 [1] - FE05 contract price is 98.95, with a daily change of 0.71 and a weekly change of -0.08. The monthly spread is 2.00, and the spread change is -43.4, with a daily change of -2.3 and a weekly change of 1.5 [1] - FE09 contract price is 96.88, with a daily change of 0.69 and a weekly change of 0.02. The monthly spread is 2.07, and the spread change is -48.7, with a daily change of -4.2 and a weekly change of -0.3 [1]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No explicit core view presented in the provided text. 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 766, up 2 from the previous day and down 1 for the week; PB powder is 769, up 2 and down 2; Macfarlane powder is 755, unchanged for the day and down 7 for the week; Jinbuba powder is 743, up 2 and unchanged for the week; mainstream mixed powder is 705, up 5 for both the day and the week; super special powder is 652, up 4 and 7; Carajás powder is 880, up 2 and 2 [1]. - **Brazilian Iron Ore**: Brazilian blend is 812, up 6 and 5; Brazilian coarse IOC6 is 777, up 7 and 14; Brazilian coarse SSFG is 782, up 7 and 14 [1]. - **Other Regions**: Ukrainian concentrate powder is 877, up 4 and unchanged for the week; 61% Indian powder is 732, up 2 and unchanged for the week; Karara concentrate powder is 877, up 4 and unchanged for the week; Roy Hill powder is 739, up 2 and down 2; KUMBA powder is 828, up 2 and down 3; 57% Indian powder is 597, up 4 and 7; Atlas powder is 700, up 5 and 5 [1]. - **Domestic Ore**: Tangshan iron concentrate powder is 977, unchanged for both the day and the week [1]. Futures Market - **DCE Contracts**: i2601 is 772.5, up 3.5 from the previous day and down 2.5 for the week; i2605 is 748.0, up 1.0 and down 5.0; i2509 is 791.0, up 5.0 and unchanged for the week [1]. - **SGX Contracts**: FE01 is 100.17, down 0.32 and 2.51; FE05 is 97.90, down 0.16 and 2.50; FE09 is 100.75, down 0.30 and 2.76 [1]. Premium and Spread - **Premium**: PB block/block ore premium and U - ball/pellet premium data are presented with historical trends from 2021 - 2025 [1]. - **Spread**: The monthly spreads of different contracts are provided, such as i2601 has a monthly spread of 18.5, up 41.0 from the previous day and down 1.3 for the week [1].

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]