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 Iron Ore Spot Market - Newman powder: latest price 750, daily change -6, weekly change -23, import profit -33.06 [1] - PB powder: latest price 765, daily change 1, weekly change -13, import profit -2.60 [1] - Mac fines: latest price 739, daily change -5, weekly change -19, import profit -6.95 [1] - Jinbuba fines: latest price 724, daily change 0, weekly change -15, import profit 2.79 [1] - Mainstream mixed fines: latest price 676, daily change 2, weekly change -8, import profit 0.14 [1] - Super special fines: latest price 635, daily change 3, weekly change -11, import profit -7.13 [1] - Carajás fines: latest price 855, daily change 1, weekly change -13, import profit -6.27 [1] - Brazilian blend: latest price 781, daily change 1, weekly change -8, import profit -1.89 [1] - Roy Hill fines: latest price 735, daily change 1, weekly change -13, import profit 7.34 [1] Iron Ore Futures Market - i2601 contract: latest price 693.0, daily change 4.5, weekly change -6.5, monthly spread 35.5 [1] - i2605 contract: latest price 671.0, daily change 3.5, weekly change -124.5, monthly spread 22.0 [1] - i2509 contract: latest price 728.5, daily change 3.5, weekly change -8.5, monthly spread -57.5 [1] - FE01 contract: latest price 93.78, daily change -0.04, weekly change -0.30 [1] - FE05 contract: latest price 100.11, daily change -0.09, weekly change 0.06 [1] - FE09 contract: latest price 96.54, daily change -0.01, weekly change -0.11 [1]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: May 21, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Iron Ore Spot Market - **Australian Ore**: Newman powder price is 756, up 2 from the previous day and down 1 from last week; PB powder is 764, up 2 and down 1; Mac powder is 744, up 2 and down 1; Jinbuba is 724, up 2 and unchanged; mainstream mixed powder is 674, down 1 and down 1; super special powder is 632, down 1 and up 2; Carajás fines is 854, down 1 and up 1; Brazilian blend is 780, up 2 and up 4; Roy Hill powder is 734, up 2 and down 1 [1]. - **Brazilian Ore**: Brazilian coarse IOC6 is 737, up 2 and unchanged; Brazilian coarse SSFT is 750, down 2 and down 6; Brazilian iron concentrate is 849, down 3 and unchanged [1]. - **Other Ores**: Ukrainian iron concentrate is 818, up 2 and down 2; 61% Indian powder is 704, up 2 and unchanged; Karara iron concentrate is 823, up 2 and up 3; South African powder is 824, up 2 and down 1; 58% Indian powder is 585, down 5 and down 2; Robe River powder is 687, down 3 and down 7; Atlas powder is 669, down 1 and down 1; Tangshan iron concentrate is 933, unchanged and down 6 [1]. Group 3: Iron Ore Futures Market - **DCE Contracts**: i2601 is 688.5, up 1.5 and up 4.0; i2605 is 667.5, down 112.5 and down 110.5; i2509 is 725.0, up 2.5 and up 10.5 [1]. - **SGX Contracts**: FE01 is 93.82, down 0.67 and down 0.64; FE05 is 100.20, down 0.40 and down 0.29; FE09 is 96.55, down 0.63 and down 0.53 [1]. Group 4: Premium and Spread - **Premium**: Ural pellets/pellet premium, PB lump/lump ore premium data are presented but specific values are not clearly summarized here [1]. - **Spread**: Month - to - month spreads and basis/inside - outside spreads data are provided for different contracts [1].

Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: May 20, 2025 [1] 1. Spot Market 1.1 Australian Iron Ore - **Price Changes**: Newman powder dropped by 4 to 754, PB powder decreased by 3 to 762, Mac powder fell by 4 to 742, Jinbuba powder declined by 4 to 722, mixed powder dropped by 5 to 675, super special powder decreased by 5 to 633, and Carajás powder fell by 3 to 855 [2]. - **Import Profits**: Newman powder had an import profit of -27.44, PB powder -5.16, Mac powder -3.89, Jinbuba powder 0.44, mixed powder -0.85, super special powder -7.28, and Carajás powder -9.90 [2]. 1.2 Brazilian Iron Ore - **Price Changes**: Brazilian mixed ore decreased by 3 to 778, Brazilian coarse IOC6 fell by 2 to 735, Brazilian coarse SSFT dropped by 2 to 750, and Brazilian fine powder decreased by 3 to 849 [2]. - **Import Profits**: Brazilian mixed ore had an import profit of -5.58 [2]. 1.3 Non - mainstream Iron Ore - **Price Changes**: 61% Indian powder decreased by 4 to 702, Roy Hill powder dropped by 3 to 732, South African powder fell by 3 to 822, 58% Indian powder decreased by 5 to 585, Robe River powder dropped by 3 to 687, and Atlas powder decreased by 5 to 670 [2]. - **Import Profits**: Roy Hill powder had an import profit of 6.25 [2]. 1.4 Others - **Price Changes**: PB lump/ lump ore premium decreased by 8 to 905, Ukrainian pellets/ pellet premium fell by 4 to 816, and Tangshan iron concentrate decreased by 5 to 933 [2]. 2. Forward Market 2.1 Dalian Commodity Exchange - **Price Changes**: i2601 decreased by 4.5 to 687.0, i2505 dropped by 13.5 to 780.0, and i2509 fell by 5.5 to 722.5 [2]. - **Month - to - Month Spreads**: i2601 had a month - to - month spread of 35.5, i2505 -93.0, and i2509 57.5 [2]. - **Basis/Internal - External Spread**: i2601 had a basis/ internal - external spread of 102.8, i2505 9.8, and i2509 67.3 [2]. 2.2 Singapore Exchange - **Price Changes**: FE01 decreased by 0.87 to 94.49, FE05 dropped by 0.60 to 100.60, and FE09 fell by 0.91 to 97.18 [2]. - **Basis/Internal - External Spread**: FE01 had a basis/ internal - external spread of -83.4, FE05 -40.3 [2].

1. Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: May 16, 2025 [1] 2. Spot Market Australian Mainstream Iron Ore - Newman powder: Latest price is 102.80 (766), daily change is 1.55 (-7), weekly change is 3.65 (21), and import profit is -28.90 [2] - PB powder: Latest price is 773, daily change is -5, weekly change is 21, and import profit is -7.71 [2] - Macfarlane powder: Latest price is 754, daily change is -4, weekly change is 22, and import profit is -5.71 [2] - Jinbuba powder: Latest price is 736, daily change is -3, weekly change is 26, and import profit is 3.89 [2] - Mixed powder: Latest price is 683, daily change is -1, weekly change is 27, and import profit is -3.44 [2] - Super special powder: Latest price is 642, daily change is -4, weekly change is 26, and import profit is -9.09 [2] Brazilian Mainstream Iron Ore - Carajás powder (Bamix): Latest price is 865 (789), daily change is -3 (0), weekly change is 25 (26), and import profit is -14.20 (-7.37) [2] - Brazilian coarse IOC6: Latest price is 745, daily change is -5, weekly change is 11 [2] - Brazilian coarse SSFT: Latest price is 760, daily change is -5, weekly change is 11 [2] - Brazilian concentrate: Latest price is 859, daily change is -3, weekly change is 25 [2] Non - mainstream Iron Ore - Roy Hill powder: Latest price is 743, daily change is -5, weekly change is 21, and import profit is 8.00 [2] - South African powder: Latest price is 833, daily change is -5, weekly change is 21 [2] - 58% Indian powder: Latest price is 594, daily change is -4, weekly change is 26 [2] - Robe River powder: Latest price is 698, daily change is -5, weekly change is 21 [2] - Atlas powder: Latest price is 678, daily change is -1, weekly change is 27 [2] Others - PB lump/ lump premium: Latest price is 919, daily change is -1, weekly change is 25 [2] - Ukrainian pellet/ pellet premium: Latest price is 830, daily change is -5, weekly change is 22 [2] - Tangshan iron concentrate: Latest price is 944, daily change is 5, weekly change is 11 [2] 3. Futures Market Dalian Commodity Exchange - i2601 contract: Latest price is 698.0, daily change is -1.5, weekly change is 30.0, and basis is 103.7 [2] - i2505 contract: Latest price is 801.5, daily change is 6.0, weekly change is 45.5, and basis is 0.2 [2] - i2509 contract: Latest price is 736.5, daily change is -0.5, weekly change is 43.0, and basis is 65.2 [2] Singapore Exchange - FE01 contract: Latest price is 95.29, daily change is 1.21, weekly change is 2.22, and basis is -77.6 [2] - FE05 contract: Latest price is 101.80, daily change is 1.75, weekly change is 2.45, and basis is -27.1 [2] - FE09 contract: Latest price is 98.28, daily change is 1.63, weekly change is 2.67 [2]

Report Information - Report Name: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: May 15, 2025 - Data Source: MYSTEEL 1. Report Industry Investment Rating - No information provided 2. Report Core View - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - **Newman Powder**: Price 773, daily change 16, weekly change 18, converted to the disk 827.0, import profit -23.45 [1] - **PB Powder**: Price 778, daily change 13, weekly change 16, converted to the disk 825.0, import profit -4.57 [1] - **MacPowder**: Price 758, daily change 13, weekly change 20, converted to the disk 828.0, import profit -3.96 [1] - **Jimbob**: Price 739, daily change 15, weekly change 16, converted to the disk 831.2, import profit 4.24 [1] - **Mainstream Mixed Powder**: Price 684, daily change 9, weekly change 20, converted to the disk 809.5, import profit -3.94 [1] - **Ultra Special Powder**: Price 646, daily change 16, weekly change 20, converted to the disk 857.4, import profit -6.57 [1] - **Carol Powder**: Price 868, daily change 15, weekly change 16, converted to the disk 810.9, import profit -13.82 [1] - **Brazilian Blend**: Price 789, daily change 13, weekly change 16, converted to the disk 801.7, import profit -10.72 [1] - **Roy Hill Powder**: Price 748, daily change 13, weekly change 16, converted to the disk 823.4, import profit 11.89 [1] - **Tangshan Iron Concentrate**: Price 939, daily change 0, weekly change 0, converted to the disk 826.0 [1] 3.2 Futures Market - **i2601**: Price 699.5, daily change 15.0, weekly change 18.5, monthly spread 37.5 [1] - **i2505**: Price 795.5, daily change 17.5, weekly change 27.5, monthly spread -96.0 [1] - **i2509**: Price 737.0, daily change 22.5, weekly change 29.0, monthly spread 58.5 [1] - **FE01**: Price 94.08, daily change -0.38, weekly change 1.50, monthly spread -66.3 [1] - **FE05**: Price 100.05, daily change -0.44, weekly change 1.55, monthly spread -5.97 [1] - **FE09**: Price 96.65, daily change -0.43, weekly change 1.65 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Relevant Catalog Spot Market - **Price and Change**: The latest prices and daily/weekly changes of various iron ore varieties are presented, such as Newman powder at 764 with a daily change of 6 and a weekly change of 6, PB powder at 772 with a daily change of 5 and a weekly change of 7 [2]. - **Import Profit**: Import profits vary among different varieties, for example, Newman powder has an import profit of -23.19, while Mac powder has an import profit of 1.31 [2]. Futures Market - **Contract Prices and Changes**: The latest prices, daily/weekly changes, and monthly spreads of different iron ore futures contracts are given. For instance, i2601 is at 698.5 with a daily change of 14.0 and a weekly change of 19.0, and the monthly spread is 29.0 [2]. - **Index Changes**: The prices and changes of some iron ore - related indexes like FE01, FE05, and FE09 are also included. FE01 is at 92.26 with a daily change of -0.58 and a weekly change of 0.02 [2].

Report Summary 1. Investment Rating - The provided content does not mention the industry investment rating. 2. Core View - The provided content does not present a clear core view. It mainly offers detailed data on the spot and forward markets of iron ore, including prices, daily and weekly changes, and import profits. 3. Summary by Relevant Catalogs Spot Market - **Prices and Changes**: The latest price of the Platts 62 index is $104.10, with a daily change of $0.25 and a weekly change of $0.95. Newman powder is priced at 781 yuan, down 1 yuan daily and up 7 yuan weekly. PB powder is at 788 yuan, up 1 yuan daily and 8 yuan weekly. Various other iron ore varieties also show different price changes [1]. - **Import Profits**: Import profits vary among different iron ore varieties. For example, Newman powder has an import profit of -32.73 yuan, while the mixed powder has an import profit of 2.80 yuan [1]. Forward Market - **Prices and Changes**: On the Singapore Exchange, FE01 is at $96.63, up $1.70 daily and $0.94 weekly. FE05 is at $102.89, up $1.90 daily and $1.56 weekly [1]. Futures Market - **Prices and Changes**: On the Dalian Commodity Exchange, i2601 is at 726.0 yuan, down 0.5 yuan daily and up 10.0 yuan weekly. i2505 is at 791.5 yuan, down 0.5 yuan daily and up 11.5 yuan weekly [1]. - **Basis and Spreads**: The basis and spreads between different contracts and between the domestic and foreign markets are also provided. For example, the basis of i2601 is 86.5 yuan, with a daily change of 4.8 yuan and a weekly change of 1.9 yuan [1].