Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog Spot Market - **Australia**: The latest price of the Platts 61 index is 104.55, with a daily change of 1.90 and a weekly change of 4.20. Newman powder is priced at 769, with a daily change of 1 and a weekly change of 22, and its import profit is 1.72. PB powder is 773, with a daily change of 1 and a weekly change of 22. Mac powder is 761, with a daily change of 1, a weekly change of 21, and an import profit of 18.67. Jinbuba powder is 726, with a daily change of 1, a weekly change of 22, and an import profit of 27.14. Mixed powder is 707, with a daily change of 2, a weekly change of 22, and an import profit of -22.48. Super special powder is 655, with a weekly change of 16 and an import profit of -24.53. Car powder is 910, with a daily change of 5, a weekly change of 27, and an import profit of -9.73 [3]. - **Brazil**: The latest price of Ba Hun is 810, with a daily change of 2 and a weekly change of 23, and its import profit is -14.70. Ba coarse IOC6 is 733, with a daily change of 1 and a weekly change of 22. Ba coarse SSFG is 738, with a daily change of 1 and a weekly change of 22 [3]. - **Non - mainstream**: Ukrainian fine powder is 867, with a daily change of -6 and a weekly change of 16. 61% Indian powder is 715, with a daily change of 1 and a weekly change of 22. Karara fine powder is 873, with a weekly change of 22. Roy Hill powder is 760, with a daily change of 1, a weekly change of 22, and an import profit of 37.54. KUMBA powder is 832, with a daily change of 1 and a weekly change of 22. 57% Indian powder is 590, with a weekly change of 16. Atlas powder is 702, with a daily change of 2 and a weekly change of 22 [3]. - **Domestic Mines**: The latest price of Tangshan iron concentrate powder is 963, with a weekly change of 13 [3]. Futures Market - **Dalian Commodity Exchange**: The latest price of i2701 is 740.5, with a daily change of 1.5 and a weekly change of 23.0, and the monthly spread is 18.0, with a basis of 70.5. i2605 is 787.5, with a daily change of 3.5, a weekly change of 35.5, a monthly spread of -47.0, and a basis of 23.5. i2609 is 758.5, with a daily change of 1.5, a weekly change of 27.0, a monthly spread of 29.0, and a basis of 52.5 [3]. - **Singapore Exchange**: The latest price of FE01 is 99.84, with a daily change of 0.80 and a weekly change of 4.48, and the monthly spread is 1.47, with a basis of -40.3. FE05 is 103.08, with a daily change of 0.68, a weekly change of 4.57, a monthly spread of -3.24, and a basis of -20.6. FE09 is 101.31, with a daily change of 0.77, a weekly change of 4.59, a monthly spread of 1.77, and a basis of -33.7 [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Spot Market - The latest price of the Platts 61 Index is 100.20, with a daily change of -0.35 and a weekly change of 1.20 [3] - In Australia, Newman powder, PB powder, Mac powder, etc., all had a daily price increase of 5, while the weekly changes varied; for example, Mac powder had a weekly increase of 1, and the mixed powder had a weekly decrease of 7 [3] - In Brazil, the prices of mainstream iron ore such as Brazilian mixed ore and Brazilian coarse IOC6 all increased by 5 daily and 3 weekly [3] - For non - mainstream iron ore, the prices of Ukrainian concentrate powder, 61% Indian powder, etc., also had varying degrees of increase; for example, Ukrainian concentrate powder increased by 6 daily and 8 weekly [3] - The latest price of PB lump/block premium is 870, with a daily increase of 5 and a weekly increase of 11; the latest price of Ukrainian pellet/pellet premium is 857, with a daily increase of 6 and a weekly increase of 8 [3] - The price of Tangshan iron concentrate powder remained unchanged daily and increased by 6 weekly, with the latest price at 950 [3] Forward Market - For Australian iron ore, the forward prices of Newman powder, Mac powder, etc., all had daily increases; for example, Newman powder increased by 0.55 daily and 0.95 weekly [3] - The import profits of different varieties also varied; for example, the import profit of Mac powder was 22.65, while that of the mixed powder was - 18.36 [3] Futures Market - On the Dalian Commodity Exchange, the latest price of i2701 is 721.5, with a daily increase of 4.0 and a weekly increase of 2.5; the latest price of i2605 is 759.0, with a daily increase of 7.0 and a weekly increase of 8.5; the latest price of i2609 is 735.5, with a daily increase of 4.0 and a weekly increase of 4.5 [3] - On the Singapore Exchange, the prices of FE01, FE05, and FE09 all decreased daily; for example, FE01 decreased by 0.19 daily and 0.64 weekly [3] - The monthly spreads and basis/inside - outside spreads (in RMB) of each contract also had different changes [3]

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: March 5, 2026 [2] Spot Market - **Australia**: The latest price of the Platts 61 Index is 99.75, with a daily change of 0.45 and a weekly change of 3.35. Newman powder is at 747, down 2 from the previous day and up 2 for the week, with a discounted price of 798.7. PB powder is at 751, down 2 daily and up 2 weekly, with a discounted price of 798.4. Macfarlane powder is at 740, down 4 daily and unchanged weekly, with a discounted price of 808.4. Jinbuba powder is at 704, down 2 daily and up 2 weekly, with a discounted price of 793.6. Mixed powder is at 685, down 3 daily and 7 weekly, with a discounted price of 819.5. Super special powder is at 639, down 3 daily and unchanged weekly, with a discounted price of 855.7. Carbo powder is at 883, down 2 daily and up 5 weekly, with a discounted price of 816.9 [3]. - **Brazil**: Bahun powder is at 787, down 2 daily and up 2 weekly, with a discounted price of 790.6. Brazilian coarse IOC6 is at 711, down 2 daily and up 2 weekly, with a discounted price of 779.8. Brazilian coarse SSFG is at 716, down 2 daily and up 2 weekly [3]. - **Non - mainstream**: Ukrainian concentrate powder is at 851, down 2 daily and up 6 weekly, with a discounted price of 917.0. 61% Indian powder is at 693, down 2 daily. Karara concentrate powder is at 851, down 2 daily and up 4 weekly, with a discounted price of 868.6. Roy Hill powder is at 738, down 2 daily and up 2 weekly, with a discounted price of 812.4. KUMBA powder is at 810, down 2 daily and up 2 weekly, with a discounted price of 788.3. 57% Indian powder is at 574, down 3 daily and unchanged weekly. Atlas powder is at 680, down 3 daily and 7 weekly [3]. - **Others**: PB block/block premium is at 865, unchanged daily and up 10 weekly. Ukrainian pellet/pellet premium is at 851, down 2 daily and up 6 weekly. Tangshan iron concentrate powder is at 950, unchanged daily and up 6 weekly, with a discounted price of 837.0 [3]. Futures Market - **Dalian Commodity Exchange**: The latest price of i2701 is 717.5, down 2 daily and 3 weekly, with a monthly spread of 14.0 and a basis of 70.8, down 0.1 daily and up 5.1 weekly. i2605 is at 752.0, down 1.5 daily and up 3.5 weekly, with a monthly spread of - 34.5 and a basis of 36.3, down 0.6 daily and 1.4 weekly. i2609 is at 731.5, down 1.5 daily and 0.5 weekly, with a monthly spread of 20.5 and a basis of 56.8, down 0.6 daily and up 2.6 weekly [3]. - **Singapore Exchange**: FE01 is at 95.36, down 0.33 daily and up 1.13 weekly, with a monthly spread of 1.36 and a basis of - 22.1, down 2.1 daily and 0.8 weekly. FE05 is at 98.51, down 0.19 daily and up 2.41 weekly, with a monthly spread of - 3.15 and a basis of - 12.6, down 2.2 daily and 3.8 weekly. FE09 is at 96.72, down 0.29 daily and up 1.48 weekly, with a monthly spread of 1.79 and a basis of - 19.2, down 0.9 daily and 1.8 weekly [3].

Group 1: Report Information - Report title: Iron Ore Morning Report [1] - Report date: March 4, 2026 [2] - Research team: Black Team of the Research Center [2] Group 2: Spot Market Australia - **Price and change**: The latest price of Newman powder is 749, with a daily change of -1 and a weekly change of 1; PB powder is 753, with a daily change of -1 and a weekly change of 1; Mac powder is 744, with a daily change of -1 and a weekly change of -2; Jinbuba is 706, with a daily change of -1 and a weekly change of 1; Mixed powder is 688, with a daily change of -5 and a weekly change of -22; Super special powder is 642, with a daily change of -3 and a weekly change of 1; Car powder is 885, with a daily change of -1 and a weekly change of 12 [3]. - **Import profit**: Newman powder is -1.09; Mac powder is 19.74; Jinbuba is 29.75; Mixed powder is -14.39; Super special powder is -10.80; Car powder is 7.84 [3]. Brazil - **Price and change**: The latest price of Brazilian mixed ore is 789, with a daily change of -1 and a weekly change of 6; Brazilian coarse IOC6 is 713, with a daily change of -1 and a weekly change of -14; Brazilian coarse SSFG is 718, with a daily change of -1 and a weekly change of -14 [3]. - **Import profit**: Brazilian mixed ore is 1.20 [3]. Non - mainstream - **Price and change**: The latest price of Ukrainian fine powder is 853, with a daily change of 3 and a weekly change of 8; 61% Indian powder is 695, with a daily change of -1 and a weekly change of 1; Karara fine powder is 853, with a daily change of 3 and a weekly change of 4; Roy Hill powder is 740, with a daily change of -1 and a weekly change of 1; KUMBA powder is 812, with a daily change of -1 and a weekly change of 1; 57% Indian powder is 577, with a daily change of -3 and a weekly change of 1; Atlas powder is 683, with a daily change of -5 and a weekly change of -22 [3]. - **Import profit**: Roy Hill powder is 51.45 [3]. Domestic Ore - **Price and change**: The latest price of Tangshan iron concentrate is 950, with a daily change of 6 and a weekly change of 6 [3]. Group 3: Forward Market Dalian Commodity Exchange - **Price and change**: The latest price of i2701 is 719.5, with a daily change of -2.0 and a weekly change of -4.5; i2605 is 753.5, with a daily change of -1.0 and a weekly change of 1.0; i2609 is 733.0, with a daily change of -0.5 and a weekly change of -2.5 [3]. - **Monthly spread**: i2701 - i2605 is 13.5; i2605 - i2609 is -34.0; i2609 - i2701 is 20.5 [3]. Singapore Exchange - **Price and change**: The latest price of FE01 is 95.69, with a daily change of 0.54 and a weekly change of 1.87; FE05 is 98.70, with a daily change of 0.76 and a weekly change of 3.20; FE09 is 97.01, with a daily change of 0.62 and a weekly change of 2.24 [3]. - **Monthly spread**: FE01 - FE05 is 1.32; FE05 - FE09 is -3.01; FE09 - FE01 is 1.69 [3]. Group 4: Basis and Spread - **Dalian Commodity Exchange**: The basis of i2701 is 70.9, with a daily change of 1.0 and a weekly change of 8.6; i2605 is 36.9, with a daily change of 0.0 and a weekly change of 3.1; i2609 is 57.4, with a daily change of -0.5 and a weekly change of 6.6 [3]. - **Singapore Exchange**: The spread of FE01 is -20.1; FE05 is -10.4; FE09 is -18.3 [3].

1. Spot Market - Newman powder price is 794, with a daily change of -15 and a weekly change of -26, and the import profit is 15.88 [1] - PB powder price is 804, with a daily change of -15 and a weekly change of -24 [1] - Macfarlane powder price is 797, with a daily change of -15 and a weekly change of -33, and the import profit is 44.08 [1] - Jinbuba powder price is 757, with a daily change of -15 and a weekly change of -24, and the import profit is 55.89 [1] - Mixed powder price is 743, with a daily change of -11 and a weekly change of -22, and the import profit is 18.32 [1] - Super special powder price is 677, with a daily change of -11 and a weekly change of -28, and the import profit is 6.07 [1] - Carajás powder price is 879, with a daily change of -26 and a weekly change of -41, and the import profit is -13.27 [1] - Brazilian blend price is 835, with a daily change of -15 and a weekly change of -30, and the import profit is 14.44 [1] - IOC6 price is 768, with a daily change of -6 and a weekly change of -24 [1] - SSFG price is 773, with a daily change of -6 and a weekly change of -24 [1] - Ukrainian concentrate price is 879, with a daily change of -13 and a weekly change of -32 [1] - 61% Indian powder price is 746, with a daily change of -15 and a weekly change of -24 [1] - Karara concentrate price is 883, with a daily change of -13 and a weekly change of -28 [1] - Roy Hill powder price is 791, with a daily change of -15 and a weekly change of -24, and the import profit is 64.65 [1] - KUMBA powder price is 863, with a daily change of -15 and a weekly change of -24 [1] - 57% Indian powder price is 612, with a daily change of -11 and a weekly change of -28 [1] - Atlas powder price is 738, with a daily change of -11 and a weekly change of -22 [1] - Tangshan iron concentrate price is 971, with a daily change of -6 and a weekly change of -11 [1] 2. Futures Market - i2701 contract price is 762.5, with a daily change of -44.0 and a weekly change of -101.5, and the monthly spread is 14.0 [1] - i2605 contract price is 794.0, with a daily change of -18.0 and a weekly change of -28.5, and the monthly spread is -31.5 [1] - i2609 contract price is 776.5, with a daily change of -17.0 and a weekly change of -25.5, and the monthly spread is 17.5 [1] - FE01 contract price is 106.92, with a daily change of -0.47 and a weekly change of -1.42, and the monthly spread is -2.17 [1] - FE05 contract price is 106.03, with a daily change of -0.71 and a weekly change of -1.11, and the monthly spread is 0.89 [1] - FE09 contract price is 104.75, with a daily change of -0.60 and a weekly change of -0.44, and the monthly spread is 1.28 [1]

Group 1 - Investment Rating: Not provided Group 2 - Core View: Not provided Group 3 Spot Market - Newman powder price is 818, with a daily change of -2 and a weekly change of 16, and the import profit is 15.26 [1] - PB powder price is 826, with a daily change of -2 and a weekly change of 16 [1] - Macarthur powder price is 828, with a daily change of -2 and a weekly change of 16, and the import profit is 49.79 [1] - Jinbuba powder price is 779, with a daily change of -2 and a weekly change of 16, and the import profit is 50.63 [1] - Mixed powder price is 757, with a daily change of -8 and a weekly change of 10, and the import profit is 4.11 [1] - Super Special powder price is 703, with a daily change of -2 and a weekly change of 15, and the import profit is 5.78 [1] - Carajás powder price is 908, with a daily change of -12 and a weekly change of 7, and the import profit is -14.76 [1] - Brazilian blended powder price is 863, with a daily change of -2 and a weekly change of 12, and the import profit is 13.27 [1] - Brazilian coarse IOC6 price is 790, with a daily change of -2 and a weekly change of 16 [1] - Brazilian coarse SSFG price is 795, with a daily change of -2 and a weekly change of 16 [1] - Ukrainian iron concentrate price is 909, with a daily change of -2 and a weekly change of 20 [1] - 61% Indian powder price is 768, with a daily change of -2 and a weekly change of 16 [1] - Karara iron concentrate price is 909, with a daily change of -2 and a weekly change of 19 [1] - Roy Hill powder price is 813, with a daily change of -2 and a weekly change of 16, and the import profit is 61.98 [1] - KUMBA powder price is 885, with a daily change of -2 and a weekly change of 16 [1] - 57% Indian powder price is 638, with a daily change of -2 and a weekly change of 15 [1] - Atlas powder price is 752, with a daily change of -8 and a weekly change of 10 [1] - Tangshan iron concentrate price is 982, with no daily change and a weekly change of 6 [1] Futures Market - i2601 contract price is 830.0, with a daily change of -34.0 and a weekly change of 4.0, and the monthly spread is -32.0 [1] - i2605 contract price is 819.5, with a daily change of -3.0 and a weekly change of 18.5, and the monthly spread is 10.5 [1] - i2609 contract price is 798.0, with a daily change of -4.0 and a weekly change of 18.0, and the monthly spread is 21.5 [1] - FE01 contract price is 108.89, with a daily change of 0.55 and a weekly change of 2.92, and the monthly spread is -2.49 [1] - FE05 contract price is 108.24, with a daily change of 1.10 and a weekly change of 3.51, and the monthly spread is 0.65 [1] - FE09 contract price is 106.40, with a daily change of 1.21 and a weekly change of 3.60, and the monthly spread is 1.84 [1]