Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary of Related Catalogs Iron Ore Spot and Forward Market - The latest price of the Platts 62 Index is $107.80, with a daily change of $1.20 and a weekly change of $0.45 [1] - Different iron ore varieties such as Newman powder, PB powder, and Mac powder show various price changes in terms of daily, weekly, and import profit [1] Exchange Futures Market - For the Dalian Commodity Exchange, the latest price of i2601 is 799.5 yuan, with a daily change of -1.0 yuan and a weekly change of 2.5 yuan. The monthly - spread is -46.5, with a daily change of 27.8 and a weekly change of -6.7 [1] - The latest price of i2605 is 777.0 yuan, with a daily change of 1.5 yuan and a weekly change of 3.5 yuan. The monthly - spread is 22.5, with a daily change of 50.3 and a weekly change of -9.2 [1] - The latest price of i2609 is 753.0 yuan, with a daily change of 1.5 yuan and a weekly change of 4.5 yuan. The monthly - spread is 24.0, with a daily change of 74.3 and a weekly change of -12.2 [1] Other Market Data - PB block/block ore premium, U - ball/ball pellet premium, and other premiums also have corresponding price changes [1] - There are price differences and changes in basis/inside - outside market spreads and monthly spreads [1]

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: October 9, 2025 [2] - Data Source: MYSTEEL [6] Spot Market Price Changes - The Platts 62 Index was at 103.45, down 0.45 daily and 3.30 weekly [3] - Most Australian mainstream iron ore varieties remained stable daily, with weekly declines ranging from 12 to 17 [3] - Some Brazilian mainstream iron ore varieties remained stable daily, with weekly declines ranging from 12 to 17 [3] - Some non - mainstream iron ore varieties had a daily increase of 1, with weekly declines ranging from 15 to 17 [3] - PB block/block ore premium was at 909, down 1 daily and 17 weekly; U - ball/ball pellet premium was at 906, up 1 daily and down 15 weekly [3] - Tangshan iron concentrate powder remained stable daily at 1002, with no weekly change [3] Import Profits - Import profits varied among different iron ore varieties, with some showing losses and others showing profits, such as the 26.99 profit for Super Special powder [3] Futures Market Price Changes - On the Dalian Commodity Exchange, the i2601 contract was at 780.5, down 3.5 daily and 23.0 weekly; the i2605 contract was at 759.5, down 3.0 daily and 23.5 weekly; the i2609 contract was at 740.5, down 2.5 daily and 21.5 weekly [3] - On the Singapore Exchange, the FE01 contract was at 100.49, down 0.22 daily and 2.54 weekly; the FE05 contract was at 98.47, down 0.14 daily and 2.49 weekly; the FE09 contract was at 105.30, down 0.02 daily and 0.39 weekly [3] Month - to - Month Spreads - The month - to - month spreads of different contracts also showed certain changes, for example, the i2601 - i2605 spread was - 40.0, with a daily change of 3.5 and a weekly change of 6.5 [3] Basis/Internal - External Market Spread - The basis/internal - external market spreads (in RMB) of different iron ore varieties and contracts also had different situations [3]

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Date: September 23, 2025 [2] Report Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Related Catalogs Spot Market - The latest price of the Platts 62 Index is 106.55, with a daily change of 1.35 and a weekly change of 0.20 [3] - Among Australian mainstream ores, Newman powder is priced at 795, with a weekly increase of 10; PB powder is 799, up 10 weekly; Mac powder is 789, up 2 daily and 12 weekly; etc [3] - For Brazilian mainstream ores, the price of Brazilian Blend is 828, with a weekly increase of 17; the price of Brazilian Coarse IOC6 is 803, up 9 weekly [3] - In the non - mainstream ores, Roy Hill powder is priced at 769, with a weekly increase of 10 [3] - The price of PB lump/ore premium is 935, with a weekly increase of 12; the price of Ukrainian pellets/pellet premium is 927, down 1 daily and up 9 weekly [3] - The price of Tangshan iron concentrate is 1008, with a weekly increase of 7 [3] Forward Market - On the Dalian Commodity Exchange, the latest price of i2601 is 808.5, with a daily change of 1.0 and a weekly change of 12.5; i2605 is 786.0, with a weekly change of 11.5; i2609 is 766.0, with a daily change of 2.0 and a weekly change of 9.0 [3] - On the Singapore Exchange, the latest price of FE01 is 103.61, with a daily change of 0.83 and a weekly change of 0.99; FE05 is 101.57, with a daily change of 0.72 and a weekly change of 1.25; FE09 is 105.70, with a daily change of 0.43 and a weekly change of 0.00 [3] Basis/Internal - External Spread - The report provides basis and internal - external spread data for different varieties and contracts, such as the import profit of Newman powder is - 35.39 [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - No clear core viewpoints are presented in the provided text. It mainly contains data on various iron ore varieties, including their latest prices, daily and weekly changes, import profits, and futures contract information. 3. Content Summary by Category Iron Ore Spot Market - **Australian Mainstream Iron Ores**: Newman powder is priced at 771 with a daily increase of 6 and a weekly increase of 4; PB powder is at 775, up 6 daily and 5 weekly; Mac powder is 760, rising 5 daily and 3 weekly; Jinbuba powder is 740, down 1 daily and unchanged weekly; mainstream mixed powder is 712, up 5 daily and 4 weekly; Super Special powder is 676, up 6 daily and 16 weekly; Carajás powder is 887, up 8 daily and 8 weekly [1]. - **Brazilian Mainstream Iron Ores**: Brazilian mixed ore is 802, unchanged daily and down 5 weekly; Brazilian coarse ore IOC6 is 780, up 6 daily and 2 weekly; Brazilian coarse ore SSFG is 785, up 6 daily and 2 weekly [1]. - **Other Iron Ores**: Ukrainian concentrate is 897, up 7 daily and 10 weekly; 61% Indian powder is 729, down 1 daily and unchanged weekly; Karara concentrate is 897, up 7 daily and 10 weekly; Roy Hill powder is 745, up 6 daily and 5 weekly; KUMBA powder is 834, up 6 daily and 5 weekly; 57% Indian powder is 621, up 6 daily and 16 weekly; Atlas powder is 707, up 5 daily and 4 weekly; Tangshan iron concentrate is 986, up 4 daily and 3 weekly [1]. Iron Ore Futures Market - **DCE Contracts**: i2601 is at 777.0, up 5.5 daily and 1.5 weekly; i2605 is 754.5, up 4.5 daily and 1.0 weekly; i2509 is 813.0, up 11.0 daily and 16.5 weekly [1]. - **SGX Contracts**: FE01 is 99.22, down 3.30 daily and 2.38 weekly; FE05 is 96.81, down 3.28 daily and 2.38 weekly; FE09 is 102.55, down 0.95 daily and up 0.22 weekly [1]. Spread Information - **DCE Contract Spreads**: The monthly spread of i2601 is 36.0, with the latest value at 38.7, down 3.3 daily and 0.4 weekly; for i2605, it's 22.5, with 61.2, down 2.3 daily and up 0.1 weekly; for i2509, it's -58.5, with 2.7, down 8.8 daily and 15.4 weekly [1]. - **SGX Contract Spreads**: The spread of FE01 is 3.33, with -28.0, down 0.3 daily and up 17.1 weekly; for FE05, it's 2.41, with -30.1, up 1.0 daily and 18.0 weekly; for FE09, it's -5.74, with -24.3, down 6.3 daily and up 6.1 weekly [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoint - Not provided in the given content. 3. Summary by Relevant Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 762, down 14 daily and 14 weekly; PB powder is 765, down 14 daily and 15 weekly; Mac powder is 750, down 16 daily and 16 weekly; Jinbuba powder is 738, down 12 daily and 14 weekly; Mixed powder is 703, down 15 daily and 10 weekly; Super special powder is 663, down 10 daily and 5 weekly; Carajás powder is 873, down 18 daily and 14 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 802, down 14 daily and 10 weekly; Brazilian coarse IOC6 is 770, down 14 daily and 18 weekly; Brazilian coarse SSFG is 775, down 14 daily and 18 weekly [1]. - **Other Iron Ore**: Ukrainian concentrate powder is 885, down 18 daily and 5 weekly; 61% Indian powder is 727, down 12 daily and 14 weekly; Karara concentrate powder is 885, down 18 daily and 5 weekly; Roy Hill powder is 735, down 14 daily and 15 weekly; KUMBA powder is 824, down 14 daily and 15 weekly; 57% Indian powder is 608, down 10 daily and 5 weekly; Atlas powder is 698, down 15 daily and 10 weekly; Tangshan iron concentrate powder is 982, down 7 daily and 7 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 766.0, down 21.5 daily and 21.0 weekly; i2605 is 743.0, down 20.5 daily and 20.0 weekly; i2509 is 801.5, down 1.5 daily and 5.0 weekly [1]. - **SGX Contracts**: FE01 is 102.52, down 0.47 daily and up 2.68 weekly; FE05 is 100.09, down 0.54 daily and up 2.54 weekly; FE09 is 103.50, down 0.70 daily and up 2.91 weekly [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - No information provided Group 3: Summary by Related Catalogs Spot Market - The latest price of the Platts 62% index is $100.95, with a daily change of -$0.95 and a weekly change of -$3.05. Its discounted futures price is 758 yuan [1]. - Different iron ore varieties such as Newman powder, PB powder, and Mac powder have their respective latest prices, daily and weekly changes, and import profits [1]. Futures Market - For Dalian Commodity Exchange contracts, i2601 is at 753.5 yuan, with a daily change of -12.5 yuan and a weekly change of -30.0 yuan; i2605 is at 732.0 yuan, with a daily change of -13.5 yuan and a weekly change of -30.5 yuan; i2509 is at 779.0 yuan, with a daily change of -10.0 yuan and a weekly change of -32.0 yuan [1]. - For Singapore Exchange contracts, FE01, FE05, and FE09 also have their corresponding prices, daily and weekly changes [1]. Basis and Spread - The latest basis and basis rate of the main - contract are presented, along with the monthly spread between different contracts [1].

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: July 9, 2025 [1] Group 2: Spot Market Data Australian Iron Ore - Newman Powder: Latest price is 718, with a daily change of 2 and a weekly change of 25. The converted futures price is 767.1, the corresponding price in US dollars is 92.95, with a daily change of 0.50 and a weekly change of 2.40, and the import profit is -29.86 [2] - PB Powder: Latest price is 723, with a daily change of 2 and a weekly change of 22. The converted futures price is 764.6, the corresponding price in US dollars is 95.40, with a daily change of 0.50 and a weekly change of 2.55, and the import profit is -10.86 [2] - Other Australian iron ore varieties such as Mac Powder, Kingbuba, etc. also have corresponding price and change data [2] Brazilian Iron Ore - Brazilian Blend: Latest price is 757, with a daily change of 2 and a weekly change of 22. The converted futures price is 767.1, the corresponding price in US dollars is 97.95, with a daily change of 0.40 and a weekly change of 2.45, and the import profit is 1.00 [2] - Other Brazilian iron ore varieties such as Brazilian Coarse IOC6, Brazilian Coarse SSFG also have corresponding price and change data [2] Other Regions' Iron Ore - Ukrainian Concentrate: Latest price is 805, with a daily change of 0 and a weekly change of 23, and the converted futures price is 859.3 [2] - Indian Iron Ore (61% grade): Latest price is 664, with a daily change of 4 and a weekly change of 31 [2] Domestic Iron Ore - Tangshan Iron Concentrate: Latest price is 864, with a daily change of 0 and a weekly change of 4, and the converted futures price is 751.0 [2] Group 3: Futures Market Data Dalian Commodity Exchange Contracts - i2601: Latest price is 707.0, with a daily change of 3.0 and a weekly change of 22.0. The monthly spread is 26.0, and another monthly spread - related data is 46.0, with a daily change of -0.8 and a weekly change of -4.5 [2] - i2605: Latest price is 689.5, with a daily change of 2.0 and a weekly change of 21.0. The monthly spread is 17.5, and another monthly spread - related data is 63.5, with a daily change of 0.2 and a weekly change of -3.5 [2] - i2509: Latest price is 733.0, with a daily change of 2.0 and a weekly change of 24.5. The monthly spread is -43.5, and another monthly spread - related data is 20.0, with a daily change of 0.2 and a weekly change of -7.0 [2] Singapore Exchange Contracts - FE01: Latest price is 93.65, with a daily change of -0.53 and a weekly change of 1.21. The monthly spread - related data is -52.3, and another related data is 7.3, with a daily change of 12.2 [2] - FE05: Latest price is 92.06, with a daily change of -0.51 and a weekly change of 1.08. The monthly spread - related data is 1.59, and another related data is -56.9, with a daily change of 6.1 and a weekly change of 12.2 [2] - FE09: Latest price is 95.10, with a daily change of -0.50 and a weekly change of 1.35 [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Spot Market - The latest price of the Platts 62 index is 96.30, with a daily change of 1.20 and a weekly change of 3.00 [1] - For Australian mainstream ores, Newman powder is priced at 716, up 2 from the previous day and 13 from the previous week; PB powder is at 723, unchanged daily but up 16 weekly; Mac powder is at 706, up 1 and 16 respectively; Jinbuba powder is at 675, unchanged daily and up 16 weekly; mixed powder is at 660, up 2 and 17; super special powder is at 610, unchanged daily and up 9 weekly; and Carajás powder is at 818, unchanged daily and up 13 weekly [1] - Brazilian mainstream ores include Ba Hun at 757, unchanged daily and up 16 weekly; Ba Coarse IOC6 at 698, unchanged daily and up 18 weekly; and Ba Coarse SSFG at 703, unchanged daily and up 18 weekly [1] - Non - mainstream ores such as Roy Hill powder are at 693, unchanged daily and up 16 weekly; South African powder is at 783, unchanged daily and up 16 weekly; 57% Indian powder is at 556, unchanged daily and up 9 weekly; Robe River powder is at 707, unchanged daily and up 12 weekly; and Atlas powder is at 655, up 2 and 17 respectively [1] - PB block/block ore premium is at 871, unchanged daily and up 12 weekly; Ukrainian pellet/ball pellet premium is at 808, up 5 and 18 respectively; and Tangshan iron concentrate powder is at 869, up 3 and unchanged weekly [1] Forward Market - On the DCE, the i2601 contract is at 707.0, unchanged daily and up 17.5 weekly; the i2605 contract is at 689.5, up 0.5 daily and 16.5 weekly; the i2509 contract is at 732.5, down 0.5 daily and up 16.0 weekly [1] - On the SGX, the FE01 contract is at 94.73, up 1.06 daily and 2.23 weekly; the FE05 contract is at 93.14, up 0.96 daily and 2.08 weekly; the FE09 contract is at 96.25, up 1.28 daily and 2.31 weekly [1] Basis/Internal - External Spread - The monthly spreads and other relevant data for different contracts are provided, such as the monthly spread of i2601 is 25.5, with a daily change of 0.0 and a weekly change of - 3.3; i2605 has a monthly spread of 17.5, a daily change of - 0.5, and a weekly change of - 2.3; i2509 has a monthly spread of - 43.0, a daily change of 0.5, and a weekly change of - 1.8 [1]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoint No clear core viewpoint is presented in the provided content. The document mainly offers data on the iron ore market, including prices, price changes, and related differences. 3. Summary by Related Catalogs Spot Market - **Price and Changes**: The latest price of the Platts 62 Index is $95.10, with a daily change of $1.95 and a weekly change of $2.35. Various Australian, Brazilian, and other region - sourced iron ore varieties also show price fluctuations. For example, Newman powder is priced at 714 yuan, with a daily increase of 9 yuan and a weekly increase of 19 yuan [1]. - **Import Profit**: Import profits vary by variety. For instance, the import profit of Newman powder is - 38.31 yuan [1]. - **Internal Ore**: The price of Tangshan iron concentrate powder is 866 yuan, with a daily increase of 6 yuan and a weekly decrease of 9 yuan [1]. Futures Market - **DCE Contracts**: The i2601 contract of DCE is priced at 707.0 yuan, with a daily increase of 10.5 yuan and a weekly increase of 27.5 yuan. Different contracts have different price changes and monthly spreads [1]. - **SGX Contracts**: The FE01 contract of SGX is priced at $93.67, with a daily increase of $2.10 and a weekly increase of $2.36. The contracts also show different price movements and spreads [1]. Basis/Internal - External Spread - Various contracts have different basis or internal - external spreads and their daily and weekly changes. For example, the basis of the i2601 contract is 49.3, with a daily decrease of 2.8 and a weekly decrease of 2.4 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - No information provided Group 3: Summary based on the Report Spot Market - **Price Changes**: The prices of various iron ore varieties showed declines. For example, the Platts 62 index was at 94.15, down 0.25 from the previous day, and remained unchanged on a weekly basis. Newman powder was priced at 693, down 10 from the previous day and 5 from the previous week [1]. - **Import Profits**: Import profits for most varieties were negative. For instance, Newman powder had an import profit of -35.27 [1]. Futures Market - **DCE Contracts**: The i2601 contract was at 685.0, down 5.0 from the previous day but up 8.5 on a weekly basis. The i2605 contract was at 668.5, down 3.5 from the previous day and up 9.0 on a weekly basis. The i2509 contract was at 708.5, down 7.0 from the previous day and up 5.5 on a weekly basis [1]. - **SGX Contracts**: The FE01 contract was at 92.44, down 0.06 from the previous day and up 1.51 on a weekly basis. The FE05 contract was at 90.98, down 0.08 from the previous day and up 1.41 on a weekly basis. The FE09 contract was at 93.75, down 0.19 from the previous day and up 1.38 on a weekly basis [1]. Basis and Spread - **Basis**: The basis for different contracts also showed changes. For example, the basis for the i2601 contract was 50.5, down 1.6 from the previous day and 8.5 from the previous week [1]. - **Inter - month Spread**: The month - to - month spreads varied. For example, the spread between i2601 and i2605 was 23.5 [1].