(100) (50) 0 50 100 - / 50 80 110 140 170 200 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 -PB / 0 10 20 30 40 50 60 -PB / 铁矿石早报 研究中心黑色团队 2026/3/2 | | | | | 现货 | | 远期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 | 品种 | 最新 | 日变化 | 周变化 | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | 普氏61指数 | | 99.30 | 0.30 | 2.80 | | | | | | | | 纽曼粉 | 749 | 4 | 1 | 800.9 | 96.20 | -0.10 | 3.75 | 10.58 | | | PB粉 | 753 | 4 | 1 | 800.6 | | | | | | 澳洲 | 麦克粉 | 744 | 4 | -2 | 812.8 | 95.95 | -0.05 | 3.80 | 29.58 ...

Group 1: Report Information - The report is the Iron Ore Morning Report released by the Black Team of the Research Center on February 24, 2026 [1][2] Group 2: Spot Market Data - **Price Changes**: The prices of various iron ore varieties have different degrees of daily and weekly changes. For example, the price of the Platts 61 Index is 99.60, with a daily change of -0.35 and a weekly change of -0.70. Newman powder is priced at 748, with a daily change of -11 and a weekly change of -10 [3] - **Import Profits**: Different varieties also have different import profits. For instance, the import profit of Newman powder is 23.12, and that of Macfarlane powder is 45.07 [3] Group 3: Futures Market Data - **Dalian Commodity Exchange**: The latest price of i2701 is 720.0, with a daily change of -13.5 and a weekly change of -12.5. The latest price of i2605 is 746.0, with a daily change of -16.0 and a weekly change of -14.5. The latest price of i2609 is 730.5, with a daily change of -14.5 and a weekly change of -12.0 [3] - **Singapore Exchange**: The latest price of FE01 is 97.07, with a daily change of -0.30 and a weekly change of -1.10. The latest price of FE05 is 99.28, with a daily change of -0.42 and a weekly change of -1.07. The latest price of FE09 is 98.27, with a daily change of -0.27 and a weekly change of -1.16 [3] Group 4: Basis and Spread Data - **Basis**: The basis of i2701 is 65.5, with a daily change of 4.1 and a weekly change of 3.9. The basis of i2605 is 39.5, with a daily change of 6.6 and a weekly change of 5.9. The basis of i2609 is 55.0, with a daily change of 5.1 and a weekly change of 3.4 [3] - **Spread**: The monthly spread of i2701 is 10.5, that of i2605 is -26.0, and that of i2609 is 15.5 [3]

Group 1: Report Overview - Report Name: Iron Ore Morning Report [1] - Report Date: February 12, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Australian Mainstream Iron Ore - **Price Changes**: Newman powder, PB powder, Mac powder, and Jinbuba powder all decreased by 18 yuan compared to the previous week. The mixed powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week. The super special powder decreased by 16 yuan compared to the previous week. The car powder decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Newman powder was 11.15 yuan, Mac powder was 32.33 yuan, Jinbuba powder was 44.34 yuan, and the mixed powder was 0.57 yuan. The super special powder had a loss of -7.15 yuan, and the car powder had a loss of -6.52 yuan [3]. Brazilian Mainstream Iron Ore - **Price Changes**: The Brazilian mixed decreased by 29 yuan compared to the previous week, and Brazilian coarse IOC6 and Brazilian coarse SSFG decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of the Brazilian mixed was 6.60 yuan [3]. Non - mainstream Iron Ore - **Price Changes**: Ukrainian iron concentrate powder increased by 8 yuan compared to the previous day and decreased by 13 yuan compared to the previous week. The 61% Indian powder decreased by 18 yuan compared to the previous week. The Karara iron concentrate powder increased by 3 yuan compared to the previous day and decreased by 14 yuan compared to the previous week. Roy Hill powder decreased by 18 yuan compared to the previous week. The KUMBA powder decreased by 18 yuan compared to the previous week. The 57% Indian powder decreased by 16 yuan compared to the previous week. The Atlas powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Roy Hill powder was 58.64 yuan [3]. Others - **PB Lump/Ore Premium**: The price was 852 yuan, increasing by 2 yuan compared to the previous day and 2 yuan compared to the previous week. The premium was 0.0505, increasing by 0.01 compared to the previous day and 0.0275 compared to the previous week [3]. - **Ukrainian Pellets/Pellet Premium**: The price was 846 yuan, increasing by 8 yuan compared to the previous day and decreasing by 13 yuan compared to the previous week. The premium was 15.30, decreasing by 0.20 compared to the previous day and 0.20 compared to the previous week [3]. - **Domestic Ore**: The price of Tangshan iron concentrate powder was 963 yuan, remaining unchanged compared to the previous day and decreasing by 6 yuan compared to the previous week [3]. Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price was 733.5 yuan, increasing by 1.5 yuan compared to the previous day and decreasing by 20.0 yuan compared to the previous week. The monthly spread was 11.5 yuan. The basis was 61.5 yuan, decreasing by 1.5 yuan compared to the previous day and increasing by 0.3 yuan compared to the previous week [3]. - **i2605**: The latest price was 762.5 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.0 yuan compared to the previous week. The monthly spread was - 29.0 yuan. The basis was 32.5 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.7 yuan compared to the previous week [3]. - **i2609**: The latest price was 745.0 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.5 yuan compared to the previous week. The monthly spread was 17.5 yuan. The basis was 50.0 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.2 yuan compared to the previous week [3]. Singapore Exchange - **FE01**: The latest price was 97.24 US dollars, decreasing by 0.15 US dollars compared to the previous day and 2.80 US dollars compared to the previous week. The monthly spread was 1.24 US dollars. The difference between the domestic and foreign markets was - 27.4 yuan, increasing by 2.5 yuan compared to the previous day and 8.9 yuan compared to the previous week [3]. - **FE05**: The latest price was 99.66 US dollars, increasing by 0.10 US dollars compared to the previous day and decreasing by 2.43 US dollars compared to the previous week. The monthly spread was - 2.42 US dollars. The difference between the domestic and foreign markets was - 16.8 yuan, increasing by 0.5 yuan compared to the previous day and 7.1 yuan compared to the previous week [3]. - **FE09**: The latest price was 98.48 US dollars, decreasing by 0.08 US dollars compared to the previous day and 2.82 US dollars compared to the previous week. The monthly spread was 1.18 US dollars. The difference between the domestic and foreign markets was - 25.1 yuan, increasing by 2.9 yuan compared to the previous day and 10.1 yuan compared to the previous week [3].

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 Category Spot Market - **Price Changes**: The prices of most iron ore varieties showed little to no daily change. For example, Newman powder, PB powder, and most Australian and Brazilian mainstream varieties had a daily change of 0. However, Ukrainian fine powder and Karara fine powder increased by 3, and PB lump/ lump premium increased by 5 [3]. - **Weekly Changes**: Most varieties had a downward trend in weekly changes. For instance, the weekly change of the Platts 61 index was -2.20, and many Australian and Brazilian mainstream varieties decreased by 14 or 13 [3]. Forward Market - **Price Changes**: The forward prices of some varieties also showed certain changes. For example, the daily change of the Newman powder forward price was 0.50, and its weekly change was -1.25 [3]. Futures Market - **Dalian Commodity Exchange (DCE)**: The i2701 contract had a price of 732.0 with no daily change and a weekly change of -17.0. The i2605 contract was priced at 761.5 with no daily change and a weekly change of -16.0, and the i2609 contract was at 744.0 with a daily change of 1.0 and a weekly change of -16.0 [3]. - **Singapore Exchange (SGX)**: The FE01 contract was at 97.39 with a daily change of 0.55 and a weekly change of -3.32. The FE05 contract was priced at 99.56 with a daily change of 0.60 and a weekly change of -3.43, and the FE09 contract was at 98.56 with a daily change of 0.53 and a weekly change of -3.41 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market Information - Newman powder: price is 786, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 841.1, the import profit is 11.81 [1] - PB powder: price is 790, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 841.2 [1] - Mac powder: price is 784, with a daily change of -9 and a weekly change of -16; the discounted price on the futures market is 856.3, the import profit is 34.56 [1] - Jinbuba powder: price is 743, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 835.5, the import profit is 41.57 [1] - Mainstream mixed powder: price is 728, with a daily change of -2 and a weekly change of -2; the discounted price on the futures market is 866.0, the import profit is 3.49 [1] - Super special powder: price is 678, with a daily change of -4 and a weekly change of 0; the discounted price on the futures market is 898.6, the import profit is 5.66 [1] - Carajás powder: price is 890, with a daily change of 0 and a weekly change of 3; the discounted price on the futures market is 824.5, the import profit is -1.05 [1] - Brazilian mixed powder: price is 821, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 827.6, the import profit is 5.14 [1] - Brazilian coarse IOC6: price is 754, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 827.1 [1] - Brazilian coarse SSFG: price is 759, with a daily change of -9 and a weekly change of -12 [1] - Ukrainian concentrate: price is 873, with a daily change of -7 and a weekly change of -5; the discounted price on the futures market is 980.2 [1] - 61% Indian powder: price is 732, with a daily change of -9 and a weekly change of -12 [1] - Karara concentrate: price is 878, with a daily change of -7 and a weekly change of -4; the discounted price on the futures market is 898.4 [1] - Roy Hill powder: price is 777, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 855.2, the import profit is 56.23 [1] - KUMBA powder: price is 849, with a daily change of -9 and a weekly change of -12; the discounted price on the futures market is 828.5 [1] - 57% Indian powder: price is 613, with a daily change of -4 and a weekly change of 0 [1] - Atlas powder: price is 723, with a daily change of -2 and a weekly change of -2 [1] - Tangshan iron concentrate: price is 982, with a daily change of 0 and a weekly change of 0; the discounted price on the futures market is 869.0 [1] 3.2 Futures Market Information - i2701 contract: latest price is 760.0, with a daily change of -5.5 and a weekly change of -4.5; the monthly spread is 12.5, the latest value of the spread is 64.5, with a daily change of 5.5 and a weekly change of 7.7 [1] - i2605 contract: latest price is 791.5, with a daily change of -7.0 and a weekly change of -3.5; the monthly spread is -31.5, the latest value of the spread is 33.0, with a daily change of 7.0 and a weekly change of 6.7 [1] - i2609 contract: latest price is 772.5, with a daily change of -6.5 and a weekly change of -5.0; the monthly spread is 19.0, the latest value of the spread is 52.0, with a daily change of 6.5 and a weekly change of 8.2 [1] - FE01 contract: latest price is 105.70, with a daily change of 0.20 and a weekly change of 0.05; the spread is -1.93, the latest value of the spread is -64.2, with a daily change of 12.4 and a weekly change of 10.2 [1] - FE05 contract: latest price is 104.80, with a daily change of 1.73 and a weekly change of 1.14; the spread is 0.90, the latest value of the spread is -24.1, with a daily change of 2.9 and a weekly change of 5.1 [1] - FE09 contract: latest price is 103.77, with a daily change of 1.67 and a weekly change of 1.50; the spread is 1.03, the latest value of the spread is -35.5, with a daily change of 2.3 and a weekly change of -0.3 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 791 with a daily change of 3 and a weekly change of 2, with an import profit of 18.04; PB powder is at 795, daily change 2, weekly change -4; Mac powder is at 789, daily change 0, weekly change -7, import profit 38.56; Jinbuba powder is at 748, daily change 2, weekly change -4, import profit 53.67; Mixed powder is at 726, daily change 1, weekly change -10, import profit 2.68; Super special powder is at 673, daily change 3, weekly change -1, import profit 2.25 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore is at 823, daily change -1, weekly change -7, import profit 6.98; Brazilian coarse IOC6 is at 759, daily change 2, weekly change -4; Brazilian coarse SSFG is at 764, daily change 2, weekly change -4 [1] - **Other Iron Ores**: Ukrainian concentrate powder is at 875, daily change 3, weekly change 0; 61% Indian powder is at 737, daily change 2, weekly change -4; Karara concentrate powder is at 879, daily change 3, weekly change 0; Roy Hill powder is at 782, daily change 2, weekly change -4, import profit 61.68; KUMBA powder is at 854, daily change 2, weekly change -4; 57% Indian powder is at 608, daily change 3, weekly change -1; Atlas powder is at 721, daily change 1, weekly change -10; Tangshan iron concentrate powder is at 979, daily change -3, weekly change 8 [1] Futures Market - **DCE Contracts**: i2701 is at 757.0, daily change 2.0, weekly change 0.0, with a monthly spread of 12.5; i2605 is at 788.0, daily change 3.5, weekly change -1.5, monthly spread -31.0; i2609 is at 769.5, daily change 3.5, weekly change -2.0, monthly spread 18.5 [1] - **SGX Contracts**: FE01 is at 105.62, daily change -0.25, weekly change -0.47, monthly spread -3.40; FE05 is at 103.54, daily change -1.07, weekly change -1.06, monthly spread 2.08; FE09 is at 102.22, daily change -1.06, weekly change -1.05, monthly spread 1.32 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No relevant information provided 3. Summary by Related Catalogs 3.1 Spot Market - Newman powder price is 810, down 8 daily and 3 weekly, with a discounted futures price of 867.2, and an import profit of 16.20 [1] - PB powder price is 820, down 7 daily and 1 weekly, with a discounted futures price of 874.2 [1] - Macfarlane powder price is 813, down 7 daily and 10 weekly, with a discounted futures price of 887.9, and an import profit of 43.45 [1] - Jinbuba powder price is 773, down 7 daily and 1 weekly, with a discounted futures price of 867.8, and an import profit of 54.83 [1] - Mixed powder price is 755, down 2 daily and up 5 weekly, with a discounted futures price of 895.2, and an import profit of 11.15 [1] - Ultra-special powder price is 693, down 9 daily and 7 weekly, with a discounted futures price of 915.0, and an import profit of 3.97 [1] - Carajás powder price is 906, down 3 daily and 7 weekly, with a discounted futures price of 841.8, and an import profit of -5.23 [1] - Brazilian mixed powder price is 851, down 7 daily and 11 weekly, with a discounted futures price of 860.2, and an import profit of 9.87 [1] - Brazilian coarse IOC6 price is 775, down 12 daily and 10 weekly, with a discounted futures price of 850.1 [1] - Brazilian coarse SSFG price is 780, down 12 daily and 10 weekly [1] - Ukrainian concentrate price is 893, down 8 daily and 12 weekly, with a discounted futures price of 994.9 [1] - 61% Indian powder price is 762, down 7 daily and 1 weekly [1] - Karara concentrate price is 897, down 8 daily and 8 weekly, with a discounted futures price of 919.4 [1] - Roy Hill powder price is 807, down 7 daily and 1 weekly, with a discounted futures price of 888.2, and an import profit of 65.64 [1] - KUMBA powder price is 879, down 7 daily and 1 weekly, with a discounted futures price of 859.3 [1] - 57% Indian powder price is 628, down 9 daily and 7 weekly [1] - Atlas powder price is 750, down 2 daily and up 5 weekly [1] - Tangshan iron concentrate price is 977, down 5 daily and 5 weekly, with a discounted futures price of 864.0 [1] 3.2 Futures Market - i2601 contract price is 832.5, unchanged daily and down 25.5 weekly, with an inter - monthly price difference of -38.5, and a change of 9.3 daily, -3.2 weekly, and 17.9 monthly [1] - i2605 contract price is 813.0, down 8 daily and unchanged weekly, with an inter - monthly price difference of 19.5, and a change of 28.8 daily, 4.8 weekly, and -7.6 monthly [1] - i2609 contract price is 794.0, down 5 daily and up 2 weekly, with an inter - monthly price difference of 19.0, and a change of 47.8 daily, 1.8 weekly, and -9.6 monthly [1] - FE01 contract price is 108.00, down 0.19 daily and 0.85 weekly, with an inter - monthly price difference of -2.17, and a change of -19.1 daily, 3.6 weekly, and 2.1 monthly [1] - FE05 contract price is 107.49, up 0.08 daily and down 0.46 weekly, with an inter - monthly price difference of 0.51, and a change of -26.6 daily, 0.5 weekly, and -1.5 monthly [1] - FE09 contract price is 105.83, up 0.19 daily and down 0.18 weekly, with an inter - monthly price difference of 1.66, and a change of -35.5 daily, -0.9 weekly, and -2.2 monthly [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - No information provided Group 3: Summary of Spot Market - For Australian mainstream iron ore, Newman powder was priced at 799 with a daily change of 1 and a weekly change of 11, PB powder at 802 (daily +1, weekly +11), Mac powder at 804 (daily +1, weekly +18), etc [1]. - Brazilian mainstream iron ore included Ba Hun at 852 (daily +1, weekly +25), Ba Cu IOC6 at 766 (daily +1, weekly +11), etc [1]. - Other types like Ukrainian concentrate powder was at 878 (daily +1, weekly +3), 61% Indian powder at 744 (daily +1, weekly +11), etc [1]. - Domestic iron ore, such as Tangshan iron concentrate powder, was priced at 982 with no daily change and a weekly change of 6 [1]. Group 4: Summary of Futures Market - For DCE contracts, i2601 was at 805.0 (daily -4.0, weekly +7.0), i2605 at 789.5 (daily +0.5, weekly +10.0), i2609 at 768.5 (daily +1.5, weekly +10.5) [1]. - For SGX contracts, FE01 was at 105.68 (daily -0.15, weekly +1.31), FE05 at 104.03 (daily -0.14, weekly +1.50), FE09 at 102.03 (daily -0.13, weekly +1.62) [1].

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 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 790, up 2 from the previous day and down 1 for the week, with a discounted futures price of 845.5 and an import profit of 17.17; PB powder price is 793, up 2 from the previous day and down 1 for the week, with a discounted futures price of 844.5 and an import profit of -15.25; Mac powder price is 785, down 1 from the previous day and up 1 for the week, with a discounted futures price of 857.4 and an import profit of 39.47; Jinbuba powder price is 746, up 2 from the previous day and down 1 for the week, with a discounted futures price of 838.8 and an import profit of 37.64; Mixed powder price is 734, unchanged from the previous day and down 4 for the week, with a discounted futures price of 872.5 and an import profit of 5.25; Super special powder price is 673, unchanged from the previous day and down 5 for the week, with a discounted futures price of 893.1 and an import profit of -11.38; Roy Hill powder price is 780, up 2 from the previous day and down 1 for the week, with a discounted futures price of 858.5 and an import profit of 38.66 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 829, up 2 from the previous day and down 3 for the week, with a discounted futures price of 836.3 and an import profit of -0.78; Brazilian coarse IOC6 price is 757, up 2 from the previous day and down 7 for the week; Brazilian coarse SSFG price is 762, up 2 from the previous day and down 7 for the week [1] - **Other Iron Ores**: Ukrainian concentrate price is 871, down 4 from the previous day and down 2 for the week, with a discounted futures price of 948.6; 61% Indian powder price is 735, up 2 from the previous day and down 1 for the week; Karara concentrate price is 875, unchanged from the previous day and up 2 for the week, with a discounted futures price of 895.1; 57% Indian powder price is 608, unchanged from the previous day and down 5 for the week; Atlas powder price is 729, unchanged from the previous day and down 4 for the week; KUMBA powder price is 852, up 2 from the previous day and down 1 for the week, with a discounted futures price of 831.5; Tangshan iron concentrate price is 976, unchanged from the previous day and for the week, with a discounted futures price of 863 [1] Futures Market - **Dalian Commodity Exchange Contracts**: i2601 price is 798.0, unchanged from the previous day and up 1 for the week, with a monthly spread of -41.0 and a spread change of 5.9 from the previous day and -2.1 for the week; i2605 price is 778.5, down 1 from the previous day and up 1 for the week, with a monthly spread of 19.5 and a spread change of 25.4 from the previous day and -2.1 for the week; i2609 price is 757.0, down 1 from the previous day and up 2 for the week, with a monthly spread of 21.5 and a spread change of 46.9 from the previous day and -3.1 for the week [1] - **Singapore Exchange Contracts**: FE01 price is 104.05, down 0.32 from the previous day and up 0.40 for the week, with a monthly spread of -3.69 and a spread change of -28.4 from the previous day and 8.1 for the week; FE05 price is 102.37, down 0.16 from the previous day and up 0.84 for the week, with a monthly spread of 1.68 and a spread change of -33.5 from the previous day and 6.6 for the week; FE09 price is 100.36, down 0.05 from the previous day and up 0.91 for the week, with a monthly spread of 2.01 and a spread change of -39.1 from the previous day and 7.0 for the week [1]

Core Viewpoint - The focus of the iron ore market in 2025 is on the supply side, with expectations of a gradual increase in imports and domestic production, despite some challenges in the market dynamics [2][92]. Supply - In the first 11 months of 2025, China's iron ore imports showed a trend of first decreasing and then increasing, with a year-on-year increase of 8.76 million tons (1.5%) to 114 million tons, and the total for the year is expected to exceed 124.9 million tons [2][52]. - Domestic iron ore production is projected to reach 29.5 million tons in 2025, a year-on-year decline of 0.71%, but is expected to rebound in the fourth quarter as safety and environmental pressures ease [90]. - The iron ore pricing benchmark will be adjusted from 62% iron content to 61%, indicating a potential shift in the pricing system [91]. Demand - Domestic demand for iron ore in 2025 is estimated at 149.8 million tons, an increase of 5.997 million tons (+4.23%) year-on-year, with expectations for stable demand in 2026 [92]. - The real estate sector is expected to see a slowdown in declines, while infrastructure investment is projected to grow year-on-year, and the manufacturing sector remains positive [92]. Inventory - As of early December 2025, the inventory at 45 ports was 154 million tons, with a trend towards increased inventory due to a combination of slow production increases and resilient demand [93]. - The iron ore supply-demand balance is expected to shift towards a more relaxed state in 2026, with the possibility of continued inventory accumulation, although short-term tightness may occur due to weather and other factors [93].