Group 1: Report Information - Report Name: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: April 1, 2026 [2] Group 2: Spot Market Australia - **Newman Powder**: Latest price is 747, with no daily change and a weekly increase of 7. The discounted price on the futures market is 798.7, the forward price is 100.45, with a daily decrease of 0.65 and a weekly decrease of 1.65. The import profit is -30.36 [3] - **PB Powder**: Latest price is 777, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 826.9 [3] - **Mac Powder**: Latest price is 766, with a daily decrease of 5 and a weekly decrease of 17. The discounted price on the futures market is 836.7, the forward price is 100.55, with a daily decrease of 0.60 and a weekly decrease of 0.75. The import profit is 11.38 [3] - **Jimbobara**: Latest price is 730, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 821.5, the forward price is 96.90, with a daily decrease of 0.60 and a weekly increase of 0.45. The import profit is -3.86 [3] - **Mixed Powder**: Latest price is 709, with a daily decrease of 4 and a weekly decrease of 13. The discounted price on the futures market is 845.5, the forward price is 99.70, with a daily decrease of 0.85 and a weekly decrease of 1.20. The import profit is -40.67 [3] - **Ultra - Special Powder**: Latest price is 668, with a daily decrease of 3 and a weekly decrease of 10. The discounted price on the futures market is 887.6, the forward price is 94.15, with a daily decrease of 0.80 and a weekly decrease of 1.00. The import profit is -31.18 [3] - **Caribbean Powder**: Latest price is 943, with a daily decrease of 3 and a weekly decrease of 17. The discounted price on the futures market is 881.8, the forward price is 126.10, with a daily decrease of 0.75 and a weekly decrease of 1.10. The import profit is 6.88 [3] Brazil - **Brazilian Blend**: Latest price is 821, with a daily decrease of 4 and a weekly decrease of 21. The discounted price on the futures market is 827.6, the forward price is 113.90, with a daily decrease of 0.80 and a weekly decrease of 1.45. The import profit is -22.85 [3] - **Brazilian Coarse IOC6**: Latest price is 741, with a daily decrease of 7 and a weekly decrease of 17. The discounted price on the futures market is 818.9 [3] - **Brazilian Coarse SSFG**: Latest price is 746, with a daily decrease of 7 and a weekly decrease of 17 [3] Non - Mainstream - **Ukrainian Concentrate**: Latest price is 877, with a daily decrease of 4 and a weekly decrease of 18. The discounted price on the futures market is 957.6 [3] - **61% Indian Powder**: Latest price is 719, with a daily decrease of 7 and a weekly decrease of 21 [3] - **Carrara Concentrate**: Latest price is 880, with a daily decrease of 4 and a weekly decrease of 18. The discounted price on the futures market is 900.6 [3] - **Roy Hill Powder**: Latest price is 764, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 841.0, the forward price is 99.60, with a daily decrease of 0.70 and a weekly decrease of 1.40. The import profit is 23.01 [3] - **KUMBA Powder**: Latest price is 836, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 815.1 [3] - **57% Indian Powder**: Latest price is 600, with a daily decrease of 3 and a weekly decrease of 13 [3] - **Atlas Powder**: Latest price is 704, with a daily decrease of 4 and a weekly decrease of 13 [3] Others - **PB Lump / Lump Premium**: Latest price is 888, with a daily decrease of 5 and a weekly decrease of 20. The premium is 0.13, with no daily change and a weekly decrease of 0.0385 [3] - **Ukrainian Pellets / Pellet Premium**: Latest price is 877, with a daily decrease of 4 and a weekly decrease of 18. The premium is 17.35, with no daily change and a weekly increase of 0.05 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: Latest price is 969, with no daily or weekly change. The discounted price on the futures market is 856.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: Latest price is 769.0, with a daily decrease of 2.5 and a weekly increase of 2.5. The monthly spread is 17.5, the basis is 46.1, with a daily decrease of 4.7 and a weekly decrease of 24.1 [3] - **i2605**: Latest price is 808.0, with a daily decrease of 5.0 and a weekly decrease of 16.0. The monthly spread is -39.0, the basis is 7.1, with a daily decrease of 2.2 and a weekly decrease of 5.6 [3] - **i2609**: Latest price is 786.5, with a daily decrease of 4.5 and a weekly decrease of 4.0. The monthly spread is 21.5, the basis is 28.6, with a daily decrease of 2.7 and a weekly decrease of 17.6 [3] Singapore Exchange - **FE01**: Latest price is 101.51, with a daily increase of 0.04 and a weekly decrease of 0.59. The monthly spread is 1.91, the basis is -21.3, with a daily increase of 1.8 and a weekly increase of 6.2 [3] - **FE05**: Latest price is 106.23, with a daily increase of 0.26 and a weekly decrease of 0.79. The monthly spread is -4.72, the basis is -16.7, with a daily decrease of 0.9 and a weekly decrease of 10.3 [3] - **FE09**: Latest price is 103.42, with a daily increase of 0.03 and a weekly decrease of 0.64. The monthly spread is 2.81, the basis is -16.8, with a daily increase of 2.9 and a weekly increase of 0.9 [3]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Date: March 27, 2026 [2] - Data Source: MYSTEEL [7] Group 2: Spot Market Information Australian Mainstream Iron Ore - Newman Powder: Latest price is 736, daily change is 10, weekly change is 4, converted to the disk is 786.7, import profit is -50.99 [3] - PB Powder: Latest price is 794, daily change is 10, weekly change is 4, converted to the disk is 845.6 [3] - Mac Powder: Latest price is 777, daily change is 10, weekly change is 0, converted to the disk is 848.7, import profit is 13.03 [3] - Jinbuba: Latest price is 747, daily change is 10, weekly change is 4, converted to the disk is 839.8, import profit is 16.74 [3] - Mixed Powder: Latest price is 720, daily change is 10, weekly change is 1, converted to the disk is 857.4, import profit is -34.72 [3] - Super Special Powder: Latest price is 678, daily change is 10, weekly change is 8, converted to the disk is 898.6, import profit is -25.13 [3] - Carat Powder: Latest price is 956, daily change is 10, weekly change is 8, converted to the disk is 895.8, import profit is 17.67 [3] Brazilian Mainstream Iron Ore - Brazilian Mixed: Latest price is 835, daily change is 10, weekly change is 8, converted to the disk is 842.8, import profit is -13.63 [3] - Brazilian Coarse IOC6: Latest price is 758, daily change is 10, weekly change is 8, converted to the disk is 837.4 [3] - Brazilian Coarse SSFG: Latest price is 763, daily change is 10, weekly change is 8 [3] Other Iron Ore - Ukrainian Concentrate: Latest price is 890, daily change is 10, weekly change is 7, converted to the disk is 962.2 [3] - 61% Indian Powder: Latest price is 736, daily change is 10, weekly change is 4 [3] - Karara Concentrate: Latest price is 893, daily change is 10, weekly change is 4, converted to the disk is 915.0 [3] - Roy Hill Powder: Latest price is 781, daily change is 10, weekly change is 4, converted to the disk is 859.6, import profit is 34.29 [3] - KUMBA Powder: Latest price is 853, daily change is 10, weekly change is 4, converted to the disk is 832.6 [3] - 57% Indian Powder: Latest price is 613, daily change is 10, weekly change is 8 [3] - Atlas Powder: Latest price is 715, daily change is 10, weekly change is 1 [3] Others - PB Lump/Ore Premium: Latest price is 905, daily change is 10, weekly change is 5 [3] - Ukrainian Pellet/Pellet Premium: Latest price is 890, daily change is 10, weekly change is 7 [3] - Tangshan Iron Concentrate: Latest price is 969, daily change is 6, weekly change is 0, converted to the disk is 856.0 [3] Group 3: Futures Market Information Dalian Commodity Exchange - i2701: Latest price is 767.5, daily change is 10.5, weekly change is 11.0, monthly spread is 20.0, basis/inner and outer disk spread (in RMB) is 65.1, daily change is -0.2, weekly change is -6.9 [3] - i2605: Latest price is 817.0, daily change is 10.5, weekly change is 9.5, monthly spread is -49.5, basis/inner and outer disk spread (in RMB) is 15.6, daily change is -0.2, weekly change is -5.4 [3] - i2609: Latest price is 787.5, daily change is 10.0, weekly change is 11.5, monthly spread is 29.5, basis/inner and outer disk spread (in RMB) is 45.1, daily change is 0.3, weekly change is -7.4 [3] Singapore Exchange - FE01: Latest price is 100.40, daily change is -1.50, weekly change is -1.27, monthly spread is 1.71, basis/inner and outer disk spread (in RMB) is -26.3, daily change is 1.3, weekly change is 8.4 [3] - FE05: Latest price is 104.39, daily change is -2.17, weekly change is -1.82, monthly spread is -3.99, basis/inner and outer disk spread (in RMB) is -7.9, daily change is -1.5, weekly change is 11.4 [3] - FE09: Latest price is 102.11, daily change is -1.60, weekly change is -1.37, monthly spread is 2.28, basis/inner and outer disk spread (in RMB) is -19.1, daily change is -1.5, weekly change is 10.6 [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Spot Market - The latest price of the Platts 61 index is 109.45, with a daily change of -0.10 and a weekly change of 0.65 [3] - For Australian mainstream ores, Newman powder is priced at 740, with a daily change of 1 and a weekly change of 5; PB powder is 798, with a daily change of 1 and a weekly change of 1; etc [3] - For Brazilian mainstream ores, the price of Bahun is 842, with a daily change of 1 and a weekly change of 8; the price of Baocu IOC6 is 758, with a daily change of 1 and a weekly change of 1 [3] - The price of Tangshan iron concentrate powder (domestic ore) is 969, with a daily change of 0 and a weekly change of -4 [3] Forward Market - For DCE contracts, the latest price of i2701 is 766.5, with a daily change of 4.0 and a weekly change of 1.5; the latest price of i2605 is 824.0, with a daily change of 5.0 and a weekly change of 7.5; the latest price of i2609 is 790.5, with a daily change of 4.0 and a weekly change of 5.0 [3] - For SGX contracts, the latest price of FE01 is 102.10, with a daily change of -0.17 and a weekly change of 0.60; the latest price of FE05 is 107.02, with a daily change of -0.07 and a weekly change of 0.84; the latest price of FE09 is 104.06, with a daily change of -0.04 and a weekly change of 0.63 [3] Basis and Spread - The basis of i2701 is 70.2, with a daily change of -3.0 and a weekly change of -0.5; the basis of i2605 is 12.7, with a daily change of -4.0 and a weekly change of -6.5; the basis of i2609 is 46.2, with a daily change of -3.0 and a weekly change of -4.0 [3] - The spread between FE01 and FE05 is 1.96, with a daily change of 5.8 and a weekly change of 0.3; the spread between FE05 and FE09 is -4.92, with a daily change of 5.1 and a weekly change of 6.4; the spread between FE09 and FE01 is 2.96, with a daily change of 6.8 and a weekly change of 4.1 [3]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 23, 2026 [2] - Report Team: Research Center Black Team [2] Group 2: Spot Market Australia - **Newman Powder**: The latest price is 737, with a daily change of 5 and a weekly change of 7. The discounted price on the disk is 787.8, the forward price is 103.15, with a daily change of 0.90 and a weekly change of 0.35. The import profit is -59.17 [3] - **PB Powder**: The latest price is 795, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 846.7 [3] - **MacPowder**: The latest price is 780, with a daily change of 3 and a weekly change of -5. The discounted price on the disk is 851.9, the forward price is 103.15, with a daily change of 0.80 and a weekly change of 0.40. The import profit is 7.90 [3] - **Jimbob**: The latest price is 748, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 840.9, the forward price is 97.45, with a daily change of 0.90 and a weekly change of 0.95. The import profit is 11.32 [3] - **Mixed Powder**: The latest price is 722, with a daily change of 3 and a weekly change of -8. The discounted price on the disk is 859.5, the forward price is 101.25, with a daily change of 0.70 and a weekly change of 0.50. The import profit is -37.61 [3] - **Ultra - Special Powder**: The latest price is 675, with a daily change of 5 and a weekly change of -3. The discounted price on the disk is 895.3, the forward price is 95.55, with a daily change of 0.80 and a weekly change of 0.50. The import profit is -33.00 [3] - **Carol Powder**: The latest price is 956, with a daily change of 8 and a weekly change of 6. The discounted price on the disk is 895.8, the forward price is 127.75, with a daily change of 0.70 and a weekly change of 0.25. The import profit is 9.55 [3] Brazil - **Brazilian Blend**: The latest price is 832, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 839.5, the forward price is 115.85, with a daily change of 0.75 and a weekly change of 0.60. The import profit is -24.35 [3] - **Brazilian Coarse IOC6**: The latest price is 755, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 834.2 [3] - **Brazilian Coarse SSFG**: The latest price is 760, with a daily change of 5 and a weekly change of -2 [3] Non - mainstream - **Ukrainian Concentrate**: The latest price is 888, with a daily change of 5 and a weekly change of -7. The discounted price on the disk is 980.2 [3] - **61% Indian Powder**: The latest price is 737, with a daily change of 5 and a weekly change of -2 [3] - **Karara Concentrate**: The latest price is 894, with a daily change of 5 and a weekly change of -7. The discounted price on the disk is 916.1 [3] - **Roy Hill Powder**: The latest price is 782, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 860.7, the forward price is 101.40, with a daily change of 0.85 and a weekly change of 0.50. The import profit is 29.39 [3] - **KUMBA Powder**: The latest price is 854, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 833.6 [3] - **57% Indian Powder**: The latest price is 610, with a daily change of 5 and a weekly change of -3 [3] - **Atlas Powder**: The latest price is 717, with a daily change of 3 and a weekly change of -8 [3] Others - **PB Lump/Lump Premium**: The latest price is 905, with a daily change of 5 and a weekly change of -8. The premium is 0.1685, with no daily change and no weekly change [3] - **Ukrainian Pellet/Pellet Premium**: The latest price is 888, with a daily change of 5 and a weekly change of -7. The premium is 17.50, with a daily change of 0.00 and a weekly change of -0.05 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The latest price is 969, with no daily change and a weekly change of -4. The discounted price on the disk is 856.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price is 759.0, with a daily change of 2.5 and a weekly change of 0.5. The monthly spread is 22.0, the basis/inside - outside spread is 28.8, with a daily change of 2.9 and a weekly change of 7.1 [3] - **i2605**: The latest price is 815.5, with a daily change of 8.0 and a weekly change of 4.0. The monthly spread is -56.5, the basis/inside - outside spread is -27.7, with a daily change of -2.6 and a weekly change of 3.6 [3] - **i2609**: The latest price is 781.0, with a daily change of 5.0 and a weekly change of 3.5. The monthly spread is 34.5, the basis/inside - outside spread is 6.8, with a daily change of 0.4 and a weekly change of 4.1 [3] Singapore Exchange - **FE01**: The latest price is 101.47, with a daily change of -0.20 and a weekly change of -1.60. The monthly spread is 1.86, the basis/inside - outside spread is -34.7, with a daily change of -3.1 and a weekly change of -4.1 [3] - **FE05**: The latest price is 106.03, with a daily change of -0.18 and a weekly change of -0.72. The monthly spread is -4.56, the basis/inside - outside spread is -19.3, with a daily change of -5.4 and a weekly change of -6.1 [3] - **FE09**: The latest price is 103.33, with a daily change of -0.15 and a weekly change of -1.32. The monthly spread is 2.70, the basis/inside - outside spread is -29.7, with a daily change of -5.1 and a weekly change of -3.7 [3]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 19, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Data Australia - **Newman Powder**: The latest price is 735, with no daily change and a weekly decrease of 34. The discounted futures price is 785.6, the forward price is 102.45, with a daily decrease of 1.40 and a weekly increase of 2.85. The import profit is -54.47 [3]. - **PB Powder**: The latest price is 793, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 844.5 [3]. - **Mac Powder**: The latest price is 780, with a daily decrease of 5 and a weekly increase of 19. The discounted futures price is 851.9, the forward price is 102.50, with a daily decrease of 1.50 and a weekly increase of 3.15. The import profit is 14.05 [3]. - **Jimbobara Powder**: The latest price is 746, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 838.8, the forward price is 96.70, with a daily decrease of 1.15 and a weekly increase of 4.15. The import profit is 16.14 [3]. - **Mixed Powder**: The latest price is 720, with a daily decrease of 4 and a weekly increase of 13. The discounted futures price is 857.4, the forward price is 100.65, with a daily decrease of 1.20 and a weekly increase of 3.25. The import profit is -33.81 [3]. - **Ultra - Special Powder**: The latest price is 670, with a daily decrease of 6 and a weekly increase of 15. The discounted futures price is 889.8, the forward price is 94.90, with a daily decrease of 1.10 and a weekly increase of 3.05. The import profit is -32.06 [3]. - **Caribbean Powder**: The latest price is 951, with a daily decrease of 2 and a weekly increase of 41. The discounted futures price is 890.4, the forward price is 127.25, with a daily decrease of 1.20 and a weekly increase of 2.80. The import profit is 9.94 [3]. Brazil - **Brazilian Mixed Powder**: The latest price is 830, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 837.4, the forward price is 115.20, with a daily decrease of 1.05 and a weekly increase of 3.40. The import profit is -20.08 [3]. - **Brazilian Coarse IOC6**: The latest price is 753, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 832.0 [3]. - **Brazilian Coarse SSFG**: The latest price is 758, with a daily decrease of 4 and a weekly increase of 20 [3]. Non - mainstream - **Ukrainian Concentrate**: The latest price is 890, with a daily decrease of 4 and a weekly increase of 23. The discounted futures price is 978.0 [3]. - **61% Indian Powder**: The latest price is 735, with a daily decrease of 4 and a weekly increase of 20 [3]. - **Karara Concentrate**: The latest price is 896, with a daily decrease of 4 and a weekly increase of 23. The discounted futures price is 918.3 [3]. - **Roy Hill Powder**: The latest price is 780, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 858.5, the forward price is 100.70, with a daily decrease of 1.35 and a weekly increase of 3.20. The import profit is 33.83 [3]. - **KUMBA Powder**: The latest price is 852, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 831.5 [3]. - **57% Indian Powder**: The latest price is 605, with a daily decrease of 6 and a weekly increase of 15 [3]. - **Atlas Powder**: The latest price is 715, with a daily decrease of 4 and a weekly increase of 13 [3]. Others - **PB Lump/Lump Premium**: The latest price is 905, with a daily decrease of 5 and a weekly increase of 22. The lump premium is 0.1685, with no daily change and a weekly decrease of 0.002 [3]. - **Ukrainian Pellet/Pellet Premium**: The latest price is 890, with a daily decrease of 4 and a weekly increase of 23. The pellet premium is 17.55, with no daily change and a weekly decrease of 0.10 [3]. - **Tangshan Iron Concentrate**: The latest price is 969, with a daily decrease of 4 and a weekly increase of 6. The discounted futures price is 856.0 [3]. Group 3: Futures Market Data Dalian Commodity Exchange - **i2701**: The latest price is 758.0, with a daily decrease of 7.0 and a weekly increase of 17.5. The monthly spread is 21.0, the basis/inside - outside spread is 27.6, with a daily increase of 7.0 and a weekly decrease of 42.8 [3]. - **i2605**: The latest price is 811.0, with a daily decrease of 5.5 and a weekly increase of 23.5. The monthly spread is -53.0, the basis/inside - outside spread is -25.4, with a daily increase of 5.5 and a weekly decrease of 48.8 [3]. - **i2609**: The latest price is 779.0, with a daily decrease of 6.5 and a weekly increase of 20.5. The monthly spread is 32.0, the basis/inside - outside spread is 6.6, with a daily increase of 6.5 and a weekly decrease of 45.8 [3]. Singapore Exchange - **FE01**: The latest price is 102.39, with a daily increase of 0.89 and a weekly increase of 2.55. The monthly spread is 2.00, the basis/inside - outside spread is -32.9, with a daily decrease of 0.4 and a weekly increase of 5.4 [3]. - **FE05**: The latest price is 107.45, with a daily increase of 1.27 and a weekly increase of 4.37. The monthly spread is -5.06, the basis/inside - outside spread is -20.8, with a daily decrease of 2.4 and a weekly decrease of 4.3 [3]. - **FE09**: The latest price is 104.39, with a daily increase of 0.96 and a weekly increase of 3.08. The monthly spread is 3.06, the basis/inside - outside spread is -28.0, with a daily increase of 0.5 and a weekly increase of 4.0 [3].

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 - Not provided in the document 2. Core Viewpoints of the Report - Supply is slightly falling, downstream profits are rising, molten iron is expected to increase, downstream demand is decent, short - term supply - demand may tighten slightly, and iron ore may fluctuate strongly [3] - The monthly spread may remain volatile in the short term [3] - The trading volume of iron ore spot and forward contracts is stable, the basis rate of the 05 contract is about 1.4%, the basis is narrowing, and the basis rate is decreasing [3] 3. Summary According to Relevant Catalogs Supply - Global iron ore shipping volume has declined from its peak. The shipping volumes of Australia and Brazil are fluctuating at high levels and are lower year - on - year. The shipping volume from non - mainstream regions has decreased, and the total arrival volume has decreased. On March 1, 2026, Reuters' 7 - day moving average shipping volume of global iron ore (excluding mainland China) was 4,868 thousand tons, with a week - on - week change of 2.7% and a year - on - year change of - 0.8%; Australia's 7 - day moving average shipping volume was 2,739 thousand tons, with a week - on - week change of - 1.2% and a year - on - year change of 1.7%; Brazil's 7 - day moving average shipping volume was 1,094 thousand tons, with a week - on - week change of 3.9% and a year - on - year change of - 14.2% [3][18][24] Demand - The profit of finished steel products has increased slightly, the price difference between scrap iron and molten iron has increased slightly. The daily average molten iron output of 247 samples has increased by 0.1 million tons week - on - week to 2.286 million tons. There are generally few maintenance operations recently, and the molten iron output may increase slightly in the near future. The weekly output of the five major steel products has declined, and the total inventory continues to rise. In terms of different varieties, the inventory of rebar and hot - rolled coil has increased [3] Inventory - The inventory of 45 ports has increased by 1.45 million tons week - on - week, and the proportion of trading ore is 66%. The total inventory of imported ore in steel mills has decreased by 16.18 million tons, the mill inventory has decreased by 5.86 million tons, and the sum of sea - floating and port inventory has decreased by 10.33 million tons. The available days of imported ore have decreased by 7 days to 23 days [3] Price and Basis - The trading volume of iron ore spot and forward contracts is stable. The basis rate of the 05 contract is about 1.4%, the basis is narrowing, and the basis rate is decreasing. The spot prices of various iron ore varieties have certain fluctuations, and the basis of different contracts also shows corresponding changes [3][168] Market Structure - The premium of Brazilian powder has increased; the premium of mainstream medium - low grade ore has increased; the price difference between domestic and foreign ore has decreased [3] Balance Sheet - The total supply and consumption of iron ore from March 2025 to December 2026 are presented in the balance sheet. The total supply shows certain fluctuations, and the total consumption also changes. There are periods of surplus and shortage. The cumulative year - on - year growth rates of total supply and total consumption also show different trends. According to the changes in inventory and molten iron, the downstream demand has been adjusted upwards [188]

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].