1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 20 40 60 80 100 120 140 PB - 2022 2023 2024 2025 / 50 100 150 200 250 300 350 PB - 2022 2023 2024 2025 / 0 20 40 60 80 100 120 140 160 -57% 2022 2023 2024 2025 / 铁矿石早报 研究中心黑色团队 2025/10/9 | | | | | | | 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62指数 | | 103.45 | | ...

2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 20 40 60 80 100 120 140 PB - 2022 2023 2024 2025 / 50 100 150 200 250 300 350 PB - 2022 2023 2024 2025 / 0 20 40 60 80 100 120 140 160 -57% 2022 2023 2024 2025 / (200) 50 铁矿石早报 研究中心黑色团队 2025/9/29 | | | | | | 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62指数 | | 106.10 | -0.40 | 0.90 | | | | | | | | | | 纽曼粉 | 780 | -12 | -15 | | 834. ...

大宗商品研究所 黑色研发报告 铁矿石日报 2025 年 09 月 24 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 803.5 | 802.5 | 1.0 | I01-I05 | 20.5 | 22.5 | -2.0 | | DCE05 | 783.0 | 780.0 | 3.0 | I05-I09 | 21.0 | 20.0 | 1.0 | | DCE09 | 762.0 | 760.0 | 2.0 | I09-I01 | -41.5 | -42.5 | 1.0 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 783 | 787 | -4 | 853 | 42 | 65 | 85 | | 纽曼粉 | 790 | 796 | -6 | 845 | 35 | 57 | 77 | | 麦克粉 | 788 | 790 | -2 | 855 | 45 | 67 | 87 ...

| | | | | | 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62指数 | | 106.55 | 1.35 | 0.20 | | | | | | | | | | 纽曼粉 | 795 | 0 | 10 | | 850.9 | 104.50 | 0.15 | 1.15 | -35.39 | | | | PB粉 | 799 | 0 | 10 | | 848.1 | 107.30 | 0.30 | 1.50 | -16.11 | | | 澳洲 | 麦克粉 | 789 | 2 | 12 | | 861.7 | 103.25 | 0.00 | 1.15 | -7.00 | | | | 金布巴 | 770 | 0 | 10 | | 864.6 | 100.50 | -0.10 | 0.65 | -11.52 | | | 主流 | 混合粉 | ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View No clear core view presented in the given content. It mainly provides daily data on iron ore including futures prices, spot prices, basis, spreads, import profits, and more. 3. Summary by Related Catalogs Futures Prices - DCE01: Today's price is 808.5, up 1.0 from yesterday; DCE05 is 786.0, unchanged; DCE09 is 766.0, up 2.0 [2] - Inter - contract spreads: I01 - I05 is 22.5, up 1.0; I05 - I09 is 20.0, down 2.0; I09 - I01 is - 42.5, up 1.0 [2] Spot Prices - Various iron ore spot prices increased compared to the previous day. For example, PB powder (60.8%) rose from 780 to 786, Newman powder from 789 to 796, etc. [2] Basis - The basis of different iron ore varieties to different contracts is provided. For the optimal delivery product (Roy Hill powder), the 01 - contract basis is 34, 05 - contract basis is 55, and 09 - contract basis is 77 [2] Spot Variety Spreads - Spreads between different iron ore varieties changed. For example, the spread of Carajás fines - PB powder increased from 128 to 129 [2] Import Profits - Import profits of different iron ore varieties changed. For example, the import profit of Carajás fines decreased from 18 to 3 [2] Indexes - The Platts 62% iron ore price increased from 105.2 to 106.6, the 65% price remained unchanged at 120.8, and the 58% price increased from 93.3 to 94.6 [2] 内外盘美金价差 - The spreads between SGX and DCE contracts increased. For example, SGX main - DCE01 increased from 7.2 to 7.5 [2]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Affected by market sentiment, iron ore fluctuated at a high level this week. With the increase in production of domestic and imported iron ore, the port inventory decreased while the steel mill inventory increased due to pre - holiday restocking. The daily average hot metal output remained high, and although steel demand was weak, it had some resilience and was expected to maintain a certain profit under policy influence. The recommended operation strategy is to participate in the short - term long side [36]. 3. Summary by Directory 3.1 Part 1: Trend Review - **1.1 Iron Ore Main Contract Trend**: Affected by market sentiment, iron ore fluctuated at a high level this week [7]. - **1.2 Iron Ore Spot Trend**: The prices of various iron ore powders such as PB powder, super special powder, etc. are presented, showing price changes [11]. 3.2 Part 2: Basis and Spread - **2.1 Iron Ore Futures - Spot Spread Trend**: The main basis is -8, 01 - 05 spread is 21.5, pb - super special spread is 77, and barite - pb spread is 9 [16]. - **2.2 Ratio of Rebar to Iron Ore**: The rebar - iron ore ratio continued to be weak [19]. 3.3 Part 3: Supply - Demand Analysis - **3.1 Iron Ore Supply**: The weekly shipment of mainstream mines was 2126.3 tons, and the domestic mine capacity utilization rate was 61.65%. The production of domestic and imported iron ore increased compared to the previous period [22]. - **3.2 International Shipping Freight**: The shipping price from Port Hedland to Qingdao is 10.86 US dollars per ton, and from Tubarao, Brazil to Qingdao (BCI - C3) is 24.45 US dollars per ton. The Baltic Dry Index is 2205 [25]. - **3.3 Iron Ore Inventory - Imported Ore Inventory**: Port inventory is 13801.08 tons, Australian ore inventory is 5775.57 tons, Brazilian ore inventory is 5266.52 tons, iron ore arrival volume is 2269.4 tons, and trade ore inventory is 8980.59 tons [28]. - **3.4 Iron Ore Inventory - Steel Mill Inventory**: The iron ore port inventory was 1380.08 tons, a decrease of 48.39 tons compared to the previous period. The steel mill's imported iron ore inventory was 9309.43 tons, an increase of 316.38 tons compared to the previous period. The available days of imported iron ore for steel mills was 22 days, an increase of 2 days compared to the previous period, due to pre - holiday restocking [29]. - **3.5 Iron Ore Demand**: The daily average hot metal output was 241.02 tons, an increase of 0.47 tons compared to the previous period. The daily average port clearance volume remained at a relatively high level, and the hot metal output maintained a high level with stronger resilience than expected [32]. 3.4 Part 4: Outlook - Affected by market sentiment, iron ore fluctuated at a high level this week. The production of domestic and imported iron ore increased, port inventory decreased, and steel mill inventory increased due to pre - holiday restocking. The daily average hot metal output remained high. Although steel demand was weak, it had some resilience and was expected to maintain a certain profit under policy influence. The recommended operation strategy is to participate in the short - term long side [36].

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1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary Based on Related Content 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder was priced at 795, unchanged daily but up 24 weekly, with a discounted futures price of 850.9; PB powder was at 799, unchanged daily and up 24 weekly, with a discounted futures price of 848.1; Macfarlane powder was at 785, unchanged daily and up 25 weekly, with a discounted futures price of 857.4; Jinbuba powder was at 763, unchanged daily and up 23 weekly, with a discounted futures price of 857.0; mainstream mixed powder was at 745, up 1 daily and 33 weekly, with a discounted futures price of 875.4; super special powder was at 705, unchanged daily and up 29 weekly, with a discounted futures price of 922.2; Roy Hill powder was at 769, unchanged daily and up 24 weekly, with a discounted futures price of 846.5 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore was at 820, down 4 daily and up 18 weekly, with a discounted futures price of 835.2; Brazilian coarse IOC6 was at 804, unchanged daily and up 24 weekly; Brazilian coarse SSFG was at 809, unchanged daily and up 24 weekly [1]. - **Other Iron Ores**: Ukrainian concentrate was at 927, up 2 daily and 30 weekly; 61% Indian powder was at 752, unchanged daily and up 23 weekly; Karara concentrate was at 927, up 2 daily and 30 weekly; KUMBA powder was at 858, unchanged daily and up 24 weekly; 57% Indian powder was at 645, unchanged daily and up 24 weekly; Atlas powder was at 740, up 1 daily and 33 weekly; Tangshan iron concentrate was at 1004, up 3 daily and 18 weekly [1]. 3.2 Futures Market - **Dalian Commodity Exchange Contracts**: i2601 was at 805.0, unchanged daily and up 28 weekly, with an inter - monthly spread of 42.5; i2605 was at 781.0, unchanged daily and up 26.5 weekly, with an inter - monthly spread of 24.0; i2509 was at 847.5, down 2.5 daily and up 34.5 weekly, with an inter - monthly spread of - 66.5 [1]. - **Singapore Exchange Contracts**: FE01 was at 103.70, up 1.69 daily and 3.73 weekly, with an inter - monthly spread of 3.05; FE05 was at 101.26, up 1.62 daily and 3.66 weekly, with an inter - monthly spread of 2.44; FE09 was at 106.75, up 1.50 daily and 3.41 weekly, with an inter - monthly spread of - 5.49 [1]. 3.3 Premium and Other Information - **Premium**: Information on PB block/block ore premium, Ukrainian ball/ball pellet premium was presented in the form of charts, but specific data was not detailed in the text [1]. - **Import Profit**: Import profits of different iron ore varieties were provided, such as Newman powder's import profit was - 36.82, PB powder's was - 15.30, etc. [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - No relevant content Group 3: Summary by Related Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 779, down 2 from the previous day and up 3 week - on - week; PB powder is at 782, down 3 and up 3 respectively; Macfarlane powder is 770, down 1 and up 4; Jinbuba powder is 749, down 2 and down 1; Super Special powder is 688, up 3 and up 15; Carajás powder is 897, up 3 and up 6 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is 805, down 5 and down 11; Brazilian coarse IOC6 is 787, down 3 and up 3; Brazilian coarse SSFG is 792, down 3 and up 3 [1]. - **Other Iron Ores**: Ukrainian concentrate is 910, unchanged and up 7; 61% Indian powder is 738, down 2 and down 1; Karara concentrate is 910, unchanged and up 7; Roy Hill powder is 752, down 3 and up 3; KUMBA powder is 841, down 3 and up 3; 57% Indian powder is 628, down 2 and up 10; Atlas powder is 717, down 3 and up 4; Tangshan iron concentrate is 996, up 7 and up 7 [1]. Futures Market - **DCE Contracts**: i2601 is at 789.5, down 2.0 and up 2.0; i2605 is 765.0, down 2.5 and up 1.5; i2509 is 834.5, up 3.5 and up 31.5 [1]. - **FE Contracts**: FE01 is 101.53, up 2.31 and down 1.46; FE05 is 99.16, up 2.35 and down 1.47; FE09 is 104.67, up 2.12 and up 0.47 [1]. Price Differences - **Inter - monthly Spreads**: For i2601, it's 45.0, with a day - change of - 3.4 and a week - change of - 7.5; for i2605, it's 24.5, with a day - change of - 2.9 and a week - change of - 7.0; for i2509, it's - 69.5, with a day - change of - 8.9 and a week - change of - 37.0 [1]. - **Other Price Differences**: FE01 has a price difference of 3.14, with a day - change of 1.9 and a week - change of 12.7; FE05 has a price difference of 2.37, with a day - change of 0.4 and a week - change of 13.8; FE09 has a price difference of - 5.51, with a day - change of 7.3 and a week - change of 16.1 [1].

Group 1: Industry Investment Rating - No information provided Group 2: Core View - No information provided Group 3: Summary of Spot Market - The latest prices of Newman powder, PB powder, and Mac powder are 781, 785, and 771 respectively, with daily changes of 10, 10, and 11, and weekly changes of 4, 4, and 4 [1] - The latest prices of Kumba powder, 57% Indian powder, and Atlas powder are 844, 630, and 720 respectively, with daily changes of 10, 9, and 13, and weekly changes of 4, 12, and 7 [1] - The latest price of Tangshan iron concentrate powder is 989, with a daily change of 3 and a weekly change of 3 [1] Group 4: Summary of Futures Market - The latest prices of i2601, i2605, and i2509 are 791.5, 767.5, and 831.0 respectively, with daily changes of 14.5, 13.0, and 18.0, and weekly changes of 1.0, 2.0, and 20.0 [1] - The latest prices of FE01, FE05, and FE09 are 99.97, 97.60, and 103.34 respectively, with daily changes of 1.47, 1.54, and 1.63, and weekly changes of -1.62, -1.60, and 0.84 [1]