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 Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term price of near - end iron ore is supported by factors such as the decrease in Australian shipments due to hurricanes, the increase in Brazilian shipments, the improvement of molten iron production after the Two Sessions, and the enhanced expectation of rising shipping costs caused by geopolitical conflicts. However, the medium - and long - term trend depends on the intensity of steel mill复产, the recovery rhythm of molten iron production, and the actual realization of terminal demand. The de - stocking pressure under the high - inventory background will restrict the upward movement of prices. The short - term trend is expected to be volatile, and cautious operation is recommended [2] Group 3: Summary by Relevant Catalogs 1. Basis Rate and Spot Price - The basis rate of I2701 on March 31, 2026, was 769.0, down 2.5 from March 30; the basis rate of I2605 was 808.0, down 5.0; the basis rate of I2609 was 786.5, down 2.0. The spot prices of various iron ore varieties also showed different degrees of decline, such as the price of Jinbuba powder dropped from 737 to 730, a decrease of 7.0 [1] 2. Index and Import Profit - Mysteel 65% index decreased by 21, Mysteel 62% index decreased by 30, Mysteel 58% index decreased by 21. Import profits of different varieties also changed, for example, the import profit of Newman powder increased by 0.11 [1] 3. MS Inventory - The total iron ore inventory on March 27, 2026, was 17000, down 98 from March 20. Australian ore inventory decreased by 8, Brazilian ore inventory decreased by 44, and trader inventory decreased by 53 [1] 4. Strategy - **Night - session review**: The futures price of iron ore i2605 closed at 815 yuan/ton, i2609 at 792.5 yuan/ton, and the 5 - 9 spread was 22.5 yuan. The price of Qingdao Port PB powder was 777 (-7) yuan/ton, and the optimal delivery product, Newman powder, was 789 yuan after discounting the warehouse receipt (factory warehouse) [1] - **Important information**: From March 23 to March 29, the total iron ore inventory of seven major ports in Australia and Brazil decreased by 120.7 tons to 1273.7 tons. In March, China's manufacturing, non - manufacturing, and comprehensive PMI output indexes all returned to the expansion range. On March 31, the transaction volume of iron ore at major ports increased by 98.5% month - on - month, while the transaction volume of construction steel by 237 mainstream traders decreased by 17.27% month - on - month. As of now, there are about 300 coking production enterprises in China, with a total coke production capacity of about 5.70 billion tons. In mid - March, the output of key coal enterprises increased by 4.8% month - on - month and 3.9% year - on - year [1] - **Trading strategy**: Volatile [2]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The price of iron ore is expected to be resilient in the short term due to the cost increase driven by geopolitical conflicts. The price is likely to maintain a high - level volatile trend, with the lower - bound range expected to move up to $95 - 100 per ton. The sustainability of the price increase depends on energy prices and global demand changes [1][2][17]. 3. Section Summaries Supply - The Middle East is not a core iron ore producing region, and the impact on global iron ore supply is mainly reflected in marginal pricing disturbances. In 2024, Iran exported 22.42 million tons of iron ore, and in 2025, China imported a total of 22.38 million tons of iron ore from Iran and Oman. The proportion of Iran's iron ore exports in global seaborne trade and China's imports is relatively low. So, the halt of Iran's iron ore exports due to the Middle East situation has a limited impact on global iron ore supply [5]. - China mainly imports iron ore concentrates and pellets from Iran and Oman. After the conflict, the premium of these varieties increased but has recently stabilized. The main trade flows of iron ore from Australia and Brazil are not affected by the conflict - affected routes, so the actual impact on the main trade flows is limited [5]. Cost - The escalation of the Middle East situation has led to an increase in crude oil and liquefied natural gas prices, which has directly raised shipping costs and mining costs. After the conflict, the diesel price in Australia rose from 1.69 AUD/L to 2.54 AUD/L. The production cost of Australian iron ore producers has increased, and according to Goldman Sachs' calculation, the unit cost of major Australian iron ore enterprises in the Pilbara region will increase by $2.5 per ton [8]. - The freight rates of major iron ore shipping routes have increased. As of March 27, the freight rate of Capesize vessels from Brazil to China increased from $23.4 per ton to $30.69 per ton, a rise of 31.15%, reaching a one - year high. The freight rate from Australia to China also reached a one - year high [9]. Inventory - The iron ore inventory at Chinese ports has climbed to over 170 million tons, reaching the highest level in the same period in the past five years. In contrast, the steel mills' equity iron ore inventory is at a relatively low level, increasing the pressure on port inventory accumulation [14]. - The BHP trade negotiation issue has restricted the circulation of some mainstream iron ore varieties, creating a situation of overall inventory surplus but structural tightness. This has led to an emotional impact and pushed up the premium of these varieties. If the negotiation issue is resolved, the iron ore price may face downward pressure [14].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For steel, the current steel plate shows a narrow sideways oscillation, with no obvious upward or downward drive, and the current plate follows the price fluctuations of furnace materials. The output of hot-rolled coils is increasing while that of rebar is decreasing. After the Two Sessions, the blast furnace capacity utilization rate is gradually recovering, and enterprises are more willing to produce hot-rolled coils than rebar. The production profit of hot-rolled coils is rising while that of rebar is falling. After the festival, the downstream industries are gradually resuming work and production, and the demand for building materials is increasing, but the increase rate is gradually slowing down. The downstream manufacturing industry is promoting the resumption of work and production, and the procurement demand for hot-rolled coils in industries such as home appliances and automobiles is gradually increasing. With the increase in demand, the inventory in factories and society has both decreased. During the traditional peak seasons of "Golden March and Silver April", the steel inventory is expected to be reduced, and the pressure will be alleviated. The plate is still treated as a range oscillation. In the future, attention should be paid to the inventory reduction strength brought by the traditional "Golden March and Silver April" peak seasons, as well as the drag on the demand side caused by the high global energy prices and the interruption of some raw material supply chains due to the blockade of the Strait of Hormuz [9][40]. - For iron ore, the current plate is mainly affected by three factors: the negotiation between Chinese and Australian miners, overseas cyclone weather, and the geopolitical conflict in the Middle East. In terms of the Sino-Australian negotiation, the Jinbuba powder sold to China was selected as the key restricted product, and the Newman powder was also affected by the ban, which intensified the market shortage. If the ban on BHP's Jinbuba powder and Newman powder is lifted later, the release of the frozen inventory will have a downward impact on the current price. In terms of the geopolitical conflict, the diesel supply in Australia is tight, and the soaring diesel price will increase the unit cost of major iron ore producers in the Pilbara region. The high energy cost erodes the profits of mining enterprises and increases the risk of unexpected supply interruptions. In terms of climate, the tropical cyclone "Narelle" closed the ports this week, and the impact weakened later. Overall, the short-term fundamentals of iron ore lack driving force, and external news has increased the disturbance to the plate. Attention should be paid to the negotiation situation between Chinese and Australian miners, as well as the impact of fuel costs on mining and transportation costs after the energy price rises due to the geopolitical conflict [10][42]. 3. Summary According to the Directory 3.1 Report Summary - Market Focus: There was a regional freight adjustment in the steel logistics market in the southwest region. The direct delivery and warehouse self-pickup freight of some steel mills in Sichuan and Chongqing increased slightly, with a rise of 4% - 11%, while the overall situation in Yunnan and Guizhou was stable. An Australian ore mining company warned that due to the limited diesel supply caused by the Iran war, the operation of the Australian mining industry began to be affected, forcing the iron ore mining company to reduce some business activities. Affected by the tropical cyclone "Narelle", several ports in Western Australia were closed. The general manager of Navigate Commodities said that the cyclone did not damage the important port infrastructure in Western Australia, but the supply and replenishment plan of marine fuel was still a major concern for iron ore transporters. The situation in the Iran war continued to deteriorate, leading to energy supply interruptions, intensifying fuel rationing, and pushing up transportation costs. The commissioning ceremony of the Simandou bonded crushing project at Liaoning Port (Dalian Port) and the arrival ceremony of the first ship of iron ore from SimFer were held. The iron ore on this ship was all from the Simandou project. The Indian steel ministry sought help from the petroleum ministry to ensure that steel mills would not be affected by the shortage of liquefied petroleum gas. India, the world's second-largest crude steel producer, was facing the most serious liquefied petroleum gas supply crisis in decades due to the Iran war [6]. - Fundamental Situation: The output of hot-rolled coils is increasing while that of rebar is decreasing. The production profit of hot-rolled coils is rising while that of rebar is falling. After the festival, the steel mills' demand is gradually recovering. The inflection point of steel inventory reduction has appeared. The global iron ore shipment has increased slightly, and the freight rate has decreased slightly. The steel mills' iron ore inventory is at a low level, while the port inventory is at a high level. The hot metal output and the steel mills' daily iron ore consumption have increased simultaneously. The spread between hot-rolled coils and rebar has widened slightly [7][11]. 3.2 Multi-Empty Focus - Analysis of Multi-Empty Factors for Finished Products: The positive factors include the strong furnace material prices providing cost support and the entry into the traditional peak demand seasons of "Golden March and Silver April", with the inflection point of steel inventory appearing. The negative factors include the real estate not yet stabilizing and the limited expected increase in demand, as well as the high energy prices, the decline in the overseas interest rate cut expectation, and the rising stagflation expectation [14]. - Analysis of Multi-Empty Factors for Iron Ore: The positive factors include the increase in the marginal cost of future mining and transportation due to the rising energy prices caused by the geopolitical conflict, the increase in hot metal output and the high daily iron ore consumption, and the disturbance of the shipping rhythm by overseas weather factors. The negative factors include the high port inventory and the expected release of frozen inventory due to the easing of the negotiation between Chinese and Australian mines [16]. 3.3 Data Analysis - Output: As of the week of March 27, the actual output of rebar in construction steel enterprises was 197,870 tons, a decrease of 5460 tons compared with the previous week; the actual output of hot-rolled coils was 305,610 tons, an increase of 5400 tons compared with the previous week. The blast furnace capacity utilization rate of 247 steel enterprises was 86.63%, an increase of 1.1% compared with the previous week; the capacity utilization rate of independent electric arc furnace steel mills was 58.87%, an increase of 2.3% compared with the previous week [18]. - Production Profit: As of March 26, the blast furnace production profit of rebar in sample enterprises was 57 yuan/ton, the blast furnace profit of hot-rolled coils was 14 yuan/ton, and the electric furnace production cost of rebar was 3422 yuan/ton [23]. - Demand: As of the week of March 27, the consumption of rebar was 225,370 tons, an increase of 17,280 tons compared with the previous week. After the festival, the downstream industries were gradually resuming work and production, and the demand for building materials was increasing, but the increase rate was gradually slowing down. The consumption of hot-rolled coils was 313,630 tons, an increase of 3120 tons compared with the previous week. The consumption of cold-rolled coils was 91,210 tons, a decrease of 3400 tons compared with the previous week, and the output of cold-rolled coils was 89,200 tons, an increase of 350 tons compared with the previous week. The downstream manufacturing industry was promoting the resumption of work and production, and the procurement demand for hot-rolled coils in industries such as home appliances and automobiles was gradually increasing [24]. - Real Estate Demand: From January to February 2026, the national real estate development investment was 96.12 billion yuan, a year-on-year decrease of 11.1%. The housing construction area of real estate development enterprises was 5.35372 billion square meters, a year-on-year decrease of 11.7%. The sales area of newly built commercial housing was 92.93 million square meters, a year-on-year decrease of 13.5%. At the end of February, the unsold commercial housing area was 799.98 million square meters, a year-on-year increase of 0.1% [26]. - Inventory: As of March 27, the in-plant inventory of rebar was 219,160 tons, a decrease of 17,040 tons compared with the previous week, and the social inventory in 35 cities was 672,750 tons, a decrease of 10,460 tons compared with the previous week. The in-plant inventory of hot-rolled coils was 83,850 tons, a decrease of 1110 tons compared with the previous week, and the social inventory in 33 cities was 369,420 tons, a decrease of 6910 tons compared with the previous week. With the increase in demand, the inventory in factories and society has both decreased. During the traditional peak seasons of "Golden March and Silver April", the steel inventory is expected to be reduced, and the pressure will be alleviated [28]. - Iron Ore Shipment and Freight Rate: As of the week of March 20, the total global iron ore shipment was 3.1443 million tons, an increase of 95,500 tons compared with the previous week. The total iron ore shipment from Australia and Brazil was 2.5595 million tons, an increase of 95,000 tons compared with the previous week. The total non-mainstream shipment was 584,800 tons, an increase of 500 tons compared with the previous week. As of March 26, the freight price of iron ore from Port Hedland to Qingdao Port by Capesize vessels was 10.63 US dollars/ton, which decreased slightly compared with the previous period but was still higher than that at the beginning of the year [32]. - Iron Ore Inventory: As of the week of March 20, the arrival volume of iron ore at 45 ports was 2.2716 million tons, an increase of 56,600 tons compared with the previous period; as of the week of March 27, the inventory of imported iron ore at 45 ports was 17.00031 million tons, a decrease of 98,090 tons compared with the previous period; the daily port clearance volume was 313,170 tons, a decrease of 7800 tons compared with the previous period; the inventory of imported iron ore of 247 steel enterprises was 8.97856 million tons, a decrease of 55,500 tons compared with the previous period. The inventory at 45 ports remained at a high level of 170 million tons, but the inventory of imported ore at the steel mill end was at a low level, and the overall supply chain did not show a serious surplus [34]. - Hot Metal Output and Iron Ore Consumption: As of March 27, the daily average hot metal output of 247 sample steel enterprises was 231,090 tons, an increase of 2940 tons compared with the previous period; the daily average consumption of imported iron ore was 284,590 tons, an increase of 3440 tons compared with the previous period. After the Two Sessions, the hot metal output will gradually increase, driving the iron ore consumption to gradually increase [36]. - Spread between Hot-Rolled Coils and Rebar: As of March 26, the spread between the main contracts of rebar and hot-rolled coils was 177 yuan/ton, which increased compared with the previous week [38]. 3.4 Outlook for the Future - For steel, the current steel plate shows a narrow sideways oscillation, with no obvious upward or downward drive, and the current plate follows the price fluctuations of furnace materials. The output of hot-rolled coils is increasing while that of rebar is decreasing. After the Two Sessions, the blast furnace capacity utilization rate is gradually recovering, and enterprises are more willing to produce hot-rolled coils than rebar. The production profit of hot-rolled coils is rising while that of rebar is falling. After the festival, the downstream industries are gradually resuming work and production, and the demand for building materials is increasing, but the increase rate is gradually slowing down. The downstream manufacturing industry is promoting the resumption of work and production, and the procurement demand for hot-rolled coils in industries such as home appliances and automobiles is gradually increasing. With the increase in demand, the inventory in factories and society has both decreased. During the traditional peak seasons of "Golden March and Silver April", the steel inventory is expected to be reduced, and the pressure will be alleviated. The plate is still treated as a range oscillation. In the future, attention should be paid to the inventory reduction strength brought by the traditional "Golden March and Silver April" peak seasons, as well as the drag on the demand side caused by the high global energy prices and the interruption of some raw material supply chains due to the blockade of the Strait of Hormuz [40]. - For iron ore, the current plate is mainly affected by three factors: the negotiation between Chinese and Australian miners, overseas cyclone weather, and the geopolitical conflict in the Middle East. In terms of the Sino-Australian negotiation, the Jinbuba powder sold to China was selected as the key restricted product, and the Newman powder was also affected by the ban, which intensified the market shortage. If the ban on BHP's Jinbuba powder and Newman powder is lifted later, the release of the frozen inventory will have a downward impact on the current price. In terms of the geopolitical conflict, the diesel supply in Australia is tight, and the soaring diesel price will increase the unit cost of major iron ore producers in the Pilbara region. The high energy cost erodes the profits of mining enterprises and increases the risk of unexpected supply interruptions. In terms of climate, the tropical cyclone "Narelle" closed the ports this week, and the impact weakened later. Overall, the short-term fundamentals of iron ore lack driving force, and external news has increased the disturbance to the plate. Attention should be paid to the negotiation situation between Chinese and Australian miners, as well as the impact of fuel costs on mining and transportation costs after the energy price rises due to the geopolitical conflict [42].

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]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 26, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Data Australian Mainstream Iron Ore - **Price and Change**: Newman powder is priced at 726, down 14 daily and 9 weekly; PB powder is 784, down 14 daily and 9 weekly; Mac powder is 767, down 16 daily and 13 weekly; Jinbuba is 737, down 14 daily and 9 weekly; Mixed powder is 710, down 12 daily and 10 weekly; Super Special powder is 668, down 10 daily and 2 weekly; Carajás powder is 946, down 14 daily and 5 weekly [3] - **Import Profit**: Newman powder has an import profit of -44.82; Mac powder has an import profit of 23.40; Jinbuba has an import profit of 22.49; Mixed powder has an import profit of -29.00; Super Special powder has an import profit of -20.10; Carajás powder has an import profit of 19.94 [3] Brazilian Mainstream Iron Ore - **Price and Change**: Brazilian mixed ore is 825, down 17 daily and 5 weekly; Brazilian coarse IOC6 is 748, down 10 daily and 5 weekly; Brazilian coarse SSFG is 753, down 10 daily and 5 weekly [3] - **Import Profit**: Brazilian mixed ore has an import profit of -10.16 [3] Non - mainstream Iron Ore - **Price and Change**: Ukrainian concentrate powder is 880, down 15 daily and 10 weekly; 61% Indian powder is 726, down 14 daily and 9 weekly; Karara concentrate powder is 883, down 15 daily and 13 weekly; Roy Hill powder is 771, down 14 daily and 9 weekly; KUMBA powder is 843, down 14 daily and 9 weekly; 57% Indian powder is 603, down 10 daily and 2 weekly; Atlas powder is 705, down 12 daily and 10 weekly [3] - **Import Profit**: Roy Hill powder has an import profit of 39.49 [3] Others - **PB Lump/Block Premium**: The price is 895, down 13 daily and 10 weekly, with a premium of 0.1685 (no daily or weekly change) [3] - **Ukrainian Pellet/Pellet Premium**: The price is 880, down 15 daily and 10 weekly, with a premium of 17.35, up 0.05 daily and down 0.20 weekly [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The price is 963, down 6 daily and 6 weekly, with a converted price of 850.0 [3] Group 3: Futures Market Data Dalian Commodity Exchange - **i2701**: The latest price is 757.0, down 9.5 daily and 1.0 weekly, with a monthly spread of 20.5 and a basis/price difference of 65.3, down 4.9 daily and 8.3 weekly [3] - **i2605**: The latest price is 806.5, down 17.5 daily and 4.5 weekly, with a monthly spread of -49.5 and a basis/price difference of 15.8, up 3.1 daily and down 4.8 weekly [3] - **i2609**: The latest price is 777.5, down 13.0 daily and 1.5 weekly, with a monthly spread of 29.0 and a basis/price difference of 44.8, down 1.4 daily and 7.8 weekly [3] Singapore Exchange - **FE01**: The latest price is 101.90, down 0.20 daily and 0.49 weekly, with a monthly spread of 1.81 and a basis/price difference of -27.5, up 5.1 daily and 4.1 weekly [3] - **FE05**: The latest price is 106.56, down 0.46 daily and 0.89 weekly, with a monthly spread of -4.66 and a basis/price difference of -6.4, up 8.1 daily and 7.5 weekly [3] - **FE09**: The latest price is 103.71, down 0.35 daily and 0.68 weekly, with a monthly spread of 2.85 and a basis/price difference of -17.6, up 6.2 daily and 7.0 weekly [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]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoint - No relevant content found 3. Summary by Related Catalog Futures Prices - DCE01 price increased from 762.5 to 766.5, a rise of 4.0; DCE05 rose from 819.0 to 824.0, an increase of 5.0; DCE09 climbed from 786.5 to 790.5, a gain of 4.0 [2] - The spread I01 - I05 decreased by 1.0 to -57.5; I05 - I09 increased by 1.0 to 33.5; I09 - I01 remained unchanged at 24.0 [2] Spot Prices - PB powder (60.8%) remained at 794; Newman powder stayed at 739; Macfarlane powder rose from 780 to 782; etc. [2] - The optimal deliverable is Newman powder, with a price of 808, 01 - contract basis of 38, 05 - contract basis of -19, and 09 - contract basis of 14 [2] Spot Variety Spreads - The spread of Carajás - PB powder increased by 2 to 159; Newman - Jinbuba decreased by 2 to -11; etc. [2] Import Profits - Carajás import profit increased from 15 to 18; Newman powder's import profit rose from -23 to -21; etc. [2] Indexes - The price of Platts Iron Ore 61% decreased from 109.6 to 109.5; 65% dropped from 127.2 to 127.1; 58% fell from 99.1 to 98.9 [2] - The spread of SGX main - DCE01 decreased from 14.0 to 13.4; SGX main - DCE05 dropped from 6.7 to 6.1; SGX main - DCE09 declined from 11.1 to 10.3 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

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]