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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 105.80 0.30 -2.05 纽曼粉 802 4 1 858.5 101.05 0.95 1.90 11.84 PB粉 810 4 6 863.2 麦克粉 812 4 10 886.8 100.90 0.95 2.30 46.72 金布巴 763 4 6 857.0 93.90 0.75 0.65 43.36 主流 混合粉 747 5 2 886.6 97.35 0.65 0.95 6.40 超特粉 688 4 8 909.5 91.40 0.65 -0.30 1.16 卡粉 901 6 9 836.4 121.65 0.65 0.60 -12.84 巴西 巴混 851 -1 11 860.2 112.50 0.80 0.95 8.74 主流 巴粗IOC6 774 4 6 849.0 巴粗SSFG 779 4 6 乌克兰精粉 889 5 7 983.6 61%印粉 752 4 6 卡拉拉精粉 890 5 3 911.7 罗伊山粉 797 4 6 877.2 98.45 0.65 -0.25 56.32 KUMBA粉 869 4 6 ...

Report Summary 1) Industry Investment Rating - No information provided about the industry investment rating. 2) Core Viewpoint - No clear core viewpoint is presented in the given content; it mainly provides price data of various iron ore varieties and futures contracts. 3) Summary by Relevant Catalog Spot Market - **Australian mainstream ores**: Newman powder is priced at 798, down 7 from the previous day and up 4 for the week, with a discounted futures price of 854.2; PB powder is at 806, down 2 and up 9; Mac powder is at 808, down 2 and up 13; Jinbuba powder is at 759, down 2 and up 9; Mixed powder is at 742, up 2 and up 2; Super special powder is at 684, up 4 and up 9; Carajás powder is at 895, up 10 and up 20 [1]. - **Brazilian mainstream ores**: Brazilian mixed ore is at 852, down 6 and up 19; Brazilian coarse IOC6 is at 770, down 2 and up 9; Brazilian coarse SSFG is at 775, down 2 and up 9 [1]. - **Other ores**: Ukrainian concentrate powder is at 884, up 6 and up 11; 61% Indian powder is at 748, down 2 and up 9; Karara concentrate powder is at 885, up 3 and up 7; Roy Hill powder is at 793, down 2 and up 9; KUMBA powder is at 865, down 2 and up 9; 57% Indian powder is at 619, up 4 and up 9; Atlas powder is at 737, up 2 and up 2; Tangshan iron concentrate powder is at 976, down 6 and down 6 [1]. Futures Market - **DCE contracts**: i2601 is at 814.5, up 9.5 from the previous day and up 13 for the week, with a monthly spread of -39.5; i2605 is at 797.0, up 7.5 and up 14, with a spread of 17.5; i2609 is at 775.0, up 6.5 and up 14, with a spread of 22.0 [1]. - **SGX contracts**: FE01 is at 105.55, up 0.20 and up 0.88, with a spread of -3.24; FE05 is at 104.26, up 0.24 and up 1.24, with a spread of 1.29; FE09 is at 102.31, up 0.26 and up 1.29, with a spread of 1.95 [1]. Other Data - **Import profit**: Newman powder's import profit is 14.42; Mac powder's is 49.11; Jinbuba powder's is 44.36; Mixed powder's is 5.63; Super special powder's is 1.34; Carajás powder's is -14.77; Brazilian mixed ore's is 14.89; Roy Hill powder's is 56.49 [1]. - **Premium data**: Information about U - ball/pellet premium and PB block/lump ore premium is presented in the form of charts, but specific numerical data is incomplete [1].

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

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market Data - **Australian Mainstream Iron Ore**: Newman powder price is 798, down 3 daily and up 11 weekly; PB powder price is 801, down 3 daily and up 11 weekly; Mac powder price is 803, up 1 daily and up 19 weekly; Jinbuba powder price is 754, down 3 daily and up 11 weekly; Mixed powder price is 740, down 5 daily and up 7 weekly; Super special powder price is 680, unchanged daily and up 8 weekly; Carajás powder price is 885, down 7 daily and up 15 weekly; Roy Hill powder price is 788, down 3 daily and up 11 weekly; KUMBA powder price is 860, down 3 daily and up 11 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 851, up 11 daily and up 26 weekly; Brazilian coarse IOC6 price is 765, down 3 daily and up 11 weekly; Brazilian coarse SSFG price is 770, down 3 daily and up 11 weekly [1] - **Other Iron Ore**: Ukrainian concentrate powder price is 877, down 5 daily and up 2 weekly; 61% Indian powder price is 743, down 3 daily and up 11 weekly; Karara concentrate powder price is 882, down 5 daily and up 7 weekly; 57% Indian powder price is 615, unchanged daily and up 8 weekly; Atlas powder price is 735, down 5 daily and up 7 weekly; Tangshan iron concentrate powder price is 982, unchanged daily and up 6 weekly [1] Futures Market Data - **Dalian Commodity Exchange Contracts**: i2601 contract price is 809.0, down 7.0 daily and up 12.5 weekly; i2605 contract price is 789.0, down 7.5 daily and up 10.5 weekly; i2609 contract price is 767.0, down 6.5 daily and up 10.5 weekly [1] - **Singapore Exchange Contracts**: FE01 contract price is 105.83, up 1.16 daily and up 1.07 weekly; FE05 contract price is 104.17, up 1.15 daily and up 1.36 weekly; FE09 contract price is 102.16, up 1.14 daily and up 1.41 weekly [1] Other Data - **Import Profit**: Newman powder import profit is 20.28; PB powder import profit is - 14.00; Mac powder import profit is 52.72; Jinbuba powder import profit is 37.44; Mixed powder import profit is 4.61; Super special powder import profit is - 10.63; Carajás powder import profit is - 26.66; Brazilian mixed ore import profit is 13.52 [1] - **Month - to - Month Spread**: i2601/i2605 spread is - 42.0, up 10.1 daily and up 3.7 weekly; i2605/i2609 spread is 20.0, up 30.1 daily and up 5.7 weekly; i2609/i2601 spread is 22.0, up 52.1 daily and up 5.7 weekly; FE01/FE05 spread is - 3.67, down 21.9 daily and up 5.3 weekly; FE05/FE09 spread is 1.66, down 28.2 daily and up 7.8 weekly; FE09/FE01 spread is 2.01, down 35.3 daily and up 5.4 weekly [1]

Report Information - Report Name: Iron Ore Daily Report - Date: December 30, 2025 - Industry: Iron Ore Report Highlights Futures Market - DCE01 closed at 809.0, down 7.0 from the previous day [2] - DCE05 closed at 789.0, down 7.5 from the previous day [2] - DCE09 closed at 767.0, down 6.5 from the previous day [2] Spot Market - PB powder (60.8%) price increased by 7 to 800 [2] - Newman powder price increased by 7 to 802 [2] - Macarthur powder price increased by 7 to 802 [2] Spread - I01 - I05 spread was 20.0, up 0.5 from the previous day [2] - I05 - I09 spread was 22.0, down 1.0 from the previous day [2] - I09 - I01 spread was -42.0, up 0.5 from the previous day [2] Import Profit - Carajás fines import profit increased by 11 to -14 [2] - Newman powder import profit decreased by 1 to 53 [2] - PB powder import profit decreased by 1 to 3 [2] Index - Platts 62% iron ore price increased by 1.0 to 108.9 [2] - Platts 65% iron ore price increased by 1.0 to 121.9 [2] - Platts 58% iron ore price increased by 1.1 to 94.7 [2] Price Difference - Carajás fines - PB powder price difference increased by 11 to 88 [2] - Newman powder - Jinbuba powder price difference remained unchanged at 45 [2] - Carajás fines - Jinbuba powder price difference increased by 11 to 135 [2] Base Difference - The optimal deliverable - 01 contract base difference was 16 for Carajás fines [2] - The optimal deliverable - 05 contract base difference was 35 for Carajás fines [2] - The optimal deliverable - 09 contract base difference was 58 for Carajás fines [2] Inner-Outer Spread - SGX main - DCE01 spread was 0.4, up 0.8 from the previous day [2] - SGX main - DCE05 spread was 2.9, up 1.0 from the previous day [2] - SGX main - DCE09 spread was 5.9, up 1.1 from the previous day [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market Information - **Australian Mainstream Iron Ore**: Newman powder price is 794, up 4 daily and 2 weekly, with an import profit of 19.31; PB powder price is 797, up 4 daily and 2 weekly, with an import profit of -12.85; Mac powder price is 795, up 10 daily and 10 weekly, with an import profit of 49.12; Jinbuba powder price is 750, up 4 daily and 2 weekly, with an import profit of 39.70; Mixed powder price is 740, up 6 daily and 2 weekly, with an import profit of 9.76; Super special powder price is 675, up 2 daily and down 2 weekly, with an import profit of -10.58; Roy Hill powder price is 784, up 4 daily and 2 weekly, with an import profit of 41.96 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder price is 833, up 4 daily and 3 weekly, with an import profit of 2.39; Brazilian coarse IOC6 price is 761, up 4 daily and down 4 weekly; Brazilian coarse SSFG price is 766, up 4 daily and down 4 weekly [1] - **Other Varieties**: Ukrainian concentrate powder price is 873, up 2 daily and down 2 weekly; 61% Indian powder price is 739, up 4 daily and 2 weekly; Karara concentrate powder price is 878, up 3 daily and 3 weekly; 57% Indian powder price is 610, up 2 daily and down 2 weekly; Atlas powder price is 735, up 6 daily and 2 weekly [1] - **Domestic Ore**: Tangshan iron concentrate powder price is 982, up 6 daily and 6 weekly [1] Futures Market Information - **Dalian Commodity Exchange Contracts**: i2601 price is 801.5, up 3.5 daily and 3.5 weekly, with a monthly spread of -40.5; i2605 price is 783.0, up 4.5 daily and 3.0 weekly, with a monthly spread of 18.5; i2609 price is 761.0, up 4.0 daily and 3.0 weekly, with a monthly spread of 22.0 [1] - **Singapore Exchange Contracts**: FE01 price is 104.05, unchanged daily and down 0.83 weekly, with a monthly spread of -3.69; FE05 price is 102.37, unchanged daily and down 0.49 weekly, with a monthly spread of 1.68; FE09 price is 100.36, unchanged daily and down 0.43 weekly, with a monthly spread of 2.01 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 790, up 2 from the previous day and down 1 for the week, with a discounted futures price of 845.5 and an import profit of 17.17; PB powder price is 793, up 2 from the previous day and down 1 for the week, with a discounted futures price of 844.5 and an import profit of -15.25; Mac powder price is 785, down 1 from the previous day and up 1 for the week, with a discounted futures price of 857.4 and an import profit of 39.47; Jinbuba powder price is 746, up 2 from the previous day and down 1 for the week, with a discounted futures price of 838.8 and an import profit of 37.64; Mixed powder price is 734, unchanged from the previous day and down 4 for the week, with a discounted futures price of 872.5 and an import profit of 5.25; Super special powder price is 673, unchanged from the previous day and down 5 for the week, with a discounted futures price of 893.1 and an import profit of -11.38; Roy Hill powder price is 780, up 2 from the previous day and down 1 for the week, with a discounted futures price of 858.5 and an import profit of 38.66 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 829, up 2 from the previous day and down 3 for the week, with a discounted futures price of 836.3 and an import profit of -0.78; Brazilian coarse IOC6 price is 757, up 2 from the previous day and down 7 for the week; Brazilian coarse SSFG price is 762, up 2 from the previous day and down 7 for the week [1] - **Other Iron Ores**: Ukrainian concentrate price is 871, down 4 from the previous day and down 2 for the week, with a discounted futures price of 948.6; 61% Indian powder price is 735, up 2 from the previous day and down 1 for the week; Karara concentrate price is 875, unchanged from the previous day and up 2 for the week, with a discounted futures price of 895.1; 57% Indian powder price is 608, unchanged from the previous day and down 5 for the week; Atlas powder price is 729, unchanged from the previous day and down 4 for the week; KUMBA powder price is 852, up 2 from the previous day and down 1 for the week, with a discounted futures price of 831.5; Tangshan iron concentrate price is 976, unchanged from the previous day and for the week, with a discounted futures price of 863 [1] Futures Market - **Dalian Commodity Exchange Contracts**: i2601 price is 798.0, unchanged from the previous day and up 1 for the week, with a monthly spread of -41.0 and a spread change of 5.9 from the previous day and -2.1 for the week; i2605 price is 778.5, down 1 from the previous day and up 1 for the week, with a monthly spread of 19.5 and a spread change of 25.4 from the previous day and -2.1 for the week; i2609 price is 757.0, down 1 from the previous day and up 2 for the week, with a monthly spread of 21.5 and a spread change of 46.9 from the previous day and -3.1 for the week [1] - **Singapore Exchange Contracts**: FE01 price is 104.05, down 0.32 from the previous day and up 0.40 for the week, with a monthly spread of -3.69 and a spread change of -28.4 from the previous day and 8.1 for the week; FE05 price is 102.37, down 0.16 from the previous day and up 0.84 for the week, with a monthly spread of 1.68 and a spread change of -33.5 from the previous day and 6.6 for the week; FE09 price is 100.36, down 0.05 from the previous day and up 0.91 for the week, with a monthly spread of 2.01 and a spread change of -39.1 from the previous day and 7.0 for the week [1]

Group 1: Report Core Information - **Report Type**: Iron Ore Morning Report [1] - **Report Date**: December 25, 2025 [1] - **Research Team**: Black Team of the Research Center [1] - **Data Source**: MYSTEEL [2] Group 2: Spot Market Information Australian Mainstream Iron Ore - Newman powder: The latest price is 788, with a daily change of 1 and a weekly change of 4; the discounted futures price is 843.3; the import profit is 14.69 [1] - PB powder: The latest price is 791, with a daily change of 1 and a weekly change of 4; the discounted futures price is 842.3; the import profit is -17.75 [1] - Macarthur powder: The latest price is 786, with a daily change of 2 and a weekly change of 6; the discounted futures price is 858.5; the import profit is 40.00 [1] - Jinbuba powder: The latest price is 744, with a daily change of 1 and a weekly change of 4; the discounted futures price is 836.6; the import profit is 35.20 [1] - Mixed powder: The latest price is 734, with a daily change of 1 and a weekly change of 5; the discounted futures price is 872.5; the import profit is 4.79 [1] - Super Special powder: The latest price is 673, with a daily change of 1 and a weekly change of -2; the discounted futures price is 893.1; the import profit is -11.80 [1] - Carajás powder: The latest price is 870, with a daily change of 0 and a weekly change of 0; the discounted futures price is 802.8; the import profit is -35.72 [1] Brazilian Mainstream Iron Ore - Brazilian mixed ore: The latest price is 827, with a daily change of 2 and a weekly change of 2; the discounted futures price is 834.1; the import profit is -3.30 [1] - Brazilian coarse ore IOC6: The latest price is 755, with a daily change of 1 and a weekly change of -2 [1] - Brazilian coarse ore SSFG: The latest price is 760, with a daily change of 1 and a weekly change of -2 [1] Other Iron Ore - Ukrainian concentrate: The latest price is 875, with a daily change of 0 and a weekly change of 10; the discounted futures price is 945.2 [1] - 61% Indian powder: The latest price is 733, with a daily change of 1 and a weekly change of 4 [1] - Karara concentrate: The latest price is 875, with a daily change of 0 and a weekly change of 10; the discounted futures price is 895.1 [1] - Roy Hill powder: The latest price is 778, with a daily change of 1 and a weekly change of 4; the discounted futures price is 856.3; the import profit is 36.19 [1] - KUMBA powder: The latest price is 850, with a daily change of 1 and a weekly change of 4; the discounted futures price is 829.5 [1] - 57% Indian powder: The latest price is 608, with a daily change of 1 and a weekly change of -2 [1] - Atlas powder: The latest price is 729, with a daily change of 1 and a weekly change of 5 [1] Domestic Iron Ore - Tangshan iron concentrate: The latest price is 976, with a daily change of 0 and a weekly change of 7; the discounted futures price is 863.0 [1] Group 3: Futures Market Information Dalian Commodity Exchange - i2601 contract: The latest price is 798.0, with a daily change of 1.5 and a weekly change of 9.5; the inter - monthly spread is -40.0, with a daily change of 4.8, a weekly change of -1.5, and a monthly change of -9.5 [1] - i2605 contract: The latest price is 779.5, with a daily change of 1.0 and a weekly change of 11.5; the inter - monthly spread is 18.5, with a daily change of 23.3, a weekly change of -1.0, and a monthly change of -11.5 [1] - i2609 contract: The latest price is 758.0, with a daily change of 1.5 and a weekly change of 12.5; the inter - monthly spread is 21.5, with a daily change of 44.8, a weekly change of -1.5, and a monthly change of -12.5 [1] Singapore Exchange - FE01 contract: The latest price is 104.37, with a daily change of -0.39 and a weekly change of 1.82; the inter - monthly spread is -3.96, with a daily change of -33.4, a weekly change of 2.1, and a monthly change of -0.9 [1] - FE05 contract: The latest price is 102.53, with a daily change of -0.28 and a weekly change of 2.05; the inter - monthly spread is 1.84, with a daily change of -36.8, a weekly change of -0.8, and a monthly change of 1.7 [1] - FE09 contract: The latest price is 100.41, with a daily change of -0.34 and a weekly change of 2.00; the inter - monthly spread is 2.12, with a daily change of -41.9, a weekly change of -1.3, and a monthly change of 1.6 [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 787, down 4 daily and up 7 weekly; PB powder price is 790, down 4 daily and up 7 weekly; Mac powder price is 784, down 3 daily and up 7 weekly; Jinbuba powder price is 743, down 4 daily and up 7 weekly; Mixed powder price is 733, down 2 daily and up 8 weekly; Super special powder price is 672, down 5 daily and up 2 weekly; Roy Hill powder price is 777, down 4 daily and up 7 weekly [1] - **Brazilian Mainstream Iron Ore**: Ba Hun price is 825, down 4 daily and up 5 weekly; Ba coarse IOC6 price is 754, down 10 daily and up 1 weekly; Ba coarse SSFG price is 759, down 10 daily and up 1 weekly [1] - **Other Iron Ores**: Ukrainian concentrate powder price is 875, down 2 daily and up 10 weekly; 61% Indian powder price is 732, down 4 daily and up 7 weekly; 57% Indian powder price is 607, down 5 daily and up 2 weekly; Atlas powder price is 728, down 2 daily and up 8 weekly; KUMBA powder price is 849, down 4 daily and up 7 weekly [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 976, unchanged daily and up 7 weekly [1] 3.2 Futures Market - **DCE Contracts**: i2601 price is 796.5, down 1.0 daily and up 13.0 weekly; i2605 price is 778.5, down 3.0 daily and up 17.5 weekly; i2609 price is 756.5, down 4.0 daily and up 17.0 weekly [1] - **SGX Contracts**: FE01 price is 104.76, up 0.06 daily and up 3.23 weekly; FE05 price is 102.81, up 0.06 daily and up 3.33 weekly; FE09 price is 100.75, up 0.06 daily and up 3.30 weekly [1]