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Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content Group 3: Summary by Related Catalogs Spot Market - Newman powder: price 792, daily change 0, weekly change 11, converted to the disk 847.7, import profit -7.70 [1] - PB powder: price 795, daily change 0, weekly change 11, converted to the disk 843.7, import profit -6.48 [1] - Mac powder: price 786, daily change 0, weekly change 8, converted to the disk 858.5, import profit 17.50 [1] - Jinbuba powder: price 746, daily change 0, weekly change 11, converted to the disk 838.8, import profit 11.22 [1] - Mainstream mixed powder: price 728, daily change 0, weekly change -5, converted to the disk 857.0, import profit -16.09 [1] - Super special powder: price 678, daily change 0, weekly change 1, converted to the disk 892.6, import profit -24.44 [1] - Carajás powder: price 885, daily change -7, weekly change 1, converted to the disk 829.5, import profit -9.57 [1] - Brazilian mixed powder: price 834, daily change 2, weekly change 15, converted to the disk 850.3, import profit 9.28 [1] - Brazilian coarse IOC6: price 772, daily change 0, weekly change -12 [1] - Brazilian coarse SSFG: price 777, daily change 0, weekly change -12 [1] - Ukrainian concentrate powder: price 880, daily change -7, weekly change 2 [1] - 61% Indian powder: price 735, daily change 0, weekly change 11 [1] - Karara concentrate powder: price 882, daily change -7, weekly change 2 [1] - Roy Hill powder: price 782, daily change 0, weekly change 11, converted to the disk 860.7, import profit 23.04 [1] - KUMBA powder: price 854, daily change 0, weekly change 11, converted to the disk 845.6 [1] - 57% Indian powder: price 613, daily change 0, weekly change 1 [1] - Atlas powder: price 723, daily change 0, weekly change -5 [1] - Tangshan iron concentrate powder: price 1020, daily change 0, weekly change 12, converted to the disk 907.0 [1] Futures Market - i2601 contract: latest price 791.5, daily change -0.5, weekly change 17.5, monthly spread -61.5 [1] - i2605 contract: latest price 755.0, daily change -2.5, weekly change 7.5, monthly spread 36.5 [1] - i2609 contract: latest price 730.0, daily change -4.0, weekly change 5.5, monthly spread 25.0 [1] - FE01 contract: latest price 101.27, daily change 0.08, weekly change 2.87, monthly spread -4.67 [1] - FE05 contract: latest price 98.73, daily change 0.00, weekly change 2.63, monthly spread 2.54 [1] - FE09 contract: latest price 96.60, daily change 0.00, weekly change 2.60, monthly spread 2.13 [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 prices generally increased, with Newman powder at 790 (up 10 daily and 18 weekly), PB powder at 793 (up 10 daily and 18 weekly), etc [1] - Brazilian mainstream iron ore prices also had mixed trends, with Baha at 830 (up 10 daily and 14 weekly), while Baha coarse IOC6 was at 770 (down 13 daily and 7 weekly) [1] - Other varieties like Ukrainian concentrate powder, 61% Indian powder, etc also had price changes [1] 3.2 Exchange Contracts - For DCE contracts, i2601 was at 788.5 (up 16.0 daily and 23.5 weekly), i2605 at 756.5 (up 13.0 daily and 14.5 weekly), i2609 at 732.0 (up 10.5 daily and 10.0 weekly) [1] - For SGX contracts, FE01 was at 99.51 (down 0.20 daily and up 1.31 weekly), FE05 at 97.15 (down 0.25 daily and up 1.06 weekly), FE09 at 95.09 (down 0.23 daily and up 0.97 weekly) [1] 3.3 Premiums - Information on U - ball/pellet premium, PB block/block ore premium was presented, but specific data was not fully summarized here [1] 3.4 Basis and Spread - The monthly spread and other relevant data for each contract were given, such as the monthly spread of i2601 was - 56.5 (up 48.1 daily and down 5.2 weekly) [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 780, down 1 from the previous day and up 2 for the week; PB powder price is 783, down 1 from the previous day and down 2 for the week; Macfarlane powder price is 776, down 2 from the previous day and down 4 for the week; Jinbuba powder price is 734, down 1 from the previous day and down 2 for the week; Super special powder price is 672, down 5 from the previous day and down 15 for the week; Carajás powder price is 883, down 1 from the previous day and down 10 for the week; Roy Hill powder price is 770, down 1 from the previous day and down 2 for the week; KUMBA powder price is 842, down 1 from the previous day and down 2 for the week [1] - **Brazilian Iron Ore**: Brazilian mixed ore price is 818, down 1 from the previous day and down 3 for the week; Brazilian coarse IOC6 price is 783, down 1 from the previous day and down 4 for the week; Brazilian coarse SSFG price is 788, down 1 from the previous day and down 4 for the week [1] - **Other Regions' Iron Ore**: Ukrainian concentrate price is 875, down 3 from the previous day and down 15 for the week; 61% Indian powder price is 723, down 1 from the previous day and down 2 for the week; Karara concentrate price is 877, down 3 from the previous day and down 15 for the week; 57% Indian powder price is 607, down 5 from the previous day and down 15 for the week; Atlas powder price is 720, down 8 from the previous day and down 12 for the week; Tangshan iron concentrate price is 1008, unchanged from the previous day and the week [1] Futures Market - **DCE Contracts**: i2601 contract price is 772.5, down 1.5 from the previous day and down 5.0 for the week; i2605 contract price is 745.5, down 2.0 from the previous day and down 10.5 for the week; i2609 contract price is 723.0, down 1.5 from the previous day and down 12.0 for the week [1] - **SGX Contracts**: FE01 contract price is 99.68, up 1.28 from the previous day and down 0.79 for the week; FE05 contract price is 97.39, up 1.29 from the previous day and down 0.79 for the week; FE09 contract price is 95.38, up 1.38 from the previous day and down 0.72 for the week [1] Spread and Premium - **Inter - monthly Spread**: For DCE contracts, i2601 - i2605 spread is - 49.5, up 0.4 from the previous day and up 2.8 for the week; i2605 - i2609 spread is 27.0, up 0.9 from the previous day and up 8.3 for the week; i2609 - i2601 spread is 22.5, up 0.4 from the previous day and up 9.8 for the week; For SGX contracts, FE01 - FE05 spread is - 4.30, up 0.7 from the previous day and up 5.6 for the week; FE05 - FE09 spread is 2.29, up 0.2 from the previous day and up 1.1 for the week; FE09 - FE01 spread is 2.01, down 3.6 from the previous day and down 2.5 for the week [1] - **Premium**: Information on U - ball/ pellet premium, PB block/ block premium is presented in the form of historical data charts, but specific current premium values are not clearly summarized in the text [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - No information provided Group 3: Summary by Related Catalogs Spot Market - For Australian mainstream iron ore, Newman powder was priced at 772 with a daily increase of 2 and a weekly decrease of 13, PB powder at 775 (daily +2, weekly -13), Mac powder at 772 (daily +2, weekly -14), Jinbuba at 726 (daily +2, weekly -14), mainstream mixed powder at 728 (daily +3, weekly -20), super special powder at 674 (daily +1, weekly -18), and Carra powder at 878 (daily 0, weekly -21) [1] - Brazilian mainstream iron ore included Ba Hun at 816 (daily +2, weekly -8), Ba Coarse IOC6 at 777 (daily +2, weekly -13), and Ba Coarse SSFG at 782 (daily +2, weekly -13) [1] - Other varieties such as Ukrainian concentrate powder was at 876 (daily +1, weekly -19), 61% Indian powder at 715 (daily +2, weekly -14), Karara concentrate powder at 878 (daily +1, weekly -17), Roy Hill powder at 762 (daily +2, weekly -13), KUMBA powder at 834 (daily +2, weekly -13), 57% Indian powder at 609 (daily +1, weekly -18), and Atlas powder at 723 (daily +3, weekly -20) [1] - Domestic iron ore, Tangshan iron concentrate powder was priced at 1002 with a daily decrease of 6 and a weekly decrease of 24 [1] Futures Market - For Dalian Commodity Exchange contracts, i2601 was at 765.0 (daily +4.5, weekly -17.5), i2605 at 742.0 (daily +2.0, weekly -18.5), and i2609 at 722.0 (daily 0.0, weekly -18.5) [1] - For Singapore Exchange contracts, FE01 was at 98.20 (daily -2.55, weekly -4.80), FE05 at 96.09 (daily -2.41, weekly -4.56), and FE09 at 94.12 (daily -2.31, weekly -4.43) [1] Other Information - The Platts 62 - index was 104.70 with a daily decrease of 0.20 and a weekly decrease of 3.00 [1]

Report Overview - The report is an iron ore morning report from the Black Team of the Research Center, dated November 10, 2025, with data sourced from MYSTEEL [1] Spot Market Australian Mainstream Iron Ore - Newman powder: latest price 770, daily change -8, weekly change -30, converted to futures price 823.7, import profit -12.88 [1] - PB powder: latest price 773, daily change -12, weekly change -30, converted to futures price 819.6, import profit -9.19 [1] - Macarthur powder: latest price 770, daily change -10, weekly change -25, converted to futures price 841.1, import profit 18.17 [1] - Jinbuba powder: latest price 724, daily change -12, weekly change -28, converted to futures price 815.1, import profit 4.99 [1] - Mixed powder: latest price 725, daily change -12, weekly change -37, converted to futures price 853.8, import profit 1.76 [1] - Super Special powder: latest price 673, daily change -14, weekly change -35, converted to futures price 887.1, import profit -4.46 [1] - Carajás fines (Carajas Fine): latest price 878, daily change -15, weekly change -35, converted to futures price 821.9, import profit 8.31 [1] Brazilian Mainstream Iron Ore - Brazilian Blend: latest price 814, daily change -7, weekly change -26, converted to futures price 828.7, import profit 10.08 [1] - Brazilian Coarse IOC6: latest price 775, daily change -12, weekly change -30, converted to futures price 850.1 [1] - Brazilian Coarse SSFG: latest price 780, daily change -12, weekly change -30 [1] Other Iron Ore - Ukrainian Concentrate: latest price 875, daily change -15, weekly change -35, converted to futures price 964.4 [1] - 61% Indian Iron Ore: latest price 713, daily change -12, weekly change -28 [1] - Karara Concentrate: latest price 877, daily change -15, weekly change -33, converted to futures price 897.3 [1] - Roy Hill powder: latest price 760, daily change -12, weekly change -30, converted to futures price 836.6, import profit 21.98 [1] - KUMBA powder: latest price 832, daily change -12, weekly change -30, converted to futures price 823.0 [1] - 57% Indian Iron Ore: latest price 608, daily change -14, weekly change -35 [1] - Atlas powder: latest price 720, daily change -12, weekly change -37 [1] Domestic Iron Ore - Tangshan Iron Concentrate: latest price 1008, daily change 0, weekly change -28, converted to futures price 895.0 [1] Futures Market Dalian Commodity Exchange Contracts - i2601: latest price 760.5, daily change -17.0, weekly change -39.5, monthly spread -38.5 [1] - i2605: latest price 740.0, daily change -16.0, weekly change -36.5, monthly spread 20.5 [1] - i2609: latest price 722.0, daily change -13.0, weekly change -33.0, monthly spread 18.0 [1] Singapore Exchange Contracts - FE01: latest price 100.75, daily change 0.28, weekly change -2.60, monthly spread -4.32 [1] - FE05: latest price 98.50, daily change 0.32, weekly change -2.51, monthly spread 2.25 [1] - FE09: latest price 96.43, daily change 0.33, weekly change -2.53, monthly spread 2.07 [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - No relevant information provided Group 3: Summary of Spot Iron Ore - Newman powder: price 774, daily change -1, weekly change -28, import profit -27.67 [1] - PB powder: price 781, daily change -1, weekly change -24, import profit -18.45 [1] - Macfarlane powder: price 778, daily change -1, weekly change -24, import profit 7.20 [1] - Jinbuba powder: price 733, daily change -1, weekly change -26, import profit -2.81 [1] - Mainstream mixed powder: price 737, daily change -8, weekly change -27, import profit -2.25 [1] - Super special powder: price 687, daily change 0, weekly change -28, import profit -5.77 [1] - Carajás powder: price 893, daily change -1, weekly change -33, import profit 2.08 [1] - Brazilian mixed powder: price 821, daily change -1, weekly change -22, import profit -2.04 [1] - Brazilian coarse IOC6: price 783, daily change -1, weekly change -23 [1] - Brazilian coarse SSFG: price 788, daily change -1, weekly change -23 [1] - Ukrainian concentrate: price 888, daily change -2, weekly change -30 [1] - 61% Indian powder: price 722, daily change -1, weekly change -26 [1] - Karara concentrate: price 890, daily change 0, weekly change -28 [1] - Roy Hill powder: price 768, daily change -1, weekly change -24, import profit 10.80 [1] - KUMBA powder: price 840, daily change -1, weekly change -24 [1] - 57% Indian powder: price 622, daily change 0, weekly change -28 [1] - Atlas powder: price 732, daily change -8, weekly change -27 [1] - Tangshan iron concentrate: price 1008, daily change -13, weekly change -30 [1] Group 4: Summary of Exchange Contracts - i2601: price 776.0, daily change 0.5, weekly change -28.5, monthly spread -42.0 [1] - i2605: price 754.0, daily change -2.0, weekly change -27.5, monthly spread 22.0 [1] - i2609: price 734.0, daily change -1.5, weekly change -26.0, monthly spread 20.0 [1] - FE01: price 100.61, daily change -1.32, weekly change -2.06, monthly spread -4.32 [1] - FE05: price 98.38, daily change -1.20, weekly change -2.19, monthly spread 2.23 [1] - FE09: price 96.29, daily change -1.21, weekly change -2.29, monthly spread 2.09 [1]

Report Summary 1. Company Production and Sales Data - In Q3 2025, Vale's production was 94.4, with a 12.9% quarterly increase and a 3.8% year - on - year increase; sales were 86.0, with an 11.2% quarterly increase and a 5.1% year - on - year increase [5] - BHP Billiton (100% equity) had a production of 70.3 in Q3 2025, a - 9.3% quarterly decrease and a - 1.8% year - on - year decrease; sales were 70.6, a - 8.0% quarterly decrease and a - 1.3% year - on - year decrease [5] - Rio Tinto (100% equity) had a production of 84.1 in Q3 2025, a 0.5% quarterly increase and a 0.0% year - on - year increase; shipping volume was 84.3, a 5.5% quarterly increase and a - 0.2% year - on - year decrease [5] - FMG's shipping volume in Q3 2025 was 49.7, a - 10.0% quarterly decrease and a 4.2% year - on - year increase [5] 2. Product - Specific Data Iron Ore Products in 2025 Q3 - PB block: production was 17.7, with a 24% year - on - year increase and a 58% quarterly increase [17] - PB fines: production was 33.4, with a 25% year - on - year increase and a 55% quarterly increase [17] - Robe River block: production was 1.3, with a 14% year - on - year increase and a - 4% quarterly decrease [17] - Robe River fines: production was 2.2, with a - 13% year - on - year decrease and a - 15% quarterly decrease [17] - Yandi fines: production was 10.8, with a - 9% year - on - year decrease and a 1% quarterly increase [17] - SP10 block: production was 2.9, with a - 49% year - on - year decrease and a - 65% quarterly decrease [17] - SP10 fines: production was 3.2, with a - 70% year - on - year decrease and a - 75% quarterly decrease [17] Another Set of Iron Ore Products in 2025 Q3 - Newman: production was 13.72, with a 3% year - on - year increase and a - 9% quarterly decrease [23] - Area C: production was 29.42, with a 2% year - on - year increase and a - 10% quarterly decrease [23] - Yandi: production was 3.5, with a - 21% year - on - year decrease and a - 9% quarterly decrease [23] - Jinbuba: production was 15.38, with an - 8% year - on - year decrease and a - 7% quarterly decrease [23] Other Iron Ore Products in 2025 Q3 - Tieqiao: production was 2.1, with a 31% year - on - year increase and a - 13% quarterly decrease [26] - West Pilbara fines: production was 4, with an 11% year - on - year increase and a 14% quarterly increase [26] - King fines: production was 3.3, with an - 11% year - on - year decrease and a - 6% quarterly decrease [26] - Mixed fines: production was 18.3, with a 6% year - on - year increase and a - 15% quarterly decrease [26] - FMG block: production was 2.3, with a 10% year - on - year increase and a 28% quarterly increase [26] - Super Special fines: production was 19.6, with a 1% year - on - year increase and a - 13% quarterly decrease [26]

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 Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 775, down 10 daily and 18 weekly; PB powder is 782, down 6 daily and 14 weekly; Mac powder is 779, down 7 daily and 14 weekly; Jinbuba is 734, down 6 daily and 22 weekly; Mixed powder is 745, down 3 daily and 12 weekly; Super special powder is 687, down 5 daily and 22 weekly; Carajás powder is 894, down 5 daily and 24 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian blend is 822, down 2 daily and 12 weekly; Brazilian coarse IOC6 is 784, down 6 daily and 13 weekly; Brazilian coarse SSFG is 789, down 6 daily and 13 weekly [1] - **Other Iron Ores**: Ukrainian concentrate is 890, down 5 daily and 20 weekly; 61% Indian powder is 723, down 6 daily and 22 weekly; Karara concentrate is 890, down 5 daily and 20 weekly; Roy Hill powder is 769, down 6 daily and 14 weekly; KUMBA powder is 841, down 6 daily and 14 weekly; 57% Indian powder is 622, down 5 daily and 22 weekly; Atlas powder is 740, down 3 daily and 12 weekly; Tangshan iron concentrate is 1021, down 5 daily and 12 weekly [1] Futures Market - **DCE Contracts**: i2601 is 775.5, down 7.0 daily and 17.0 weekly; i2605 is 756.0, down 4.5 daily and 12.5 weekly; i2609 is 735.5, down 5.0 daily and 11.5 weekly [1] - **SGX Contracts**: FE01 is 101.93, down 1.07 daily and 0.24 weekly; FE05 is 99.58, down 1.07 daily and 0.42 weekly; FE09 is 97.50, down 1.05 daily and 0.50 weekly [1]

Group 1: Spot Market - Newman powder price is 800, with a daily change of -2 and a weekly change of 25, and the import profit is -22.53 [1] - PB powder price is 803, with a daily change of -2 and a weekly change of 25, and the import profit is -14.83 [1] - Macfarlane powder price is 795, with a daily change of 0 and a weekly change of 20, and the import profit is 4.34 [1] - Jinbuba powder price is 752, with a daily change of -3 and a weekly change of 6, and the import profit is -4.31 [1] - Mainstream mixed powder price is 762, with a daily change of -1 and a weekly change of 15, and the import profit is 3.13 [1] - Super special powder price is 708, with a daily change of -6 and a weekly change of 6, and the import profit is -4.17 [1] - Carajás powder price is 913, with a daily change of -7 and a weekly change of 12, and the import profit is -1.82 [1] - Brazilian mixed powder price is 840, with a daily change of -2 and a weekly change of 25, and the import profit is -1.07 [1] - Brazilian coarse IOC6 price is 805, with a daily change of -2 and a weekly change of 26 [1] - Brazilian coarse SSFG price is 810, with a daily change of -2 and a weekly change of 26 [1] - Ukrainian concentrate price is 910, with a daily change of -7 and a weekly change of 10 [1] - 61% Indian powder price is 741, with a daily change of -3 and a weekly change of 6 [1] - Karara concentrate price is 910, with a daily change of -7 and a weekly change of 10 [1] - Roy Hill powder price is 790, with a daily change of -2 and a weekly change of 25, and the import profit is 14.58 [1] - KUMBA powder price is 862, with a daily change of -2 and a weekly change of 25 [1] - 57% Indian powder price is 643, with a daily change of -6 and a weekly change of 6 [1] - Atlas powder price is 757, with a daily change of -1 and a weekly change of 15 [1] - Tangshan iron concentrate price is 1036, with a daily change of -2 and a weekly change of 15 [1] Group 2: Futures Market - i2601 contract price is 800.0, with a daily change of -2.5 and a weekly change of 29.0, and the monthly spread is -45.0 [1] - i2605 contract price is 776.5, with a daily change of -3.0 and a weekly change of 26.0, and the monthly spread is 23.5 [1] - i2609 contract price is 755.0, with a daily change of -3.5 and a weekly change of 25.0, and the monthly spread is 21.5 [1] - FE01 contract price is 103.35, with a daily change of -0.67 and a weekly change of 2.15, and the monthly spread is -4.39 [1] - FE05 contract price is 101.01, with a daily change of -0.65 and a weekly change of 1.74, and the monthly spread is 2.34 [1] - FE09 contract price is 98.96, with a daily change of -0.54 and a weekly change of 1.88, and the monthly spread is 2.05 [1]