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

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

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

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

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - The iron ore market shows a pattern of near - term strength and long - term weakness, and the 5 - 9 positive spread position should continue to be held [1] - Near - term factors such as the escalation of the US - Iran conflict, a significant increase in energy costs, and the possible restriction of BHP iron ore purchases drive the price rebound of near - term iron ore contracts, while the long - term impact is relatively small [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of futures decreased by 5.5 yuan/ton, a decline of 0.67%. The closing price of I2605 was 811.0 yuan/ton, with a yesterday's position of 455,521 hands and a position change of - 6,207 hands [1] - **Spot Price**: Among imported ores, the price of Carajás fines (65%) decreased by 2.0 yuan/ton to 951.0 yuan/ton, PB (61.5%) decreased by 4.0 yuan/ton to 794.0 yuan/ton, Jimbour (61%) decreased by 4.0 yuan/ton to 746.0 yuan/ton, and Super Special (56.5%) decreased by 5.0 yuan/ton to 670.0 yuan/ton. Among domestic ores, the prices of Hanxing (66%) and Laiwu (65%) remained unchanged at 964.0 yuan/ton and 882.0 yuan/ton respectively [1] - **Basis and Spread**: The basis of I2605 against Super Special increased by 0.1 yuan/ton to 64.0 yuan/ton, and against Jimbour increased by 1.2 yuan/ton to 54.4 yuan/ton. The spread of I2605 - I2609 increased by 1.0 yuan/ton to 32.0 yuan/ton, and I2609 - I2701 increased by 0.5 yuan/ton to 21.0 yuan/ton. The spread of Carajás fines - PB increased by 2.0 yuan/ton to 157.0 yuan/ton, PB - Jimbour remained unchanged at 48.0 yuan/ton, and PB - Super Special increased by 1.0 yuan/ton to 124.0 yuan/ton [1] 2. Macro and Industry News - The US - Iran conflict escalation and energy cost increase, along with potential restrictions on BHP iron ore purchases, drive the near - term iron ore contract price rebound, while the long - term impact is small [1] - In 2026, the government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased [1] - The daily average pig iron output of 247 steel enterprises is 221.2 million tons, a decrease of 6.39 million tons compared with the previous period [2] 3. Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively neutral view on the market [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The iron ore market shows a pattern of near - term strength and long - term weakness, and a 5 - 9 positive spread arbitrage is recommended [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures decreased by 2.5 yuan/ton, a decline of 0.31%. The I2605 contract had a closing price of 809.0 yuan/ton, with a position of 458,852 hands, a decrease of 12,644 hands [1] - **Spot Price**: Imported ore prices such as PB (61.5%), Jinbuba (61%), and Super Special (56.5%) decreased, while domestic ore prices such as Hanxing (66%) and Laiwu (65%) increased [1] - **Basis and Spread**: The basis of I2605 against Super Special and Jinbuba decreased. The spread of I2605 - I2609 decreased by 2.5, while the spread of I2609 - I2701 remained unchanged. The spread between different ore types also had corresponding changes [1] 3.2 Macro and Industry News - **Market Trend**: Near - term, the escalation of the US - Iran conflict, increased energy costs, and potential restrictions on BHP iron ore procurement drove the rebound of near - term iron ore contract prices, with less impact on the long - term [1] - **Government Policy**: The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased [1] - **Steel Production**: The daily average hot metal output of 247 steel enterprises was 221.2 million tons, a decrease of 6.39 million tons compared with the previous period [2] 3.3 Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively neutral view on the market trend [2]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Team: Research Center Black Team [2] - Date: March 17, 2026 [2] Group 2: Spot Market - **Price Changes**: The latest price of the Platts 61 index is 109.10, with a daily change of 4.00 and a weekly change of 7.75 [3]. - **Regional Price Details**: In Australia, Newman powder is 730, with a weekly change of -38; PB powder is 792, with a daily change of -5 and a weekly change of 20; etc. In Brazil, the price of Ba Hun is 829, with a daily change of -5 and a weekly change of 24 [3]. - **Import Profits**: Import profits vary by variety, such as -62.02 for Newman powder and 11.59 for Mac powder [3]. Group 3: Forward Market - **Exchange Contracts**: On the Dalian Commodity Exchange, the latest price of i2701 is 758.5, with a weekly change of 17.5; on the Singapore Exchange, the latest price of FE01 is 101.66, with a daily change of -1.41 and a weekly change of 3.85 [3]. - **Price Differences**: There are differences in prices between different contracts and time periods, such as the monthly spread of i2701 being 19.0 [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog Spot Market - **Australia**: The latest price of the Platts 61 index is 104.55, with a daily change of 1.90 and a weekly change of 4.20. Newman powder is priced at 769, with a daily change of 1 and a weekly change of 22, and its import profit is 1.72. PB powder is 773, with a daily change of 1 and a weekly change of 22. Mac powder is 761, with a daily change of 1, a weekly change of 21, and an import profit of 18.67. Jinbuba powder is 726, with a daily change of 1, a weekly change of 22, and an import profit of 27.14. Mixed powder is 707, with a daily change of 2, a weekly change of 22, and an import profit of -22.48. Super special powder is 655, with a weekly change of 16 and an import profit of -24.53. Car powder is 910, with a daily change of 5, a weekly change of 27, and an import profit of -9.73 [3]. - **Brazil**: The latest price of Ba Hun is 810, with a daily change of 2 and a weekly change of 23, and its import profit is -14.70. Ba coarse IOC6 is 733, with a daily change of 1 and a weekly change of 22. Ba coarse SSFG is 738, with a daily change of 1 and a weekly change of 22 [3]. - **Non - mainstream**: Ukrainian fine powder is 867, with a daily change of -6 and a weekly change of 16. 61% Indian powder is 715, with a daily change of 1 and a weekly change of 22. Karara fine powder is 873, with a weekly change of 22. Roy Hill powder is 760, with a daily change of 1, a weekly change of 22, and an import profit of 37.54. KUMBA powder is 832, with a daily change of 1 and a weekly change of 22. 57% Indian powder is 590, with a weekly change of 16. Atlas powder is 702, with a daily change of 2 and a weekly change of 22 [3]. - **Domestic Mines**: The latest price of Tangshan iron concentrate powder is 963, with a weekly change of 13 [3]. Futures Market - **Dalian Commodity Exchange**: The latest price of i2701 is 740.5, with a daily change of 1.5 and a weekly change of 23.0, and the monthly spread is 18.0, with a basis of 70.5. i2605 is 787.5, with a daily change of 3.5, a weekly change of 35.5, a monthly spread of -47.0, and a basis of 23.5. i2609 is 758.5, with a daily change of 1.5, a weekly change of 27.0, a monthly spread of 29.0, and a basis of 52.5 [3]. - **Singapore Exchange**: The latest price of FE01 is 99.84, with a daily change of 0.80 and a weekly change of 4.48, and the monthly spread is 1.47, with a basis of -40.3. FE05 is 103.08, with a daily change of 0.68, a weekly change of 4.57, a monthly spread of -3.24, and a basis of -20.6. FE09 is 101.31, with a daily change of 0.77, a weekly change of 4.59, a monthly spread of 1.77, and a basis of -33.7 [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Spot Market - The latest price of the Platts 61 Index is 100.20, with a daily change of -0.35 and a weekly change of 1.20 [3] - In Australia, Newman powder, PB powder, Mac powder, etc., all had a daily price increase of 5, while the weekly changes varied; for example, Mac powder had a weekly increase of 1, and the mixed powder had a weekly decrease of 7 [3] - In Brazil, the prices of mainstream iron ore such as Brazilian mixed ore and Brazilian coarse IOC6 all increased by 5 daily and 3 weekly [3] - For non - mainstream iron ore, the prices of Ukrainian concentrate powder, 61% Indian powder, etc., also had varying degrees of increase; for example, Ukrainian concentrate powder increased by 6 daily and 8 weekly [3] - The latest price of PB lump/block premium is 870, with a daily increase of 5 and a weekly increase of 11; the latest price of Ukrainian pellet/pellet premium is 857, with a daily increase of 6 and a weekly increase of 8 [3] - The price of Tangshan iron concentrate powder remained unchanged daily and increased by 6 weekly, with the latest price at 950 [3] Forward Market - For Australian iron ore, the forward prices of Newman powder, Mac powder, etc., all had daily increases; for example, Newman powder increased by 0.55 daily and 0.95 weekly [3] - The import profits of different varieties also varied; for example, the import profit of Mac powder was 22.65, while that of the mixed powder was - 18.36 [3] Futures Market - On the Dalian Commodity Exchange, the latest price of i2701 is 721.5, with a daily increase of 4.0 and a weekly increase of 2.5; the latest price of i2605 is 759.0, with a daily increase of 7.0 and a weekly increase of 8.5; the latest price of i2609 is 735.5, with a daily increase of 4.0 and a weekly increase of 4.5 [3] - On the Singapore Exchange, the prices of FE01, FE05, and FE09 all decreased daily; for example, FE01 decreased by 0.19 daily and 0.64 weekly [3] - The monthly spreads and basis/inside - outside spreads (in RMB) of each contract also had different changes [3]

Group 1: Report Information - Report title: Iron Ore Morning Report [1] - Report date: March 4, 2026 [2] - Research team: Black Team of the Research Center [2] Group 2: Spot Market Australia - **Price and change**: The latest price of Newman powder is 749, with a daily change of -1 and a weekly change of 1; PB powder is 753, with a daily change of -1 and a weekly change of 1; Mac powder is 744, with a daily change of -1 and a weekly change of -2; Jinbuba is 706, with a daily change of -1 and a weekly change of 1; Mixed powder is 688, with a daily change of -5 and a weekly change of -22; Super special powder is 642, with a daily change of -3 and a weekly change of 1; Car powder is 885, with a daily change of -1 and a weekly change of 12 [3]. - **Import profit**: Newman powder is -1.09; Mac powder is 19.74; Jinbuba is 29.75; Mixed powder is -14.39; Super special powder is -10.80; Car powder is 7.84 [3]. Brazil - **Price and change**: The latest price of Brazilian mixed ore is 789, with a daily change of -1 and a weekly change of 6; Brazilian coarse IOC6 is 713, with a daily change of -1 and a weekly change of -14; Brazilian coarse SSFG is 718, with a daily change of -1 and a weekly change of -14 [3]. - **Import profit**: Brazilian mixed ore is 1.20 [3]. Non - mainstream - **Price and change**: The latest price of Ukrainian fine powder is 853, with a daily change of 3 and a weekly change of 8; 61% Indian powder is 695, with a daily change of -1 and a weekly change of 1; Karara fine powder is 853, with a daily change of 3 and a weekly change of 4; Roy Hill powder is 740, with a daily change of -1 and a weekly change of 1; KUMBA powder is 812, with a daily change of -1 and a weekly change of 1; 57% Indian powder is 577, with a daily change of -3 and a weekly change of 1; Atlas powder is 683, with a daily change of -5 and a weekly change of -22 [3]. - **Import profit**: Roy Hill powder is 51.45 [3]. Domestic Ore - **Price and change**: The latest price of Tangshan iron concentrate is 950, with a daily change of 6 and a weekly change of 6 [3]. Group 3: Forward Market Dalian Commodity Exchange - **Price and change**: The latest price of i2701 is 719.5, with a daily change of -2.0 and a weekly change of -4.5; i2605 is 753.5, with a daily change of -1.0 and a weekly change of 1.0; i2609 is 733.0, with a daily change of -0.5 and a weekly change of -2.5 [3]. - **Monthly spread**: i2701 - i2605 is 13.5; i2605 - i2609 is -34.0; i2609 - i2701 is 20.5 [3]. Singapore Exchange - **Price and change**: The latest price of FE01 is 95.69, with a daily change of 0.54 and a weekly change of 1.87; FE05 is 98.70, with a daily change of 0.76 and a weekly change of 3.20; FE09 is 97.01, with a daily change of 0.62 and a weekly change of 2.24 [3]. - **Monthly spread**: FE01 - FE05 is 1.32; FE05 - FE09 is -3.01; FE09 - FE01 is 1.69 [3]. Group 4: Basis and Spread - **Dalian Commodity Exchange**: The basis of i2701 is 70.9, with a daily change of 1.0 and a weekly change of 8.6; i2605 is 36.9, with a daily change of 0.0 and a weekly change of 3.1; i2609 is 57.4, with a daily change of -0.5 and a weekly change of 6.6 [3]. - **Singapore Exchange**: The spread of FE01 is -20.1; FE05 is -10.4; FE09 is -18.3 [3].