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. Investment Rating - No investment rating is provided in the report. 2. Core View - The report indicates that the macro - risk appetite for iron ore is boosted again, and it will be in a high - level oscillation state [1]. 3. Summary by Sections 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures was 780.0 yuan/ton, up 2.5 yuan/ton or 0.32%. The position of I2605 was 534,905 hands, with an increase of 16,750 hands [1]. - **Spot Price**: Among imported ores, the price of 65% Carajás fines (Carajas) was 874.0 yuan/ton, up 2.0 yuan/ton; 61.5% PB fines was 795.0 yuan/ton, up 1.0 yuan/ton; 61% Jimbobara fines was 748.0 yuan/ton, up 1.0 yuan/ton; 56.5% Super Special fines was 677.0 yuan/ton, down 1.0 yuan/ton. Among domestic ores, the price of 66% Langna ore and 65% Laiwu ore remained unchanged at 956.0 yuan/ton and 874.0 yuan/ton respectively [1]. - **Price Spreads**: The basis of I2605 against Super Special fines decreased by 3.6 yuan/ton to 108.0 yuan/ton; the basis against Jimbobara fines decreased by 1.4 yuan/ton to 49.6 yuan/ton. The spread between I2605 and I2609 decreased by 0.5 yuan/ton to 22.0 yuan/ton; the spread between I2601 and I2605 decreased by 1.5 yuan/ton to 18.0 yuan/ton. The spread between Carajás fines and PB fines increased by 1.0 yuan/ton to 79.0 yuan/ton; the spread between PB fines and Jimbobara fines remained unchanged at 47.0 yuan/ton; the spread between PB fines and Super Special fines increased by 2.0 yuan/ton to 118.0 yuan/ton [1]. 3.2 Macro and Industry News - From January to November, the national real estate development investment was 7,859.1 billion yuan, a year - on - year decrease of 15.9%, among which residential investment was 6,043.2 billion yuan, a decrease of 15.0% [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [1]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoint - No information provided in the given content. 3. Summary According to Relevant Catalogs Iron Ore Spot Market - The latest prices, daily changes, weekly changes, and import profits of various iron ore varieties are presented, including Newman powder, PB powder, Mac powder, etc. For example, Newman powder is priced at 778, with a daily change of -7 and a weekly change of -12 [1]. - Different regions' iron ore varieties have different price trends, such as Australian mainstream, Brazilian mainstream, and non - mainstream varieties [1]. Iron Ore Futures Market - The latest prices, daily changes, weekly changes, and monthly spreads of iron ore futures contracts (i2601, i2605, i2609, FE01, FE05, FE09) are provided. For instance, i2601 is priced at 780.0, with a daily change of -7.5 and a weekly change of -14.5 [1].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Not provided in the given content 3) Summary by Relevant Catalog Spot Market - The latest prices, daily changes, and weekly changes of various iron ore varieties are presented, including Newman powder, PB powder, Mac powder, etc. For example, Newman powder is priced at 790, with a daily change of -3 and a weekly change of -6 [1]. - Import profits are also provided for some varieties, such as Newman powder with an import profit of -16.31 [1]. Futures Market - The latest prices, daily changes, weekly changes, and monthly spreads of different iron ore futures contracts are given, including i2601, i2605, i2609, FE01, FE05, and FE09. For example, i2601 is priced at 794.5, with a daily change of -5.0 and a weekly change of -5.0 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary of Iron Ore Spot Data - Newman powder price is 791, with a daily change of 4 and a weekly change of 1, and its import profit is -17.55 [1] - PB powder price is 794, with a daily change of 4 and a weekly change of 1, and its import profit is -14.11 [1] - Mac powder price is 787, with a daily change of 4 and a weekly change of 3, and its import profit is 15.48 [1] - Jinbuba powder price is 747, with a daily change of 4 and a weekly change of 3, and its import profit is 8.44 [1] - Mainstream mixed powder price is 730, with a daily change of 4 and a weekly change of 3, and its import profit is -16.75 [1] - Super special powder price is 673, with a daily change of 3 and a weekly change of -7, and its import profit is -32.05 [1] - Carajás powder price is 885, with a daily change of 2 and a weekly change of -7, and its import profit is -12.22 [1] - Brazilian mixed powder price is 835, with a daily change of 4 and a weekly change of 5, and its import profit is 6.89 [1] - Roy Hill powder price is 781, with a daily change of 4 and a weekly change of 1, and its import profit is 18.67 [1] - Tangshan iron concentrate price is 1014, with a daily change of 0 and a weekly change of -6 [1] Group 4: Summary of Iron Ore Futures Contract Data - i2601 contract price is 790.5, with a daily change of 5.0 and a weekly change of 2.0, and the monthly spread is -54.0 [1] - i2605 contract price is 763.5, with a daily change of 7.5 and a weekly change of 7.0, and the monthly spread is 27.0 [1] - i2609 contract price is 736.5, with a daily change of 6.0 and a weekly change of 4.5, and the monthly spread is 27.0 [1] - FE01 contract price is 100.75, with a daily change of 0.05 and a weekly change of 1.24, and the monthly spread is -4.33 [1] - FE05 contract price is 98.41, with a daily change of 0.20 and a weekly change of 1.26, and the monthly spread is 2.34 [1] - FE09 contract price is 96.42, with a daily change of 0.26 and a weekly change of 1.33, and the monthly spread is 1.99 [1]

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]