(100) (50) 0 50 100 - / 50 80 110 140 170 200 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 -PB / 0 10 20 30 40 50 60 -PB / 铁矿石早报 研究中心黑色团队 2026/3/2 | | | | | 现货 | | 远期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 普氏61指数 | | 99.30 | 0.30 | 2.80 | | | | | | | | 纽曼粉 | 749 | 4 | 1 | 800.9 | 96.20 | -0.10 | 3.75 | 10.58 | | | PB粉 | 753 | 4 | 1 | 800.6 | | | | | | 澳洲 | 麦克粉 | 744 | 4 | -2 | 812.8 | 95.95 | -0.05 | 3.80 | 29.58 ...

铁矿石早报 研究中心黑色团队 2026/2/27 (100) (50) 0 50 100 - / 50 80 110 140 170 200 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 -PB / 0 10 20 30 40 50 60 -PB / 2022 2023 2024 2025 2026 80 90 100 110 120 130 140 150 160 170 180 (20) 0 20 40 60 80 100 120 140 160 180 0% 5% 10% 15% 20% 2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026 20 30 40 50 60 70 PB - 2023 2024 2025 2026 / 50 70 90 110 130 150 170 190 PB - 2023 2024 2025 2026 / 0 20 40 60 80 100 120 140 -57% 2023 2024 2025 2026 / 2022 2023 2024 2025 202 ...

Group 1: Report Overview - Report Name: Iron Ore Morning Report [1] - Report Date: February 12, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Australian Mainstream Iron Ore - **Price Changes**: Newman powder, PB powder, Mac powder, and Jinbuba powder all decreased by 18 yuan compared to the previous week. The mixed powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week. The super special powder decreased by 16 yuan compared to the previous week. The car powder decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Newman powder was 11.15 yuan, Mac powder was 32.33 yuan, Jinbuba powder was 44.34 yuan, and the mixed powder was 0.57 yuan. The super special powder had a loss of -7.15 yuan, and the car powder had a loss of -6.52 yuan [3]. Brazilian Mainstream Iron Ore - **Price Changes**: The Brazilian mixed decreased by 29 yuan compared to the previous week, and Brazilian coarse IOC6 and Brazilian coarse SSFG decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of the Brazilian mixed was 6.60 yuan [3]. Non - mainstream Iron Ore - **Price Changes**: Ukrainian iron concentrate powder increased by 8 yuan compared to the previous day and decreased by 13 yuan compared to the previous week. The 61% Indian powder decreased by 18 yuan compared to the previous week. The Karara iron concentrate powder increased by 3 yuan compared to the previous day and decreased by 14 yuan compared to the previous week. Roy Hill powder decreased by 18 yuan compared to the previous week. The KUMBA powder decreased by 18 yuan compared to the previous week. The 57% Indian powder decreased by 16 yuan compared to the previous week. The Atlas powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Roy Hill powder was 58.64 yuan [3]. Others - **PB Lump/Ore Premium**: The price was 852 yuan, increasing by 2 yuan compared to the previous day and 2 yuan compared to the previous week. The premium was 0.0505, increasing by 0.01 compared to the previous day and 0.0275 compared to the previous week [3]. - **Ukrainian Pellets/Pellet Premium**: The price was 846 yuan, increasing by 8 yuan compared to the previous day and decreasing by 13 yuan compared to the previous week. The premium was 15.30, decreasing by 0.20 compared to the previous day and 0.20 compared to the previous week [3]. - **Domestic Ore**: The price of Tangshan iron concentrate powder was 963 yuan, remaining unchanged compared to the previous day and decreasing by 6 yuan compared to the previous week [3]. Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price was 733.5 yuan, increasing by 1.5 yuan compared to the previous day and decreasing by 20.0 yuan compared to the previous week. The monthly spread was 11.5 yuan. The basis was 61.5 yuan, decreasing by 1.5 yuan compared to the previous day and increasing by 0.3 yuan compared to the previous week [3]. - **i2605**: The latest price was 762.5 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.0 yuan compared to the previous week. The monthly spread was - 29.0 yuan. The basis was 32.5 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.7 yuan compared to the previous week [3]. - **i2609**: The latest price was 745.0 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.5 yuan compared to the previous week. The monthly spread was 17.5 yuan. The basis was 50.0 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.2 yuan compared to the previous week [3]. Singapore Exchange - **FE01**: The latest price was 97.24 US dollars, decreasing by 0.15 US dollars compared to the previous day and 2.80 US dollars compared to the previous week. The monthly spread was 1.24 US dollars. The difference between the domestic and foreign markets was - 27.4 yuan, increasing by 2.5 yuan compared to the previous day and 8.9 yuan compared to the previous week [3]. - **FE05**: The latest price was 99.66 US dollars, increasing by 0.10 US dollars compared to the previous day and decreasing by 2.43 US dollars compared to the previous week. The monthly spread was - 2.42 US dollars. The difference between the domestic and foreign markets was - 16.8 yuan, increasing by 0.5 yuan compared to the previous day and 7.1 yuan compared to the previous week [3]. - **FE09**: The latest price was 98.48 US dollars, decreasing by 0.08 US dollars compared to the previous day and 2.82 US dollars compared to the previous week. The monthly spread was 1.18 US dollars. The difference between the domestic and foreign markets was - 25.1 yuan, increasing by 2.9 yuan compared to the previous day and 10.1 yuan compared to the previous week [3].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints There is no clear core viewpoint presented in the provided content. 3. Summary by Related Catalogs 3.1 Iron Ore Spot Market - **Australian mainstream ores**: Newman powder is priced at 777, with a daily change of 4 and a weekly change of -8; PB powder is 781, with a daily change of 4 and a weekly change of -8; Mac powder is 775, with a daily change of 4 and a weekly change of -8; Jinbuba is 734, with a daily change of 4 and a weekly change of -8; Roy Hill powder is 768, with a daily change of 4 and a weekly change of -8 [1]. - **Brazilian mainstream ores**: Brazilian mixed ore is 820, with a daily change of 4 and a weekly change of 0; Brazilian coarse IOC6 is 756, with a daily change of 4 and a weekly change of 3; Brazilian coarse SSFG is 761, with a daily change of 4 and a weekly change of 3 [1]. - **Other ores**: Ukrainian fine powder is 859, with a daily change of 3 and a weekly change of -11; 61% Indian powder is 723, with a daily change of 4 and a weekly change of -8; Karara fine powder is 864, with a daily change of 3 and a weekly change of -11; 57% Indian powder is 601, with a daily change of 3 and a weekly change of -4; Atlas powder is 718, with a daily change of 2 and a weekly change of -1; Tangshan iron fine powder (domestic ore) is 969, with a daily change of 0 and a weekly change of -7 [1]. 3.2 Iron Ore Futures Market - **DCE contracts**: i2701 is at 753.5, with a daily change of 4.5 and a weekly change of 1.0; i2605 is at 781.5, with a daily change of 4.0 and a weekly change of -1.5; i2609 is at 764.5, with a daily change of 4.5 and a weekly change of 0.0 [1]. - **SGX contracts**: FE01 is at 100.04, with a daily change of -0.67 and a weekly change of -5.66; FE05 is at 102.09, with a daily change of -0.90 and a weekly change of -1.61; FE09 is at 101.30, with a daily change of -0.67 and a weekly change of -1.15 [1].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The report shows that the iron ore market is experiencing narrow - range fluctuations. The trend strength of iron ore is 0, indicating a neutral stance [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of I2605 was 783.0 yuan/ton, down 8.5 yuan/ton or 1.07%. The yesterday's position was 520,684 hands, with a decrease of 20,544 hands [1]. - **Spot Prices**: Imported ores like Carajás fines (65%) dropped from 884.0 to 879.0 yuan/ton, PB (61.5%) from 794.0 to 787.0 yuan/ton, etc. Domestic ores such as Hanxing (66%) decreased from 956.0 to 950.0 yuan/ton [1]. - **Basis and Spreads**: The basis of I2605 against Super Special increased by 2.0 yuan/ton to 96.3 yuan/ton. The spread between I2605 - I2609 decreased by 2.0 yuan/ton to 17.0 yuan/ton [1]. 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [1]. - Many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio regularly [1]. 3.3 Trend Strength - The trend strength of iron ore is 0, within the range of [-2, 2], indicating a neutral view on the market [2].

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 Market - Newman powder: latest price 778, daily change -8, weekly change -10, discount to the underlying 832.4, import profit 11.68 [1] - PB powder: latest price 782, daily change -8, weekly change -11, discount to the underlying 832.4 [1] - Macfarlane powder: latest price 776, daily change -8, weekly change -13, discount to the underlying 847.6, import profit 34.22 [1] - Jinbuba powder: latest price 735, daily change -8, weekly change -11, discount to the underlying 826.9, import profit 40.92 [1] - Mainstream mixed powder: latest price 725, daily change -3, weekly change 0, discount to the underlying 862.8, import profit -4.88 [1] - Super special powder: latest price 671, daily change -7, weekly change 1, discount to the underlying 890.9, import profit -7.01 [1] - Carajás powder: latest price 882, daily change -8, weekly change 4, discount to the underlying 815.8, import profit -11.28 [1] - Brazilian mixed powder: latest price 821, daily change 0, weekly change -3, discount to the underlying 827.6, import profit 12.53 [1] - Brazilian coarse IOC6: latest price 757, daily change 3, weekly change 0, discount to the underlying 830.4 [1] - Brazilian coarse SSFG: latest price 762, daily change 3, weekly change 0 [1] - Ukrainian concentrate: latest price 863, daily change -10, weekly change -9, discount to the underlying 972.3 [1] - 61% Indian powder: latest price 724, daily change -8, weekly change -11 [1] - Karara concentrate: latest price 868, daily change -10, weekly change -8, discount to the underlying 887.4 [1] - Roy Hill powder: latest price 769, daily change -8, weekly change -11, discount to the underlying 846.5, import profit 54.77 [1] - KUMBA powder: latest price 841, daily change -8, weekly change -11, discount to the underlying 820.2 [1] - 57% Indian powder: latest price 606, daily change -7, weekly change 1 [1] - Atlas powder: latest price 720, daily change -3, weekly change 0 [1] - Tangshan iron concentrate: latest price 971, daily change -11, weekly change -11, discount to the underlying 858.0 [1] Group 4: Summary of Futures Market - i2701: latest price 753.5, daily change -6.5, weekly change -1.5, monthly spread 12.5 [1] - i2605: latest price 783.0, daily change -8.5, weekly change -1.5, monthly spread -29.5 [1] - i2609: latest price 766.0, daily change -6.5, weekly change 0.0, monthly spread 17.0 [1] - FE01: latest price 105.62, daily change -0.08, weekly change -0.25, monthly spread -2.89 [1] - FE05: latest price 103.72, daily change -1.08, weekly change -0.89, monthly spread 1.90 [1] - FE09: latest price 102.73, daily change -1.04, weekly change -0.55, monthly spread 0.99 [1]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3][4] 2. Core View - The report predicts that iron ore will operate in a volatile manner [4] 3. Summary by Relevant Catalogs 3.1 Iron Ore Fundamental Data - **Futures**: The closing price of I2605 was 791.5 yuan/ton, down 7.0 yuan/ton or 0.88%. The yesterday's position was 541,228 hands, with a decrease of 14,164 hands [2] - **Spot Prices**: Among imported ores, the price of PB (61.5%) was 794.0 yuan/ton, down 6.0 yuan/ton; the price of Jinbuba (61%) was 743.0 yuan/ton, down 9.0 yuan/ton; the price of Chaote (56.5%) was 680.0 yuan/ton, down 4.0 yuan/ton. Among domestic ores, the prices of Hanxing (66%) and Laiwu (65%) remained unchanged at 956.0 yuan/ton and 874.0 yuan/ton respectively [2] - **Basis and Spreads**: The basis of I2605 against Chaote increased by 2.7 yuan/ton to 94.3 yuan/ton, while the basis against Jinbuba decreased by 2.7 yuan/ton to 70.6 yuan/ton. The spread of I2605 - I2609 decreased by 0.5 yuan/ton to 19.0 yuan/ton, and the spread of I2609 - I2701 decreased by 1.0 yuan/ton to 12.5 yuan/ton. The spread of Carajás - PB increased by 6.0 yuan/ton to 90.0 yuan/ton, the spread of PB - Jinbuba increased by 3.0 yuan/ton to 51.0 yuan/ton, and the spread of PB - Chaote decreased by 2.0 yuan/ton to 114.0 yuan/ton [2] 3.2 Macro and Industry News - China's industrial enterprises above designated size saw a 5.3% year - on - year increase in profits in December and a 0.6% increase for the whole year [2] - Many real estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real estate enterprises need to regularly report financial indicators such as asset - liability ratio to the special team in their headquarters city [2] 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view. The range of trend intensity is [-2, 2], where -2 means the most bearish and 2 means the most bullish [3]

Group 1: Report Industry Investment Rating - No information provided about the industry investment rating in the report Group 2: Core View of the Report - The report is titled "Iron Ore: Capital Rotation, Slight Uptrend", indicating a potential slight upward movement in iron ore prices [1] - The trend strength of iron ore is 1, with a range of [-2, 2], suggesting a relatively positive but not extremely strong trend [2] Group 3: Summary According to the Catalog 1. Fundamental Tracking - **Futures**: The closing price of I2605 was 798.5 yuan/ton, up 15.5 yuan/ton (1.98%) from the previous day. The previous day's position was 555,392 hands, with a decrease of 9,221 hands [1] - **Spot Prices**: Imported ores such as Carajás (65%), PB (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased by 7 yuan/ton compared to the previous day, while domestic ores such as Hanxing (66%) and Laiwu (65%) remained unchanged [1] - **Basis and Spreads**: The basis of I2605 against Super Special decreased by 7.9 yuan/ton to 87.3 yuan/ton, and against Jinbuba decreased by 8.0 yuan/ton to 70.1 yuan/ton. The spreads I2605 - I2609 and I2609 - I2701 increased by 1.0 and 1.5 yuan/ton respectively. The spreads between different ore types such as Carajás - PB, PB - Jinbuba, and PB - Super Special remained unchanged [1] 2. Macro and Industry News - China's industrial enterprises above designated size had a 5.3% year - on - year profit growth in December and a 0.6% growth for the full - year [1] - Many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises need to regularly report financial indicators such as asset - liability ratio [1]

Report Title - The report is titled "Iron Ore: Weakening Prices, Focus on Downstream Restocking Rhythm" [2] Report Date - The report is dated January 21, 2026 [1] Core View - The price of iron ore is weakening, and attention should be paid to the downstream restocking rhythm [2] Industry Investment Rating - No industry investment rating is provided in the report Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing price of I2605 was 789.5 yuan/ton, down 4.5 yuan/ton or -0.57%. The position was 586,412 hands, down 29,929 hands [3] - **Spot Price**: Imported ore prices decreased, with declines of 5 yuan/ton for Carajás fines (65%), PB fines (61.5%), and Jimbara fines (61%), and a 3 yuan/ton decline for Super Special fines (56.5%). Domestic ore prices remained unchanged [3] - **Price Spreads**: The basis for I2605 against Super Special fines increased by 1.2 yuan/ton, while the basis against Jimbara fines decreased by 0.9 yuan/ton. The spread between I2605 and I2609 increased by 0.5 yuan/ton, and the spread between I2601 and I2605 decreased by 1.0 yuan/ton. The spreads between Carajás fines and PB fines, PB fines and Jimbara fines remained unchanged, and the spread between PB fines and Super Special fines decreased by 2.0 yuan/ton [3] 2. Macro and Industry News - On January 20, the 1-year LPR was 3% and the 5-year LPR was 3.5%, both unchanged from the previous month [3] 3. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral outlook [3]

Group 1: Spot Market Data - Newman powder price is 809, with a daily change of -1 and a weekly change of -5, and the import profit is 19.32 [1] - PB powder price is 819, with a daily change of -1 and a weekly change of -3 [1] - Macfarlane powder price is 812, with a daily change of -1 and a weekly change of -12, and the import profit is 47.16 [1] - Jinbuba powder price is 772, with a daily change of -1 and a weekly change of -3, and the import profit is 55.23 [1] - Mixed powder price is 754, with a daily change of -1 and a weekly change of -2, and the import profit is 13.74 [1] - Super special powder price is 688, with a daily change of -5 and a weekly change of -13, and the import profit is 2.12 [1] - Carajás powder price is 905, with a daily change of -1 and a weekly change of -10, and the import profit is -1.75 [1] - Brazilian mixed powder price is 850, with a daily change of -1 and a weekly change of -13, and the import profit is 13.32 [1] - Brazilian coarse IOC6 price is 774, with a daily change of -1 and a weekly change of -12 [1] - Brazilian coarse SSFG price is 779, with a daily change of -1 and a weekly change of -12 [1] - Ukrainian concentrate price is 892, with a daily change of -1 and a weekly change of -15 [1] - 61% Indian powder price is 761, with a daily change of -1 and a weekly change of -3 [1] - Karara concentrate price is 896, with a daily change of -1 and a weekly change of -11 [1] - Roy Hill powder price is 806, with a daily change of -1 and a weekly change of -3, and the import profit is 65.68 [1] - KUMBA powder price is 878, with a daily change of -1 and a weekly change of -3 [1] - 57% Indian powder price is 623, with a daily change of -5 and a weekly change of -13 [1] - Atlas powder price is 749, with a daily change of -1 and a weekly change of -2 [1] - Tangshan iron concentrate price is 977, with a daily change of 0 and a weekly change of 1 [1] Group 2: Futures Market Data - i2601 contract price is 806.5, with a daily change of -26.0 and a weekly change of -45.5, and the monthly spread is -13.0 [1] - i2605 contract price is 812.0, with a daily change of -1.0 and a weekly change of -2.5, and the monthly spread is -5.5 [1] - i2609 contract price is 793.5, with a daily change of -0.5 and a weekly change of 0.5, and the monthly spread is 18.5 [1] - FE01 contract price is 107.39, with a daily change of -0.61 and a weekly change of -0.46, and the monthly spread is -2.04 [1] - FE05 contract price is 106.74, with a daily change of -0.75 and a weekly change of -0.02, and the monthly spread is 0.65 [1] - FE09 contract price is 105.35, with a daily change of -0.48 and a weekly change of 0.51, and the monthly spread is 1.39 [1]