数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系 统篡改或伪造变造资料等，我司均不承担任何责任。 声明 15 20 25 30 35 40 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 - 2022 2023 2024 2025 / 5 7 9 11 13 15 1 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary Based on Related Content 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder was priced at 795, unchanged daily but up 24 weekly, with a discounted futures price of 850.9; PB powder was at 799, unchanged daily and up 24 weekly, with a discounted futures price of 848.1; Macfarlane powder was at 785, unchanged daily and up 25 weekly, with a discounted futures price of 857.4; Jinbuba powder was at 763, unchanged daily and up 23 weekly, with a discounted futures price of 857.0; mainstream mixed powder was at 745, up 1 daily and 33 weekly, with a discounted futures price of 875.4; super special powder was at 705, unchanged daily and up 29 weekly, with a discounted futures price of 922.2; Roy Hill powder was at 769, unchanged daily and up 24 weekly, with a discounted futures price of 846.5 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore was at 820, down 4 daily and up 18 weekly, with a discounted futures price of 835.2; Brazilian coarse IOC6 was at 804, unchanged daily and up 24 weekly; Brazilian coarse SSFG was at 809, unchanged daily and up 24 weekly [1]. - **Other Iron Ores**: Ukrainian concentrate was at 927, up 2 daily and 30 weekly; 61% Indian powder was at 752, unchanged daily and up 23 weekly; Karara concentrate was at 927, up 2 daily and 30 weekly; KUMBA powder was at 858, unchanged daily and up 24 weekly; 57% Indian powder was at 645, unchanged daily and up 24 weekly; Atlas powder was at 740, up 1 daily and 33 weekly; Tangshan iron concentrate was at 1004, up 3 daily and 18 weekly [1]. 3.2 Futures Market - **Dalian Commodity Exchange Contracts**: i2601 was at 805.0, unchanged daily and up 28 weekly, with an inter - monthly spread of 42.5; i2605 was at 781.0, unchanged daily and up 26.5 weekly, with an inter - monthly spread of 24.0; i2509 was at 847.5, down 2.5 daily and up 34.5 weekly, with an inter - monthly spread of - 66.5 [1]. - **Singapore Exchange Contracts**: FE01 was at 103.70, up 1.69 daily and 3.73 weekly, with an inter - monthly spread of 3.05; FE05 was at 101.26, up 1.62 daily and 3.66 weekly, with an inter - monthly spread of 2.44; FE09 was at 106.75, up 1.50 daily and 3.41 weekly, with an inter - monthly spread of - 5.49 [1]. 3.3 Premium and Other Information - **Premium**: Information on PB block/block ore premium, Ukrainian ball/ball pellet premium was presented in the form of charts, but specific data was not detailed in the text [1]. - **Import Profit**: Import profits of different iron ore varieties were provided, such as Newman powder's import profit was - 36.82, PB powder's was - 15.30, etc. [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoint - Not provided in the given content. 3. Summary by Relevant Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 762, down 14 daily and 14 weekly; PB powder is 765, down 14 daily and 15 weekly; Mac powder is 750, down 16 daily and 16 weekly; Jinbuba powder is 738, down 12 daily and 14 weekly; Mixed powder is 703, down 15 daily and 10 weekly; Super special powder is 663, down 10 daily and 5 weekly; Carajás powder is 873, down 18 daily and 14 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 802, down 14 daily and 10 weekly; Brazilian coarse IOC6 is 770, down 14 daily and 18 weekly; Brazilian coarse SSFG is 775, down 14 daily and 18 weekly [1]. - **Other Iron Ore**: Ukrainian concentrate powder is 885, down 18 daily and 5 weekly; 61% Indian powder is 727, down 12 daily and 14 weekly; Karara concentrate powder is 885, down 18 daily and 5 weekly; Roy Hill powder is 735, down 14 daily and 15 weekly; KUMBA powder is 824, down 14 daily and 15 weekly; 57% Indian powder is 608, down 10 daily and 5 weekly; Atlas powder is 698, down 15 daily and 10 weekly; Tangshan iron concentrate powder is 982, down 7 daily and 7 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 766.0, down 21.5 daily and 21.0 weekly; i2605 is 743.0, down 20.5 daily and 20.0 weekly; i2509 is 801.5, down 1.5 daily and 5.0 weekly [1]. - **SGX Contracts**: FE01 is 102.52, down 0.47 daily and up 2.68 weekly; FE05 is 100.09, down 0.54 daily and up 2.54 weekly; FE09 is 103.50, down 0.70 daily and up 2.91 weekly [1].

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - The report indicates that iron ore is experiencing repeated macro - expectations and is in a wide - range shock state [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of iron ore futures was 787.5 yuan/ton, with a decrease of 3.0 yuan/ton and a decline rate of 0.38%. The position was 473,608 lots, with an increase of 1,118 lots [1]. - **Spot Price**: Imported ore prices (such as 65% Karara fines, 61.5% PB fines, 61% Jinbuba ore) decreased by 2.0 yuan/ton, while 56.5% Super Special ore remained unchanged. Domestic ore prices (66% Langna ore, 65% Laiwu ore) remained stable [1]. - **Basis and Spread**: The basis (12601 vs Super Special) increased by 3.0 to 93.9, and the basis (12601 vs Jinbuba) increased by 0.8 to 44.2. Spreads such as 12509 - 12601 decreased by 5.0 to 15.5, and 12601 - 12605 decreased by 1.0 to 24.0. The difference between Karara fines and PB fines remained at 112.0, and the difference between PB fines and Super Special decreased by 2.0 to 108.0 [1]. Macro and Industry News - According to data from the National Bureau of Statistics on August 31, the Purchasing Managers' Index (PMI) of China's manufacturing industry in August was 49.4%, up 0.1 percentage points from the previous month [1]. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral outlook, with the range of trend intensity being [-2, 2], where - 2 is the most bearish and 2 is the most bullish [1].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No clear core view is presented in the given content. It mainly provides data on various iron ore products including spot prices, price changes, import profits, and exchange - contract prices. 3. Summary by Relevant Catalogs Spot Market Data - **Australian Iron Ore**: Newman powder price is 776, with a daily change of 11 and a weekly change of 9; PB powder price is 780, with a daily change of 13 and a weekly change of 10; Mac powder price is 766, with a daily change of 13 and a weekly change of 3; etc. [1] - **Brazilian Iron Ore**: Ba - Hun price is 812, with a daily change of 2 and a weekly change of 3; Ba - Cu IOC6 price is 788, with a daily change of 13 and a weekly change of 26; etc. [1] - **Other Regions' Iron Ore**: Ukrainian fine powder price is 890, with a daily change of 12 and a weekly change of 16; 61% Indian powder price is 741, with a daily change of 12 and a weekly change of 10; etc. [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 989, with a daily change of 12 and a weekly change of 12. [1] Exchange - Contract Data - **DCE Contracts**: i2601 price is 787.0, with a daily change of 17.0 and a weekly change of 15.0; i2605 price is 763.0, with a daily change of 15.5 and a weekly change of 13.0; i2509 price is 806.5, with a daily change of 17.5 and a weekly change of 16.5. [1] - **FE Contracts**: FE01 price is 99.84, with a daily change of - 0.68 and a weekly change of - 1.36; FE05 price is 97.55, with a daily change of - 0.66 and a weekly change of - 1.18; FE09 price is 100.59, with a daily change of - 0.58 and a weekly change of - 1.31. [1]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No explicit core view presented in the provided text. 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 766, up 2 from the previous day and down 1 for the week; PB powder is 769, up 2 and down 2; Macfarlane powder is 755, unchanged for the day and down 7 for the week; Jinbuba powder is 743, up 2 and unchanged for the week; mainstream mixed powder is 705, up 5 for both the day and the week; super special powder is 652, up 4 and 7; Carajás powder is 880, up 2 and 2 [1]. - **Brazilian Iron Ore**: Brazilian blend is 812, up 6 and 5; Brazilian coarse IOC6 is 777, up 7 and 14; Brazilian coarse SSFG is 782, up 7 and 14 [1]. - **Other Regions**: Ukrainian concentrate powder is 877, up 4 and unchanged for the week; 61% Indian powder is 732, up 2 and unchanged for the week; Karara concentrate powder is 877, up 4 and unchanged for the week; Roy Hill powder is 739, up 2 and down 2; KUMBA powder is 828, up 2 and down 3; 57% Indian powder is 597, up 4 and 7; Atlas powder is 700, up 5 and 5 [1]. - **Domestic Ore**: Tangshan iron concentrate powder is 977, unchanged for both the day and the week [1]. Futures Market - **DCE Contracts**: i2601 is 772.5, up 3.5 from the previous day and down 2.5 for the week; i2605 is 748.0, up 1.0 and down 5.0; i2509 is 791.0, up 5.0 and unchanged for the week [1]. - **SGX Contracts**: FE01 is 100.17, down 0.32 and 2.51; FE05 is 97.90, down 0.16 and 2.50; FE09 is 100.75, down 0.30 and 2.76 [1]. Premium and Spread - **Premium**: PB block/block ore premium and U - ball/pellet premium data are presented with historical trends from 2021 - 2025 [1]. - **Spread**: The monthly spreads of different contracts are provided, such as i2601 has a monthly spread of 18.5, up 41.0 from the previous day and down 1.3 for the week [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 is priced at 781, down 2 from the previous day and up 9 for the week; PB powder is at 784, down 3 and up 8; Mac powder is at 774, down 1 and up 9; Jinbuba powder is at 758, down 3 and up 9; Mixed powder is at 708, down 5 and up 8; Super special powder is at 658, down 4 and up 8; Carajás powder is at 888, unchanged and up 8 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is at 822, up 1 and up 19; Brazilian coarse IOC6 is at 774, down 3 and up 8; Brazilian coarse SSFG is at 779, down 3 and up 8 [1]. - **Other Iron Ores**: Ukrainian concentrate is at 888, down 2 and up 20; 61% Indian powder is at 747, down 3 and up 9; Karara concentrate is at 888, down 2 and up 20; Roy Hill powder is at 754, down 3 and up 8; KUMBA powder is at 844, down 3 and up 8; 57% Indian powder is at 603, down 4 and up 8; Atlas powder is at 703, down 5 and up 8 [1]. - **Domestic Iron Ore**: Tangshan iron concentrate is at 983, unchanged and up 31 [1]. Futures Market - **DCE Contracts**: i2601 is at 795.0, down 6.0 and up 17.5; i2605 is at 774.0, down 5.5 and up 19.5; i2509 is at 805.5, down 2.0 and up 11.0 [1]. - **SGX Contracts**: FE01 is at 103.94, up 0.77 and up 1.71; FE05 is at 101.76, up 0.64 and up 1.61; FE09 is at 104.43, up 0.93 and up 1.96 [1]. Other Information - **Import Profits**: Import profits vary for different iron ore varieties, such as -28.43 for Newman powder, -10.91 for PB powder, etc. [1] - **Monthly Spreads**: For DCE contracts, the monthly spreads of i2601, i2605, and i2509 are 10.5, 21.0, and -31.5 respectively, with corresponding daily and weekly changes [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - No information provided 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Ore**: Newman powder was priced at 769, down 3 from the previous day and up 11 for the week; PB powder was at 773, down 3 from the previous day and up 9 for the week; Mac powder was at 763, down 2 from the previous day and up 9 for the week; Goldboba powder was at 745, down 4 from the previous day and up 8 for the week; the mixed powder was at 699, down 1 from the previous day and up 5 for the week; Super Special powder was at 648, down 2 from the previous day and up 8 for the week; Carajás powder was at 880, unchanged from the previous day and up 12 for the week [1] - **Brazilian Mainstream Ore**: Brazilian blend was at 812, up 9 from the previous day and up 26 for the week; Brazilian coarse IOC6 was at 763, down 3 from the previous day and up 9 for the week; Brazilian coarse SSFG was at 768, down 3 from the previous day and up 9 for the week [1] - **Other Ores**: Ukrainian concentrate was at 866, down 2 from the previous day and up 15 for the week; 61% Indian powder was at 734, down 4 from the previous day and up 8 for the week; Karara concentrate was at 866, down 2 from the previous day and up 17 for the week; Roy Hill powder was at 743, down 3 from the previous day and up 9 for the week; KUMBA powder was at 833, down 3 from the previous day and up 9 for the week; 57% Indian powder was at 593, down 2 from the previous day and up 8 for the week; Atlas powder was at 694, down 1 from the previous day and up 5 for the week; Tangshan iron concentrate was at 958, up 6 from the previous day and up 31 for the week [1] Futures Market - **DCE Contracts**: i2601 was at 774.5, down 3.0 from the previous day and up 21.0 for the week; i2605 was at 752.5, down 2.0 from the previous day and up 20.5 for the week; i2509 was at 793.0, down 1.5 from the previous day and up 14.0 for the week [1] - **SGX Contracts**: FE01 was at 101.91, down 0.32 from the previous day and up 1.27 for the week; FE05 was at 99.86, down 0.29 from the previous day and up 1.37 for the week; FE09 was at 101.80, down 0.67 from the previous day and up 0.09 for the week [1] Basis/Spread - Information on basis and spread including month - to - month spreads and import profits for different ore types was provided, such as the import profit of Newman powder was - 27.99, PB powder was - 7.07, etc [1]

Group 1: Spot Market - Newman powder price is 763, with a daily change of 5 and a weekly change of -12, and the import profit is -21.14 [1] - PB powder price is 768, with a daily change of 4 and a weekly change of -13, and the import profit is -0.58 [1] - Mac powder price is 758, with a daily change of 4 and a weekly change of -5, and the import profit is 9.54 [1] - Jinbuba powder price is 740, with a daily change of 3 and a weekly change of -8, and the import profit is 7.40 [1] - Mainstream mixed powder price is 695, with a daily change of 1 and a weekly change of -20, and the import profit is -2.35 [1] - Super special powder price is 645, with a daily change of 5 and a weekly change of -15, and the import profit is -6.96 [1] - Carajás powder price is 871, with a daily change of 3 and a weekly change of -12, and the import profit is -30.33 [1] - Brazilian blend price is 790, with a daily change of 4 and a weekly change of -13, and the import profit is -12.73 [1] - Roy Hill powder price is 738, with a daily change of 4 and a weekly change of -13, and the import profit is 4.88 [1] - Tangshan iron concentrate price is 927, with a daily change of 0 and a weekly change of -12 [1] Group 2: Futures Market - i2601 contract price is 757.0, with a daily change of 3.5 and a weekly change of -15.5, and the monthly spread is 26.0 [1] - i2605 contract price is 733.5, with a daily change of 1.5 and a weekly change of -18.5, and the monthly spread is 23.5 [1] - i2509 contract price is 783.0, with a daily change of 4.0 and a weekly change of -19.5, and the monthly spread is -49.5 [1] - FE01 contract price is 98.89, with a daily change of -1.75 and a weekly change of -4.47, and the monthly spread is 0.87 [1] - FE05 contract price is 96.91, with a daily change of -1.58 and a weekly change of -4.20, and the monthly spread is 1.98 [1] - FE09 contract price is 99.76, with a daily change of -1.95 and a weekly change of -5.40, and the monthly spread is -2.85 [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - No core viewpoints explicitly stated in the provided content Group 3: Summary by Related Catalogs Spot Market - **Australian mainstream iron ore**: Newman powder price is 765, down 10 daily and 16 weekly; PB powder is 770, down 11 daily and 14 weekly; Macarthur powder is 756, down 7 daily and 9 weekly; Jinbuba powder is 744, down 4 daily and 13 weekly; mainstream mixed powder is 702, down 13 daily and 11 weekly; Super Special powder is 647, down 13 daily and 12 weekly; Carajás powder is 866, down 17 daily and 23 weekly [1] - **Brazilian mainstream iron ore**: Brazilian mixed ore is 792, down 11 daily and 23 weekly; Brazilian coarse IOC6 is 760, down 11 daily and 1 weekly; Brazilian coarse SSFG is 765, down 11 daily and 1 weekly [1] - **Other types**: Ukrainian concentrate is 858, down 12 daily and 12 weekly; 61% Indian powder is 733, down 4 daily and 13 weekly; Karara concentrate is 855, down 15 daily and 15 weekly; Roy Hill powder is 740, down 11 daily and 14 weekly; KUMBA powder is 830, down 11 daily and 14 weekly; 57% Indian powder is 602, down 13 daily and 12 weekly; Atlas powder is 697, down 13 daily and 11 weekly; Tangshan iron concentrate is 923, down 16 daily and up 10 weekly [1] Futures Market - **DCE contracts**: i2601 is 757.0, down 15.5 daily and 19.5 weekly; i2605 is 738.0, down 14.0 daily and 17.0 weekly; i2509 is 786.0, down 16.5 daily and 23.0 weekly [1] - **SGX contracts**: FE01 is 101.53, down 1.83 daily and up 2.25 weekly; FE05 is 99.19, down 1.92 daily and up 1.90 weekly; FE09 is 103.29, down 1.87 daily and up 2.48 weekly [1] Other Data - **Import profit**: Newman powder is -19.17; PB powder is 1.84; Macarthur powder is 8.57; Jinbuba powder is 12.72; mainstream mixed powder is 12.56; Super Special powder is -2.49; Carajás powder is -17.95; Brazilian mixed ore is -9.51; Roy Hill powder is 6.38 [1] - **Monthly spread**: i2601 - i2605 monthly spread is 29.0, up 3.6 daily and down 5.4 weekly; i2605 - i2509 monthly spread is 19.0, up 2.1 daily and down 7.9 weekly; i2509 - i2601 monthly spread is -48.0, up 4.6 daily and down 1.9 weekly [1]