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 0% 10% 20% 30% 1/1 3/1 5/1 7/1 9/1 11/1 62.5% 2023 2024 2025 2026 / 10 15 20 25 65% 2023 2024 2025 2026 / (10 ...

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 108.20 -1.05 1.55 纽曼粉 818 0 -6 875.9 102.65 -0.30 -1.00 16.98 PB粉 827 1 -5 881.9 麦克粉 820 -8 -14 895.5 102.60 -0.30 -1.00 43.45 金布巴 780 1 -5 875.3 94.95 -0.35 -1.40 53.71 主流 混合粉 757 0 -1 897.4 98.95 -0.30 -0.65 5.79 超特粉 702 -1 -8 924.9 92.85 -0.20 -0.60 5.76 卡粉 909 1 -10 845.0 122.80 -0.35 -1.20 -11.83 巴西 巴混 858 -5 -15 867.8 113.65 -0.15 -1.15 8.79 主流 巴粗IOC6 787 -3 -9 863.3 巴粗SSFG 792 -3 -9 乌克兰精粉 901 -8 -14 998.3 61%印粉 769 1 -5 卡拉拉精粉 905 -4 -10 928.3 罗伊山粉 814 1 -5 895.9 9 ...

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 0% 10% 20% 30% 1/1 3/1 5/1 7/1 9/1 11/1 62.5% 2023 2024 2025 2026 / 10 15 20 25 65% 2023 2024 2025 2026 / (10 ...

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 0% 10% 20% 30% 1/1 3/1 5/1 7/1 9/1 11/1 62.5% 2023 2024 2025 2026 / 10 15 20 25 65% 2023 2024 2025 2026 / (10 ...

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 108.20 -1.05 -0.30 纽曼粉 814 1 9 871.6 102.80 0.45 3.75 11.35 PB粉 822 1 14 876.4 麦克粉 824 1 14 899.8 102.85 0.40 4.05 45.15 金布巴 775 1 14 869.9 96.45 0.30 3.45 37.25 主流 混合粉 756 6 16 896.3 99.75 0.30 3.60 -1.51 超特粉 701 1 21 923.8 93.55 0.25 2.10 -0.71 卡粉 915 2 30 851.5 123.80 0.25 2.95 -13.68 巴西 巴混 863 1 5 873.2 114.75 0.20 3.45 5.29 主流 巴粗IOC6 786 1 14 862.2 巴粗SSFG 791 1 14 乌克兰精粉 907 2 29 996.1 61%印粉 764 1 14 卡拉拉精粉 907 2 25 930.5 罗伊山粉 809 1 14 890.4 100.90 0.40 2.45 51.24 KUM ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view presented in the provided content 3. Summary by Relevant Catalogs 3.1 Iron Ore Spot Market - Newman powder price is 813, with a daily change of -11 and a weekly change of 14; its import profit is 12.11 [1] - PB powder price is 821, with a daily change of -11 and a weekly change of 19 [1] - Macfarlane powder price is 823, with a daily change of -11 and a weekly change of 19; its import profit is 45.50 [1] - Jinbuba powder price is 774, with a daily change of -11 and a weekly change of 19; its import profit is 36.96 [1] - Mixed powder price is 750, with a daily change of -8 and a weekly change of 10; its import profit is -6.84 [1] - Super special powder price is 700, with a daily change of -10 and a weekly change of 20; its import profit is -1.32 [1] - Carajás powder price is 913, with a daily change of -6 and a weekly change of 29; its import profit is -15.75 [1] - Brazilian mixed powder price is 862, with a daily change of -11 and a weekly change of 10; its import profit is 3.97 [1] - Roy Hill powder price is 808, with a daily change of -11 and a weekly change of 19; its import profit is 51.61 [1] 3.2 Iron Ore Futures Market - The price of i2601 contract is 858.0, with a daily change of 19.0 and a weekly change of 53.0; the monthly spread is -66.0 [1] - The price of i2605 contract is 813.0, with a daily change of -15.0 and a weekly change of 23.5; the monthly spread is 45.0 [1] - The price of i2609 contract is 792.0, with a daily change of -12.5 and a weekly change of 23.5; the monthly spread is 21.0 [1] - The price of FE01 contract is 108.85, with a daily change of 2.21 and a weekly change of 3.30; the monthly spread is -2.84 [1] - The price of FE05 contract is 107.95, with a daily change of 2.40 and a weekly change of 3.69; the monthly spread is 0.90 [1] - The price of FE09 contract is 106.01, with a daily change of 2.36 and a weekly change of 3.70; the monthly spread is 1.94 [1]

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 0% 10% 20% 30% 1/1 3/1 5/1 7/1 9/1 11/1 62.5% 2023 2024 2025 2026 / 10 15 20 25 65% 2023 2024 2025 2026 / (10 ...

Report Summary 1) Report Industry Investment Rating - Not available 2) Core View - Not provided in the given content 3) Summary by Relevant Categories 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 802 with a daily change of 4 and a weekly change of 1, PB powder is 810 (daily +4, weekly +6), Mac powder is 812 (daily +4, weekly +10), etc. [1] - **Brazilian Mainstream Iron Ore**: Ba mix price is 851 with a daily change of -1 and a weekly change of 11, Ba coarse IOC6 is 774 (daily +4, weekly +6), etc. [1] - **Other Iron Ore**: Ukrainian iron concentrate powder is 889 (daily +5, weekly +7), 61% Indian powder is 752 (daily +4, weekly +6), etc. [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 976 with a daily change of 0 and a weekly change of -6 [1] 3.2 Futures Market - **DCE Contracts**: i2601 price is 826.0 with a daily change of 11.5 and a weekly change of 10.0, i2605 is 801.0 (daily +4.0, weekly +4.5), i2609 is 780.0 (daily +5.0, weekly +6.5) [1] - **SGX Contracts**: FE01 price is 105.97 with a daily change of 0.42 and a weekly change of 0.62, FE05 is 104.73 (daily +0.47, weekly +0.71), FE09 is 102.80 (daily +0.49, weekly +0.75) [1] 3.3 Other Information - **Import Profit**: Newman powder import profit is 11.84, Mac powder is 46.72, etc. [1] - **Month - to - Month Price Difference**: For i2601 - i2605, the month - to - month price difference is - 46.0 with a daily change of 10.4 and a weekly change of - 5.0, etc. [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - No information provided Group 3: Summary of Spot Market - For Australian mainstream iron ore, Newman powder was priced at 799 with a daily change of 1 and a weekly change of 11, PB powder at 802 (daily +1, weekly +11), Mac powder at 804 (daily +1, weekly +18), etc [1]. - Brazilian mainstream iron ore included Ba Hun at 852 (daily +1, weekly +25), Ba Cu IOC6 at 766 (daily +1, weekly +11), etc [1]. - Other types like Ukrainian concentrate powder was at 878 (daily +1, weekly +3), 61% Indian powder at 744 (daily +1, weekly +11), etc [1]. - Domestic iron ore, such as Tangshan iron concentrate powder, was priced at 982 with no daily change and a weekly change of 6 [1]. Group 4: Summary of Futures Market - For DCE contracts, i2601 was at 805.0 (daily -4.0, weekly +7.0), i2605 at 789.5 (daily +0.5, weekly +10.0), i2609 at 768.5 (daily +1.5, weekly +10.5) [1]. - For SGX contracts, FE01 was at 105.68 (daily -0.15, weekly +1.31), FE05 at 104.03 (daily -0.14, weekly +1.50), FE09 at 102.03 (daily -0.13, weekly +1.62) [1].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - For the rebar and hot - rolled coil sector, the market is in a state of weak supply and demand during the off - season. With steel mill profits dropping and the consumption peak passing, steel mill output is expected to decline slowly. The recent sharp rebound in coking coal prices has increased cost support for the futures market. The futures prices are expected to fluctuate upwards. Technically, the 05 contract of the rebar and hot - rolled coil has not broken out of the recent trading range [2]. - For the iron ore sector, the Ministry of Finance's statement has boosted market confidence. However, the overall output and apparent demand of the five major steel products have continued to decline week - on - week. As the off - season approaches, pig iron output is likely to decline seasonally. The high global shipments and rising port inventories are putting pressure on futures prices. Technically, the 05 contract has broken through the September high and may start a mid - term upward trend [4]. 3. Summary by Relevant Catalogs Rebar and Hot - Rolled Coil Supply - Demand Situation - Last week, the output of rebar and hot - rolled coil increased, while the total output of the five major varieties decreased week - on - week. The overall inventory continued to decline. The apparent demand for rebar decreased, while that for hot - rolled coil increased. The overall apparent demand for the five major varieties decreased. The market remains in a state of weak supply and demand [2]. Price and Spread Data - Rebar and hot - rolled coil futures and spot prices showed different changes. For example, the rebar steel main contract price increased slightly, while the hot - rolled coil main contract price decreased slightly. The basis and spread of futures contracts also changed, such as the rebar steel main basis decreased, while the hot - rolled coil main basis increased [2]. Production and Inventory Data - The blast furnace operating rate of 247 steel mills decreased slightly, and the daily average pig iron output increased slightly. The proportion of profitable steel mills increased. The output of rebar and hot - rolled coil increased. The social and steel mill inventories of the five major varieties decreased, except for the rebar steel mill inventory which increased slightly. The steel billet inventory in the Tangshan area increased [2]. Apparent Demand and Transaction Data - The apparent demand for the five major varieties decreased slightly. The national construction steel trading volume and the wire and screw terminal procurement volume decreased [2]. Operation Suggestion - Hold long positions and conduct mid - term trading [2]. Iron Ore Market Environment - The Ministry of Finance's statement has boosted market confidence. However, the demand side is weakening as the off - season approaches, and the supply side has high global shipments and rising port inventories [4]. Price and Spread Data - Iron ore spot and futures prices showed different changes. For example, the DCE iron ore main contract settlement price decreased slightly, while the Platts 62% index increased slightly. The basis and spread of futures contracts also changed [5]. Supply - Related Data - The overseas iron ore shipments from Australia and Brazil increased. The iron ore arrival volume at northern six ports increased, and the daily average port clearance volume increased slightly. The port inventory, port trade ore inventory, and the sinter powder inventory of 64 sample steel mills all increased [5]. Production Data - The iron concentrate powder output of 186 national sample mines decreased [5]. Operation Suggestion - Hold long positions and conduct mid - term trading [4]. Industry News - India has imposed a three - year import tariff on some steel products, with rates between 11% and 12%, aiming to prevent the influx of low - cost Chinese steel [7]. - The total inventory of imported iron ore at 47 ports in China increased by 246.21 tons compared to last Monday. The port inventory continued to accumulate [7]. - From December 22 to December 28, 2025, the total iron ore inventory at seven major ports in Australia and Brazil decreased by 122.5 tons, reaching the lowest level in the fourth quarter of this year [7]. - According to the CISA, the floating value of the coking coal long - term agreement coal - steel linkage in December 2025 decreased by 55 yuan/ton compared to November 2025, a decline of 3.6% [8]. - There are 36 coal mines in Anshun City, with a total designed production capacity of 1488 tons/year. The production status of these mines varies [8].