Group 1: Report Information - Report Date: December 22, 2025 [1] - Research Team: Black Team of the Research Center [1] - Data Source: MYSTEEL [2] Group 2: Spot Market Information Australian Iron Ore - Newman Powder: Latest price 792, daily change +1, weekly change +13, discounted to the futures price 847.7, import profit 15.01 [1] - PB Powder: Latest price 795, daily change +1, weekly change +13, discounted to the futures price 846.7, import profit -19.57 [1] - Macfarlane Powder: Latest price 785, daily change +1, weekly change +14, discounted to the futures price 857.4, import profit 27.04 [1] - Jinbuba: Latest price 748, daily change +1, weekly change +13, discounted to the futures price 840.9, import profit 32.37 [1] - Mainstream Mixed Powder: Latest price 738, daily change 0, weekly change +16, discounted to the futures price 876.8, import profit 3.86 [1] - Super Special Powder: Latest price 677, daily change -1, weekly change +6, discounted to the futures price 897.5, import profit -13.02 [1] - Carajás Powder: Latest price 874, daily change +2, weekly change +9, discounted to the futures price 807.2, import profit -34.84 [1] - Roy Hill Powder: Latest price 782, daily change +1, weekly change +13, discounted to the futures price 860.7, import profit 22.54 [1] Brazilian Iron Ore - Brazilian Blend: Latest price 830, daily change -2, weekly change +11, discounted to the futures price 837.4, import profit -2.91 [1] - Brazilian Coarse IOC6: Latest price 765, daily change +1, weekly change +13 [1] - Brazilian Coarse SSFG: Latest price 770, daily change +1, weekly change +13 [1] Other Regions - Ukrainian Concentrate: Latest price 875, daily change +2, weekly change +13 [1] - 61% Indian Powder: Latest price 737, daily change +1, weekly change +13 [1] - Karara Concentrate: Latest price 875, daily change +2, weekly change +13 [1] - KUMBA Powder: Latest price 854, daily change +1, weekly change +13 [1] - 57% Indian Powder: Latest price 612, daily change -1, weekly change +6 [1] - Atlas Powder: Latest price 733, daily change 0, weekly change +16 [1] - Tangshan Iron Concentrate: Latest price 976, daily change 0, weekly change +5 [1] Group 3: Futures Market Information Dalian Commodity Exchange - i2601: Latest price 798.0, daily change +1.0, weekly change +15.5, monthly spread -40.0 [1] - i2605: Latest price 780.0, daily change +2.5, weekly change +19.5, monthly spread 18.0 [1] - i2609: Latest price 758.0, daily change +3.0, weekly change +20.0, monthly spread 22.0 [1] Singapore Exchange - FE01: Latest price 104.88, daily change +1.23, weekly change +3.44, monthly spread -4.09 [1] - FE05: Latest price 102.86, daily change +1.33, weekly change +3.58, monthly spread 2.02 [1] - FE09: Latest price 100.79, daily change +1.34, weekly change +3.69, monthly spread 2.07 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market - **Australian mainstream ores**: Newman powder is priced at 790 with a daily change of -6 and weekly change of 3; PB powder at 793 with -6 daily and 3 weekly; Mac powder at 781 with -3 daily and -2 weekly; Jimbara at 746 with -6 daily and 3 weekly [1] - **Brazilian mainstream ores**: Brazilian blend is at 828 with -10 daily and -3 weekly; Brazilian coarse IOC6 at 770 with -6 daily and 3 weekly; Brazilian coarse SSFG at 775 with -6 daily and 3 weekly [1] - **Other ores**: Ukrainian concentrate is at 880 with 0 daily and 5 weekly; 61% Indian powder at 735 with -6 daily and 3 weekly; Karara concentrate at 880 with -2 daily and 3 weekly; Roy Hill powder at 780 with -6 daily and 3 weekly [1] - **Domestic ore**: Tangshan iron concentrate is at 1014 with 0 daily and 0 weekly [1] 3.2 Futures Market - **DCE contracts**: i2601 is at 794.0 with -5.5 daily and 8.5 weekly; i2605 at 768.0 with -5.0 daily and 12.0 weekly; i2609 at 743.5 with -4.5 daily and 13.0 weekly [1] - **SGX contracts**: FE01 is at 103.39 with 0.13 daily and 2.69 weekly; FE05 at 100.63 with 0.02 daily and 2.42 weekly; FE09 at 98.39 with 0.01 daily and 2.23 weekly [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No relevant information provided 3. Summary According to Related Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 776 with no daily change and no weekly change, the discounted price on the futures market is 830.2, and the import profit is -26.54; PB powder price is 777, unchanged daily and down 3 weekly, the discounted price on the futures market is 823.9, and the import profit is -22.13; Mac fines price is 776, up 2 daily and 2 weekly, the discounted price on the futures market is 847.6, and the import profit is 8.09; Jinbuba price is 747, unchanged daily and down 3 weekly, the discounted price on the futures market is 839.8, and the import profit is 10.28; mainstream mixed powder price is 739, up 2 daily and down 11 weekly, the discounted price on the futures market is 868.9, and the import profit is 0.38; super special powder price is 702, up 2 daily and down 3 weekly, the discounted price on the futures market is 918.9, and the import profit is 10.49; Carajás fines price is 904, up 3 daily and down 4 weekly, the discounted price on the futures market is 850.3, and the import profit is 0.56 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 813, unchanged daily and weekly, the discounted price on the futures market is 827.6, and the import profit is -7.62; Brazilian coarse IOC6 price is 778, unchanged daily and down 6 weekly; Brazilian coarse SSFG price is 783, unchanged daily and down 6 weekly [1] - **Other Iron Ores**: Ukrainian iron concentrate price is 897, unchanged daily and down 8 weekly, the discounted price on the futures market is 981.4; 61% Indian powder price is 736, unchanged daily and down 3 weekly; Karara iron concentrate price is 897, unchanged daily and down 8 weekly, the discounted price on the futures market is 919.4; Roy Hill powder price is 764, unchanged daily and down 3 weekly, the discounted price on the futures market is 841.0, and the import profit is 8.20; KUMBA powder price is 836, unchanged daily and down 3 weekly, the discounted price on the futures market is 827.1; 57% Indian powder price is 635, up 2 daily and down 3 weekly; Atlas powder price is 734, up 2 daily and down 11 weekly [1] - **Domestic Iron Ore**: Tangshan iron concentrate price is 1021, up 7 daily and 1 weekly, the discounted price on the futures market is 908.0 [1] Futures Market - **Dalian Commodity Exchange Contracts**: i2601 contract price is 769.5, up 2.5 daily and down 12.5 weekly, the monthly spread is -40.0, and the basis is 54.4, down 2.5 daily and up 9.2 weekly; i2605 contract price is 749.5, up 2.0 daily and down 11.5 weekly, the monthly spread is 20.0, and the basis is 74.4, down 2.0 daily and up 8.2 weekly; i2609 contract price is 729.5, up 2.0 daily and down 10.0 weekly, the monthly spread is 20.0, and the basis is 94.4, down 2.0 daily and up 6.7 weekly [1] - **Singapore Exchange Contracts**: FE01 contract price is 100.15, down 0.35 daily and 1.64 weekly, the monthly spread is -3.98, and the basis is -38.9, down 0.8 daily and 7.1 weekly; FE05 contract price is 98.20, down 0.23 daily and 1.10 weekly, the monthly spread is 1.95, and the basis is -42.7, down 0.3 daily and 8.4 weekly; FE09 contract price is 96.17, down 0.27 daily and 0.88 weekly, the monthly spread is 2.03, and the basis is -46.4, up 1.5 daily and down 9.3 weekly [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 was priced at 774, with a daily change of 1 and a weekly change of -12; PB powder was at 778, with no daily change and a weekly change of -12; Mac powder was 775, with no daily change and a weekly change of -6; Jinbuba powder was 748, with no daily change and a weekly change of -12; mainstream mixed powder was 745, with no daily change and a weekly change of -13; Super Special powder was 705, with a daily change of 2 and a weekly change of -11; Carajás powder was 901, with a daily change of -3 and a weekly change of -24 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore was 810, with no daily change and a weekly change of -14; Brazilian coarse IOC6 was 779, with no daily change and a weekly change of -15; Brazilian coarse SSFG was 784, with no daily change and a weekly change of -15 [1]. - **Other Iron Ores**: Ukrainian concentrate was 900, with no daily change and a weekly change of -15; 61% Indian powder was 737, with no daily change and a weekly change of -12; Karara concentrate was 900, with no daily change and a weekly change of -15; Roy Hill powder was 765, with no daily change and a weekly change of -12; KUMBA powder was 837, with no daily change and a weekly change of -12; 57% Indian powder was 638, with a daily change of 2 and a weekly change of -11; Atlas powder was 740, with no daily change and a weekly change of -13; Tangshan iron concentrate was 1013, with no daily change and a weekly change of -7 [1]. Futures Market - **Dalian Commodity Exchange Contracts**: i2601 was at 771.0, with a daily change of -2.5 and a weekly change of -24.0; i2605 was 750.0, with a daily change of -2.0 and a weekly change of -24.5; i2609 was 728.5, with a daily change of -2.5 and a weekly change of -24.5 [1]. - **Singapore Exchange Contracts**: FE01 was 101.55, with a daily change of 0.05 and a weekly change of -1.10; FE05 was 99.28, with a daily change of 0.25 and a weekly change of -1.11; FE09 was 97.06, with a daily change of 0.20 and a weekly change of -1.05 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Related Catalog Spot Market - Newman powder: price is 783, daily change is -10, weekly change is 32, discount to the underlying is 837.9, import profit is -31.82 [1] - PB powder: price is 788, daily change is -10, weekly change is 33, discount to the underlying is 836.0, import profit is -9.08 [1] - Mac powder: price is 770, daily change is -8, weekly change is 41, discount to the underlying is 841.1, import profit is -7.14 [1] - Jinbuba powder: price is 755, daily change is -13, weekly change is 30, discount to the underlying is 848.4, import profit is -1.30 [1] - Mainstream mixed powder: price is 725, daily change is -3, weekly change is 42, discount to the underlying is 853.8, import profit is 9.91 [1] - Super special powder: price is 666, daily change is -7, weekly change is 28, discount to the underlying is 879.4, import profit is -7.96 [1] - Carajás powder: price is 888, daily change is -10, weekly change is 24, discount to the underlying is 832.8, import profit is -24.09 [1] - Brazilian mixed powder: price is 820, daily change is -9, weekly change is 31, discount to the underlying is 835.2, import profit is -4.12 [1] - Brazilian coarse IOC6: price is 778, daily change is -10, weekly change is 46 [1] - Brazilian coarse SSFG: price is 783, daily change is -10, weekly change is 46 [1] - Ukrainian fine powder: price is 877, daily change is -8, weekly change is 38 [1] - 61% Indian powder: price is 744, daily change is -13, weekly change is 30 [1] - Karara fine powder: price is 877, daily change is -8, weekly change is 38 [1] - Roy Hill powder: price is 758, daily change is -10, weekly change is 33, discount to the underlying is 834.4, import profit is -4.70 [1] - KUMBA powder: price is 848, daily change is -10, weekly change is 33, discount to the underlying is 839.4 [1] - 57% Indian powder: price is 621, daily change is -7, weekly change is 28 [1] - Atlas powder: price is 720, daily change is -3, weekly change is 42 [1] - Tangshan iron concentrate powder: price is 939, daily change is 7, weekly change is 51, discount to the underlying is 826.0 [1] Futures Market - i2601 contract: price is 784.0, daily change is -9.5, weekly change is 42.5, monthly spread is 28.0 [1] - i2605 contract: price is 762.5, daily change is -8.0, weekly change is 41.0, monthly spread is 21.5 [1] - i2509 contract: price is 812.0, daily change is -11.0, weekly change is 39.0, monthly spread is -49.5 [1] - FE01 contract: price is 103.57, daily change is 1.92, weekly change is 5.06 [1] - FE05 contract: price is 101.35, daily change is 1.88, weekly change is 4.43 [1] - FE09 contract: price is 105.44, daily change is 1.88, weekly change is 6.17 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not explicitly stated in the given content 3. Summary by Categories Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 781, with a daily increase of 20 and a weekly increase of 34; PB powder price is 784, with a daily increase of 19 and a weekly increase of 34; Macarthur powder price is 765, with a daily increase of 17 and a weekly increase of 33; Jinbuba powder price is 757, with a daily increase of 21 and a weekly increase of 40; Mixed powder price is 713, with a daily increase of 21 and a weekly increase of 36; Super Special powder price is 659, with a daily increase of 14 and a weekly increase of 24; Carajás powder price is 889, with a daily increase of 20 and a weekly increase of 38 [1] - **Brazilian Mainstream Iron Ore**: Brazilian blend price is 815, with a daily increase of 25 and a weekly increase of 31; Brazilian coarse IOC6 price is 761, with a daily increase of 19 and a weekly increase of 36; Brazilian coarse SSFG price is 766, with a daily increase of 19 and a weekly increase of 36 [1] - **Other Iron Ore**: Ukrainian concentrate price is 870, with a daily increase of 24 and a weekly increase of 36; 61% Indian powder price is 746, with a daily increase of 21 and a weekly increase of 40; Karara concentrate price is 870, with a daily increase of 24 and a weekly increase of 36; Roy Hill powder price is 754, with a daily increase of 19 and a weekly increase of 34; South African powder price is 844, with a daily increase of 19 and a weekly increase of 34; 57% Indian powder price is 614, with a daily increase of 14 and a weekly increase of 24; Atlas powder price is 708, with a daily increase of 21 and a weekly increase of 36; Tangshan iron concentrate price is 913, with a daily increase of 13 and a weekly increase of 30 [1] Futures Market - **DCE Contracts**: i2601 contract price is 776.5, with a daily increase of 23.5 and a weekly increase of 40.0; i2605 contract price is 755.0, with a daily increase of 25.0 and a weekly increase of 37.5; i2509 contract price is 809.0, with a daily increase of 24.0 and a weekly increase of 42.5 [1] - **SGX Contracts**: FE01 contract price is 99.28, with a daily decrease of 0.48 and a weekly increase of 0.56; FE05 contract price is 97.29, with a daily decrease of 0.66 and a weekly increase of 0.19; FE09 contract price is 100.81, with a daily decrease of 0.21 and a weekly increase of 1.01 [1]

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: June 6, 2025 [1] Market Data Summary Spot Market - **Australian Iron Ore**: Newman powder was priced at 721 yuan, down 5 yuan daily and 7 yuan weekly; PB powder at 727 yuan, down 5 yuan daily and 5 yuan weekly; Mac powder at 708 yuan, down 3 yuan daily and 5 yuan weekly; etc [2]. - **Brazilian Iron Ore**: Ba Hun was priced at 749 yuan, down 5 yuan daily and 3 yuan weekly; Ba Coarse IOC6 at 700 yuan, down 5 yuan daily and 5 yuan weekly; etc [2]. - **Other Regions**: Ukrainian concentrate powder was priced at 794 yuan, down 3 yuan daily and up 1 yuan weekly; 61% Indian powder at 664 yuan, down 3 yuan daily and 4 yuan weekly; etc [2]. - **Domestic Iron Ore**: Tangshan iron concentrate powder was priced at 914 yuan, unchanged daily and down 6 yuan weekly [2]. Futures Market - **DCE Contracts**: i2601 was priced at 665.0 yuan, down 1.0 yuan daily and up 1.0 yuan weekly; i2605 at 646.5 yuan, down 1.5 yuan daily and up 2.5 yuan weekly; i2509 at 701.0 yuan, down 3.5 yuan daily and up 2.5 yuan weekly [2]. - **SGX Contracts**: FE01 was priced at 92.07, up 1.12 daily and up 0.17 weekly; FE05 at 90.26, up 1.04 daily and down 8.86 weekly; FE09 at 94.10, up 1.15 daily and down 0.13 weekly [2]. Other Data - **Import Profits**: Import profits varied among different iron ore varieties, such as -23.25 for Newman powder and -4.91 for PB powder [2]. - **Monthly Spreads**: Monthly spreads also showed different values, e.g., 36.0 for i2601 and 18.5 for i2605 [2].