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 107.35 1.35 1.30 纽曼粉 794 0 2 849.8 102.15 0.20 0.25 -13.57 PB粉 797 0 2 845.9 108.35 0.30 1.30 -20.91 麦克粉 786 -1 0 858.5 101.30 0.30 0.40 9.12 金布巴 750 0 2 843.1 95.65 0.20 0.25 9.15 主流 混合粉 736 -2 6 865.7 96.40 0.65 -0.85 -5.88 超特粉 690 0 11 905.7 92.45 0.65 -0.60 -12.29 卡粉 890 0 1 835.0 119.65 0.80 1.50 -19.65 巴西 巴混 828 0 -7 843.8 111.05 1.05 1.80 -13.55 主流 巴粗IOC6 774 0 2 849.0 巴粗SSFG 779 0 2 乌克兰精粉 888 3 13 965.6 61%印粉 739 0 2 卡拉拉精粉 888 3 11 909.5 罗伊山粉 784 0 2 862.9 101.80 ...

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Core Insights - The iron ore market is experiencing slight price fluctuations, with current prices for major varieties around 800 CNY for 60.8% PB powder and 790-795 CNY for Mac powder [1] - The overall demand for steel in China is declining, which is expected to influence mid-term iron ore prices negatively [4] Price Summary - As of November 28, 2025, the main iron ore prices at various ports are as follows: - Jiangyin Port: 766 CNY for Indian powder ore, 825 CNY for Australian PB powder, 866 CNY for Brazilian coarse powder [1] - Caofeidian Port: 766 CNY for Indian powder ore, 813 CNY for Australian PB powder, 847 CNY for Brazilian coarse powder [1] - Tianjin Port: 722 CNY for Indian powder ore, 806 CNY for Australian PB powder, 851 CNY for Brazilian coarse powder [1] - Qingdao Port: 746 CNY for Indian powder ore, 799 CNY for Australian PB powder, 844 CNY for Brazilian coarse powder [1] - Rizhao Port: 746 CNY for Indian powder ore, 799 CNY for Australian PB powder, 844 CNY for Brazilian coarse powder [1] Futures Market - On November 28, the main iron ore futures contract closed at 794.0 CNY per ton, with a daily trading volume of 252,881 contracts [2] Inventory and Production Data - As of November 28, the inventory of imported iron ore at 47 ports increased by 1.06% to 159.01 million tons, the highest level in four years [3] - The profit margin for 247 steel mills decreased to 35.06%, the lowest since October of the previous year, down 16.89 percentage points year-on-year [3] - The average daily iron water output decreased by 16,000 tons to 234.68 million tons, while the average daily port discharge volume increased to 3.44 million tons, the highest since October [3] Market Analysis - According to a report from Galaxy Futures, the current decline in domestic steel demand is expected to dominate the mid-term iron ore prices, with a continued increase in domestic iron element inventory [4]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 796 with a daily change of 1 and a weekly change of 7; PB powder is at 799, up 1 daily and 7 weekly; Mac powder is 784, down 3 daily and unchanged weekly; Jinbuba powder is 752, up 1 daily and 9 weekly; mixed powder is 734, up 2 daily and 7 weekly; Super Special powder is 683, up 2 daily and 8 weekly; Carajás powder is 890, unchanged daily and up 5 weekly; Roy Hill powder is 786, up 1 daily and 7 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is 838, unchanged daily and up 7 weekly; Brazilian coarse IOC6 is 776, up 1 daily and 7 weekly; Brazilian coarse SSFG is 781, up 1 daily and 7 weekly [1]. - **Other Iron Ores**: Ukrainian concentrate is 880, unchanged daily and up 4 weekly; 61% Indian powder is 741, up 1 daily and 9 weekly; Karara concentrate is 882, unchanged daily and up 4 weekly; 57% Indian powder is 618, up 2 daily and 8 weekly; Atlas powder is 729, up 2 daily and 7 weekly; Tangshan iron concentrate is 1014, unchanged daily and weekly [1]. 3.2 Futures Market - **DCE Contracts**: i2601 is at 799.5, up 2.5 daily and 11 weekly; i2605 is 773, down 0.5 daily and up 20 weekly; i2609 is 748, down 0.5 daily and up 20 weekly [1]. - **SGX Contracts**: FE01 is 103.26, up 0.76 daily and 2.06 weekly; FE05 is 100.61, up 0.7 daily and 2.01 weekly; FE09 is 98.38, up 0.62 daily and 1.91 weekly [1]. 3.3 Premium and Spread - **Premium**: Information on PB block/block premium, U - ball/pellet premium is presented in the form of charts but specific numerical data is not summarized here [1]. - **Spread**: For DCE contracts, the spread between i2601 and i2605 is - 51.5, with a daily change of 35.5, down 2.5 daily and 5.5 weekly; the spread between i2605 and i2609 is 26.5, with a daily change of 62, up 0.5 daily and down 14.5 weekly; the spread between i2609 and i2601 is 25, with a daily change of 87, up 0.5 daily and down 14.5 weekly. For SGX contracts, the spread between FE01 and FE05 is - 4.88, with a daily change of - 29.7, down 3.1 daily and 8.1 weekly; the spread between FE05 and FE09 is 2.65, with a daily change of - 32, down 1.6 daily and up 5.3 weekly; the spread between FE09 and FE01 is 2.23, with a daily change of - 39.1, up 0.6 daily and 6 weekly [1]. 3.4 Import Profit - Import profit for Newman powder is - 15.68; for PB powder is - 14.52; for Mac powder is 2.01; for Jinbuba powder is 6.47; for mixed powder is - 17.04; for Super Special powder is - 29.3; for Carajás powder is - 16.79; for Brazilian blend is 1.23; for Roy Hill powder is 14.4 [1].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Categories Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 795, up 3 daily and 3 weekly; PB powder is 798, up 3 daily and 3 weekly; Macfarlane powder is 787, up 1 daily and 1 weekly; Jinbuba powder is 751, up 3 daily and 5 weekly; Mixed powder is 732, up 2 daily and 4 weekly; Ultra Special powder is 681, up 2 daily and 3 weekly; Roy Hill powder is 785, up 3 daily and 3 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore is 838, up 3 daily and 4 weekly; Brazilian coarse IOC6 is 775, up 3 daily and 3 weekly; Brazilian coarse SSFG is 780, up 3 daily and 3 weekly [1] - **Other Iron Ores**: Ukrainian concentrate is 880, up 5 daily and unchanged weekly; 61% Indian powder is 740, up 3 daily and 5 weekly; Karara concentrate is 882, up 5 daily and unchanged weekly; KUMBA powder is 857, up 3 daily and 3 weekly; 57% Indian powder is 616, up 2 daily and 3 weekly; Atlas powder is 727, up 2 daily and 4 weekly; Tangshan iron concentrate is 1014, unchanged daily and down 6 weekly [1] Futures Market - **DCE Contracts**: i2601 is 797.0, up 3.0 daily and 5.5 weekly; i2605 is 773.5, up 4.0 daily and 18.5 weekly; i2609 is 748.5, up 5.5 daily and 18.5 weekly [1] - **SGX Contracts**: FE01 is 102.50, up 0.67 daily and 1.23 weekly; FE05 is 99.91, up 0.47 daily and 1.18 weekly; FE09 is 97.76, up 0.40 daily and 1.16 weekly [1] Premiums and Spreads - **Import Profits**: Newman powder import profit is -18.19; PB powder is -17.34; Macfarlane powder is 5.40; Jinbuba powder is 5.13; Mixed powder is -21.60; Ultra Special powder is -31.26; Carajás powder is -16.47; Brazilian mixed ore is 1.59; Roy Hill powder is 13.42 [1] - **Monthly Spreads**: For DCE contracts, i2601 - i2605 spread is -48.5, i2605 - i2609 spread is 23.5, i2609 - i2601 spread is 25.0; for SGX contracts, FE01 - FE05 spread is -4.74, FE05 - FE09 spread is 2.59, FE09 - FE01 spread is 2.15 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not provided in the given content. 3. Summary by Related Catalog Iron Ore Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 792, with a daily change of 1 and a weekly change of 0; PB powder price is 795, with a daily change of 1 and a weekly change of 0; Macarthur powder price is 786, with a daily change of -1 and a weekly change of 0; Jinbuba powder price is 748, with a daily change of 1 and a weekly change of 2; Super Special powder price is 679, with a daily change of 6 and a weekly change of 1; Carajás powder price is 889, with a daily change of 4 and a weekly change of -3 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder price is 835, with a daily change of 0 and a weekly change of 3; Brazilian coarse IOC6 price is 772, with a daily change of 1 and a weekly change of 0; Brazilian coarse SSFG price is 777, with a daily change of 1 and a weekly change of 0 [1]. - **Other Iron Ores**: Ukrainian concentrate price is 875, with a daily change of -4 and a weekly change of -12; 61% Indian powder price is 737, with a daily change of 1 and a weekly change of 2; Karara concentrate price is 877, with a daily change of -4 and a weekly change of -12; Roy Hill powder price is 782, with a daily change of 1 and a weekly change of 0; KUMBA powder price is 854, with a daily change of 1 and a weekly change of 0; 57% Indian powder price is 614, with a daily change of 6 and a weekly change of 1; Atlas powder price is 725, with a daily change of 0 and a weekly change of 2; Tangshan iron concentrate price is 1014, with a daily change of 0 and a weekly change of -6 [1]. Iron Ore Futures Market - **DCE Contracts**: i2601 contract price is 794.0, with a daily change of 3.5 and a weekly change of 2.0; i2605 contract price is 769.5, with a daily change of 6.0 and a weekly change of 12.0; i2609 contract price is 743.0, with a daily change of 6.5 and a weekly change of 9.0 [1]. - **SGX Contracts**: FE01 contract price is 101.83, with a daily change of 1.08 and a weekly change of 0.64; FE05 contract price is 99.44, with a daily change of 1.03 and a weekly change of 0.71; FE09 contract price is 97.36, with a daily change of 0.94 and a weekly change of 0.76 [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: Spot Market Information - Newman powder price is 787, with a daily change of -2 and a weekly change of 7; the import profit is -11.31 [1] - PB powder price is 790, with a daily change of -2 and a weekly change of 7; the import profit is -10.56 [1] - Mac powder price is 783, with a daily change of -1 and a weekly change of 10; the import profit is 15.11 [1] - Jinbuba powder price is 743, with no daily change and a weekly change of 9; the import profit is 10.38 [1] - Mainstream mixed powder price is 726, with a daily change of -1 and a weekly change of 4; the import profit is -17.07 [1] - Super special powder price is 670, with a daily change of -5 and no weekly change; the import profit is -31.41 [1] - Carajás powder price is 883, with a daily change of -2 and a weekly change of 1; the import profit is -10.37 [1] - Brazilian blended powder price is 831, with no daily change and a weekly change of 11; the import profit is 5.30 [1] - Brazilian coarse IOC6 price is 767, with a daily change of -2 and a weekly change of -16 [1] - Brazilian coarse SSFG price is 772, with a daily change of -2 and a weekly change of -16 [1] - Ukrainian concentrate price is 875, with a daily change of -1 and no weekly change [1] - 61% Indian powder price is 732, with no daily change and a weekly change of 9 [1] - Karara concentrate price is 877, with a daily change of -1 and no weekly change [1] - Roy Hill powder price is 777, with a daily change of -2 and a weekly change of 7; the import profit is 17.91 [1] - KUMBA powder price is 849, with a daily change of -2 and a weekly change of 7 [1] - 57% Indian powder price is 605, with a daily change of -5 and no weekly change [1] - Atlas powder price is 721, with a daily change of -1 and a weekly change of 4 [1] - Tangshan iron concentrate price is 1014, with no daily change and a weekly change of 6 [1] Group 2: Futures Market Information - i2601 contract price is 785.5, with a daily change of -3.0 and a weekly change of 13.0; the monthly spread is -55.0, with a daily change of 0.8 and a weekly change of -11.5 [1] - i2605 contract price is 756.0, with a daily change of 3.0 and a weekly change of 12.5; the monthly spread is 29.5, with a daily change of -5.2 and a weekly change of -11.0 [1] - i2609 contract price is 730.5, with a daily change of 2.5 and a weekly change of 9.0; the monthly spread is 25.5, with a daily change of -4.7 and a weekly change of -7.5 [1] - FE01 contract price is 100.70, with a daily change of -0.50 and a weekly change of 0.99; the monthly spread is -4.54, with a daily change of 0.9 and a weekly change of 6.3 [1] - FE05 contract price is 98.21, with a daily change of -0.39 and a weekly change of 0.81; the monthly spread is 2.49, with a daily change of -36.2 and a weekly change of -0.7 [1] - FE09 contract price is 96.16, with a daily change of -0.31 and a weekly change of 0.84; the monthly spread is 2.05, with a daily change of -44.8 and a weekly change of -3.4 [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]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No relevant content found Group 3: Summary of Spot Market Data - **Australian Mainstream Iron Ore**: Newman powder is priced at 792, with a daily change of 2 and a weekly change of 20; PB powder is at 795, with a daily change of 2 and a weekly change of 20; Mac powder is at 786, with a daily change of 2 and a weekly change of 18; Jinbuba powder is at 746, with a daily change of 2 and a weekly change of 20; Mixed powder is at 728, with a daily change of 1 and a weekly change of 3; Super Special powder is at 678, with a daily change of -2 and a weekly change of 8; Carajás powder is at 892, with a daily change of 0 and a weekly change of 16 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is at 832, with a daily change of 2 and a weekly change of 18; Brazilian coarse IOC6 is at 772, with a daily change of 2 and a weekly change of -3; Brazilian coarse SSFG is at 777, with a daily change of 2 and a weekly change of -3 [1]. - **Other Iron Ore**: Ukrainian concentrate is at 887, with a daily change of 2 and a weekly change of 16; 61% Indian powder is at 735, with a daily change of 2 and a weekly change of 20; Karara concentrate is at 889, with a daily change of 2 and a weekly change of 16; Roy Hill powder is at 782, with a daily change of 2 and a weekly change of 20; KUMBA powder is at 854, with a daily change of 2 and a weekly change of 20; 57% Indian powder is at 613, with a daily change of -2 and a weekly change of 8; Atlas powder is at 723, with a daily change of 1 and a weekly change of 3 [1]. - **Domestic Iron Ore**: Tangshan iron concentrate is at 1020, with a daily change of 0 and a weekly change of 18 [1]. Group 4: Summary of Futures Market Data - **DCE Contracts**: i2601 is at 792.0, with a daily change of 3.5 and a weekly change of 29.0; i2605 is at 757.5, with a daily change of 1.0 and a weekly change of 20.5; i2609 is at 734.0, with a daily change of 2.0 and a weekly change of 17.0 [1]. - **SGX Contracts**: FE01 is at 101.19, with a daily change of 1.68 and a weekly change of 2.16; FE05 is at 98.73, with a daily change of 1.58 and a weekly change of 1.88; FE09 is at 96.60, with a daily change of 1.51 and a weekly change of 1.75 [1].