Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: February 10, 2026 [2] Group 2: Futures Prices - DCE01 price: 732.0, unchanged from yesterday [2] - DCE05 price: 761.5, unchanged from yesterday [2] - DCE09 price: 744.0, up 1.0 from yesterday [2] - I01 - I05 spread: -29.5, unchanged from yesterday [2] - I05 - I09 spread: 17.5, down 1.0 from yesterday [2] - I09 - I01 spread: 12.0, up 1.0 from yesterday [2] Group 3: Spot Prices - PB powder (60.8%) price: 763, up 2 from the day before yesterday [2] - Newman powder price: 763, up 2 from the day before yesterday [2] - Mac powder price: 755, down 1 from the day before yesterday [2] - Jinbuba powder (60.5%) price: 716, up 1 from the day before yesterday [2] - Roy Hill powder price: 753, up 2 from the day before yesterday [2] - Super Special powder price: 653, up 2 from the day before yesterday [2] - BRBF (62.5%) price: 784, down 10 from the day before yesterday [2] - BRBF (63%) price: 790, down 10 from the day before yesterday [2] - FMG price: 709, up 2 from the day before yesterday [2] - Carajás powder price: 864, up 6 from the day before yesterday [2] - Karara concentrate price: 846, unchanged from the day before yesterday [2] - Ukrainian concentrate price: 835, unchanged from the day before yesterday [2] - IOC6 price: 738, up 1 from the day before yesterday [2] - KUMBA price: 832, unchanged from the day before yesterday [2] - SP10 price: 689, up 4 from the day before yesterday [2] - Minmetals standard powder price: 774, unchanged from the day before yesterday [2] Group 4: Basis and Spread - Optimal delivery product: BRBF (63%) [2] - 01 factory warehouse basis: 63 [2] - 05 factory warehouse basis: 34 [2] - 09 factory warehouse basis: 52 [2] - Carajás powder - PB powder spread: 97, up 4 from the day before yesterday [2] - Newman powder - Jinbuba powder spread: 47, up 1 from the day before yesterday [2] - Carajás powder - Jinbuba powder spread: 148, up 5 from the day before yesterday [2] - PB powder - Jinbuba powder spread: 51, up 1 from the day before yesterday [2] - Newman lump - Newman powder spread: 86, up 5 from the day before yesterday [2] - Roy Hill lump - Roy Hill powder spread: 19, up 5 from the day before yesterday [2] - Mac powder - Super Special powder spread: 102, down 3 from the day before yesterday [2] - PB powder - Super Special powder spread: 114, unchanged from the day before yesterday [2] - PB lump - PB powder spread: 78, up 4 from the day before yesterday [2] Group 5: Index and Spread - Platts 61% iron ore price: 100.2, up 1.5 from the day before yesterday [2] - Platts 65% iron ore price: 116.5, up 1.5 from the day before yesterday [2] - Platts 58% iron ore price: 91.9, up 0.5 from the day before yesterday [2] - SGX main - DCE01 spread: 4.4, up 0.9 from the day before yesterday [2] - SGX main - DCE05 spread: 0.7, up 0.7 from the day before yesterday [2] - SGX main - DCE09 spread: 3.0, up 0.8 from the day before yesterday [2] Group 6: Import Profit - Carajás powder import profit: -1, up 1 from the day before yesterday [2] - Newman powder import profit: 51, down 4 from the day before yesterday [2] - PB powder import profit: 22, down 7 from the day before yesterday [2] - Jinbuba powder import profit: 53, down 5 from the day before yesterday [2] - Super Special powder import profit: 5, down 2 from the day before yesterday [2] - PB lump import profit: 112, down 6 from the day before yesterday [2] - BRBF import profit: 11, down 14 from the day before yesterday [2] - Mac powder import profit: 45, down 7 from the day before yesterday [2] - FMG import profit: 6, down 2 from the day before yesterday [2]

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Date: 09 February 2026 [2] Group 2: Futures Market Data - DCE01 price today is 732.0, down 0.5 from yesterday [2] - DCE05 price today is 761.5, up 1.0 from yesterday [2] - DCE09 price today is 743.0, up 0.5 from yesterday [2] - I01 - I05 spread is -29.5 today, down 1.5 from yesterday [2] - I05 - I09 spread is 18.5 today, up 0.5 from yesterday [2] - I09 - I01 spread is 11.0 today, up 1.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price is 761 today, down 7 from yesterday [2] - Newman powder price is 761 today, down 7 from yesterday [2] - Mac powder price is 756 today, down 11 from yesterday [2] - Jinbuba powder (60.5%) price is 715 today, down 8 from yesterday [2] - Roy Hill powder price is 751 today, down 7 from yesterday [2] - Super Special powder price is 651 today, down 6 from yesterday [2] - BRBF (62.5%) price is 794 today, down 8 from yesterday [2] - BRBF (63%) price is 800 today, down 8 from yesterday [2] - FMG price is 707 today, down 10 from yesterday [2] - Carajás powder price is 858 today, down 6 from yesterday [2] - Karara concentrate price is 846 today, down 8 from yesterday [2] - Ukrainian concentrate price is 835 today, down 8 from yesterday [2] - IOC6 price is 737 today, down 8 from yesterday [2] - KUMBA price is 832 today, down 7 from yesterday [2] - SP10 price is 685 today, down 10 from yesterday [2] - Minmetals standard powder price is 774 today, down 6 from yesterday [2] - The optimal delivery product is Carajás powder [2] Group 4: Spot Price Spread and Import Profit - Carajás powder - PB powder spread is 93 today, up 1 from yesterday [2] - Newman powder - Jinbuba powder spread is 46 today, up 1 from yesterday [2] - Carajás powder - Jinbuba powder spread is 143 today, up 2 from yesterday [2] - PB - Jinbuba powder spread is 50 today, up 1 from yesterday [2] - Newman lump - Newman powder spread is 81 today, up 5 from yesterday [2] - Roy Hill lump - Roy Hill powder spread is 14 today, unchanged from yesterday [2] - Mac powder - Super Special powder spread is 105 today, down 5 from yesterday [2] - PB powder - Super Special powder spread is 114 today, down 1 from yesterday [2] - PB lump - PB powder spread is 74 today, up 1 from yesterday [2] - Carajás powder import profit is -1 today, up 5 from yesterday [2] - Newman powder import profit is 55 today, up 3 from yesterday [2] - PB powder import profit is 29 today, up 5 from yesterday [2] - Jinbuba powder import profit is 57 today, up 3 from yesterday [2] - Super Special powder import profit is 7 today, up 4 from yesterday [2] - PB lump import profit is 117 today, up 5 from yesterday [2] - BRBF import profit is 26 today, up 3 from yesterday [2] - Mac powder import profit is 52 today, down 1 from yesterday [2] - FMG import profit is 8 today, unchanged from yesterday [2] Group 5: Platts Index and USD Spread - Platts Iron Ore 61% price is 98.7 today, down 1.6 from yesterday [2] - Platts Iron Ore 65% price is 115.0 today, down 1.6 from yesterday [2] - Platts Iron Ore 58% price is 91.3 today, down 1.2 from yesterday [2] - SGX main - DCE01 spread is 3.5 today, down 0.1 from yesterday [2] - SGX main - DCE05 spread is -0.1 today, down 0.2 from yesterday [2] - SGX main - DCE09 spread is 2.2 today, down 0.1 from yesterday [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No clear core view presented in the given content. The report mainly provides daily data on iron ore futures and spot markets. 3. Summary by Relevant Catalog Futures and Spot Price Changes - DCE01 increased from 749.0 to 753.5, a rise of 4.5; DCE05 rose from 777.5 to 781.5, an increase of 4.0; DCE09 went up from 760.0 to 764.5, a gain of 4.5 [2] - Most spot iron ore prices decreased, such as PB powder (60.8%) dropped from 783 to 777, a decline of 6 [2] Spread Changes - I01 - I05 spread increased from -28.5 to -28.0, a change of 0.5; I05 - I09 spread decreased from 17.5 to 17.0, a change of -0.5; I09 - I01 spread remained unchanged at 11.0 [2] - Spot variety spreads also had changes, e.g., the spread between Newman powder and Jinbuba powder decreased from 48 to 47, a change of -1 [2] Import Profit Changes - Import profits of some iron ore varieties changed, like PB powder's import profit decreased from 24 to 20, a reduction of 3 [2] Index Changes - The price of Platts Iron Ore 61% decreased from 102.4 to 102.0, a reduction of 0.4; Platts Iron Ore 65% price dropped from 118.4 to 118.0, a decrease of 0.4; Platts Iron Ore 58% price fell from 94.1 to 93.4, a reduction of 0.8 [2][4] Basis and Other Data - The optimal delivery product is Karara powder, with 01 - contract basis of 63, 05 - contract basis of 35, and 09 - contract basis of 52 [2] - The differences between SGX and DCE contracts also changed, e.g., SGX main - DCE01 increased from 4.6 to 4.7, a change of 0.1 [2]

Report Summary 1) Industry Investment Rating - No information provided about the industry investment rating. 2) Core Viewpoint - No clear core viewpoint is presented in the given content; it mainly provides price data of various iron ore varieties and futures contracts. 3) Summary by Relevant Catalog Spot Market - **Australian mainstream ores**: Newman powder is priced at 798, down 7 from the previous day and up 4 for the week, with a discounted futures price of 854.2; PB powder is at 806, down 2 and up 9; Mac powder is at 808, down 2 and up 13; Jinbuba powder is at 759, down 2 and up 9; Mixed powder is at 742, up 2 and up 2; Super special powder is at 684, up 4 and up 9; Carajás powder is at 895, up 10 and up 20 [1]. - **Brazilian mainstream ores**: Brazilian mixed ore is at 852, down 6 and up 19; Brazilian coarse IOC6 is at 770, down 2 and up 9; Brazilian coarse SSFG is at 775, down 2 and up 9 [1]. - **Other ores**: Ukrainian concentrate powder is at 884, up 6 and up 11; 61% Indian powder is at 748, down 2 and up 9; Karara concentrate powder is at 885, up 3 and up 7; Roy Hill powder is at 793, down 2 and up 9; KUMBA powder is at 865, down 2 and up 9; 57% Indian powder is at 619, up 4 and up 9; Atlas powder is at 737, up 2 and up 2; Tangshan iron concentrate powder is at 976, down 6 and down 6 [1]. Futures Market - **DCE contracts**: i2601 is at 814.5, up 9.5 from the previous day and up 13 for the week, with a monthly spread of -39.5; i2605 is at 797.0, up 7.5 and up 14, with a spread of 17.5; i2609 is at 775.0, up 6.5 and up 14, with a spread of 22.0 [1]. - **SGX contracts**: FE01 is at 105.55, up 0.20 and up 0.88, with a spread of -3.24; FE05 is at 104.26, up 0.24 and up 1.24, with a spread of 1.29; FE09 is at 102.31, up 0.26 and up 1.29, with a spread of 1.95 [1]. Other Data - **Import profit**: Newman powder's import profit is 14.42; Mac powder's is 49.11; Jinbuba powder's is 44.36; Mixed powder's is 5.63; Super special powder's is 1.34; Carajás powder's is -14.77; Brazilian mixed ore's is 14.89; Roy Hill powder's is 56.49 [1]. - **Premium data**: Information about U - ball/pellet premium and PB block/lump ore premium is presented in the form of charts, but specific numerical data is incomplete [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Relevant Catalog Futures and Spot Price Changes - DCE01 decreased from 782.5 to 777.0, a drop of 5.5; DCE05 decreased from 760.5 to 753.0, a drop of 7.5; DCE09 decreased from 738.0 to 731.5, a drop of 6.5 [2] - Among spot prices, Newman powder increased by 2 to 781, Mac powder increased by 1 to 774, etc [2] Basis and Spread - The basis of the best deliverable against the 01 contract for some varieties: PB powder was 51, Newman powder was 64, etc [2] - The spread between some spot varieties: the spread between Carajás fines and PB powder remained unchanged at 83, etc [2] Import Profit and Price Index - Import profit of some varieties: Carajás fines increased from -22 to -19, Newman powder increased from 30 to 33, etc [2] - The Platts 62% iron ore price increased by 0.2 to 105.2, the 65% price increased by 0.2 to 117.7, and the 58% price decreased by 0.1 to 91.8 [2] Other Price Differences - The difference between SGX and DCE contracts: SGX main - DCE01 increased from 1.0 to 1.3, SGX main - DCE05 increased from 3.9 to 4.1 [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view is presented. The report mainly provides the daily data of iron ore on December 9, 2025, including futures prices, spot prices, price differences, and import profits [2]. 3. Summary According to Related Catalog Futures Price Information - DCE01 was at 780.0, up 1.5 from 778.5 yesterday; DCE05 was at 757.5, down 3.0 from 760.5 yesterday; DCE09 was at 733.5, down 3.5 from 737.0 yesterday [2]. - The spread I01 - I05 was 22.5, up 4.5; I05 - I09 was 24.0, up 0.5; I09 - I01 was -46.5, down 5.0 [2]. Spot Price Information - The prices of various iron ore spot products showed different changes. For example, PB powder (60.8%) remained unchanged at 780, while Newman powder decreased by 3 to 782 [2]. - The optimal delivery product was Carajás fines, with a price of 810, and its 01 - factory - warehouse basis was 24, 05 - factory - warehouse basis was 42, and 09 - factory - warehouse basis was 65 [2]. Spot Product Spread and Import Profit Information - The spreads between different spot products also had changes. For example, the spread of Carajás fines - PB powder decreased by 2 to 81 [2]. - Import profits of different products changed. For example, the import profit of Carajás fines increased by 4 to - 23, and that of Newman powder increased by 8 to 25 [2]. Index Information - The Platts 62% iron ore price was 105.8, down 1.3 from 107.1 yesterday; the Platts 65% iron ore price was 117.8, down 1.3 from 119.1 yesterday; the Platts 58% iron ore price was 94.4, down 0.9 from 95.4 yesterday [2]. - The spreads between SGX main contract and DCE contracts decreased. For example, SGX main - DCE01 decreased by 1.2 to 1.4 [2].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary of Related Catalogs Iron Ore Spot and Forward Market - The latest price of the Platts 62 Index is $107.80, with a daily change of $1.20 and a weekly change of $0.45 [1] - Different iron ore varieties such as Newman powder, PB powder, and Mac powder show various price changes in terms of daily, weekly, and import profit [1] Exchange Futures Market - For the Dalian Commodity Exchange, the latest price of i2601 is 799.5 yuan, with a daily change of -1.0 yuan and a weekly change of 2.5 yuan. The monthly - spread is -46.5, with a daily change of 27.8 and a weekly change of -6.7 [1] - The latest price of i2605 is 777.0 yuan, with a daily change of 1.5 yuan and a weekly change of 3.5 yuan. The monthly - spread is 22.5, with a daily change of 50.3 and a weekly change of -9.2 [1] - The latest price of i2609 is 753.0 yuan, with a daily change of 1.5 yuan and a weekly change of 4.5 yuan. The monthly - spread is 24.0, with a daily change of 74.3 and a weekly change of -12.2 [1] Other Market Data - PB block/block ore premium, U - ball/ball pellet premium, and other premiums also have corresponding price changes [1] - There are price differences and changes in basis/inside - outside market spreads and monthly spreads [1]

Report Summary 1. Report Industry Investment Rating No information is provided in the document regarding the report industry investment rating. 2. Core View No clear core view is presented in the given content. 3. Summary Based on Related Information Futures Prices - DCE01 price is 788.5 today, up 16.0 from yesterday; DCE05 is 756.5, up 13.0; DCE09 is 732.0, up 10.5 [2]. - I01 - I05 spread is 32.0 today, up 3.0 from yesterday; I05 - I09 is 24.5, up 2.5; I09 - I01 is -56.5, down 5.5 [2]. Spot Prices and Related Data - Various iron ore spot prices are provided, such as PB powder (60.8%) at 778 (unchanged from yesterday), Newman powder at 779 (unchanged), etc [2]. - The optimal delivery product is Carajás fines with a price of 840, and its 01 - 09 contract basis is 59, 88, 110 respectively [2]. - Spot variety spreads and import profits are also presented, e.g., Carajás fines - PB powder spread is 100 (unchanged), and the import profit of Carajás fines is 17 (unchanged) [2]. Indexes - The Platts 62% iron ore price is 103.6 (unchanged), 65% is 115.6 (unchanged), and 58% is 92.4 (down 0.2) [2]. - The SGX - DCE spreads are as follows: SGX main - DCE01 is 3.7, down 0.2; SGX main - DCE05 is 7.4, up 0.0; SGX main - DCE09 is 10.2, up 0.0 [2].

Group 1: Market Data Summary - DCE01 price rose from 790.5 to 795.0, an increase of 4.5; DCE05 rose from 771.0 to 774.5, an increase of 3.5; DCE09 rose from 750.5 to 753.0, an increase of 2.5 [2] - I01 - I05 spread increased from 19.5 to 20.5, an increase of 1.0; I05 - I09 spread increased from 20.5 to 21.5, an increase of 1.0; I09 - I01 spread decreased from -40.0 to -42.0, a decrease of 2.0 [2] - Among various iron ore spot products, prices of most products increased, such as PB powder (60.8%) rising from 770 to 777, an increase of 7; Newman powder rising from 774 to 778, an increase of 4; etc [2] - The optimal deliverable product is Newman powder, with a price of 838, 01 - contract basis of 40, 05 - contract basis of 59, and 09 - contract basis of 80 [2] - In terms of spot product price differences, the price difference between different products changed, for example, the price difference between Carajás fines and PB powder decreased from 139 to 134, a decrease of 5 [2] - Import profits of some products decreased, such as Carajás fines' import profit decreasing from 25 to 14, a decrease of 11; Newman powder's import profit decreasing from -6 to -12, a decrease of 6 [2] - The Platts 62% iron ore price increased from 103.9 to 105.9, an increase of 1.9; the Platts 65% iron ore price increased from 117.6 to 119.5, an increase of 2.0; the Platts 58% iron ore price increased from 93.9 to 94.6, an increase of 0.6 [2] - The difference between SGX main contract and DCE01 remained unchanged at 8.0; the difference between SGX main contract and DCE05 decreased from 10.7 to 10.5, a decrease of 0.2; the difference between SGX main contract and DCE09 remained unchanged at 13.1 [2] Group 2: Graphical Data - There are multiple graphs including the basis between the optimal deliverable product and 01, 05, 09 contracts, cross - period arbitrage 1/5 spread, import profits of various iron ore products, price differences between different products, and iron ore's internal - external market US dollar spread [10][12][14] - Data sources for these graphs are from Galaxy Futures and Mysteel Information [12][14][19] Group 3: General Information - The report is a black research report from the Commodity Research Institute, specifically an iron ore daily report dated October 10, 2025 [2] - The author has a futures qualification certificate from the China Futures Association and promises to issue the report independently and objectively [33]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View There is no clear core view presented in the given text. 3. Summary According to Related Content Futures Price Changes - DCE01 rose from 769.0 to 772.5, an increase of 3.5 [2] - DCE05 increased from 747.0 to 748.0, up by 1.0 [2] - DCE09 climbed from 786.0 to 791.0, a rise of 5.0 [2] Spread Changes - I01 - I05 spread increased from 22.0 to 24.5, up by 2.5 [2] - I05 - I09 spread decreased from -39.0 to -43.0, a drop of 4.0 [2] - I09 - I01 spread increased from 17.0 to 18.5, up by 1.5 [2] Spot Price Changes - PB powder price dropped from 768 to 767, a decrease of 1 [2] - Newman powder price fell from 763 to 762, down by 1 [2] - Macarthur powder price declined from 756 to 754, a drop of 2 [2] Import Profit Changes - Carajas powder import profit increased from -23 to -19, an increase of 4 [2] - Newman powder import profit rose from 0 to 2, up by 2 [2] - PB powder import profit increased from -6 to -4, an increase of 2 [2] Index Price Changes - Platts 62% iron ore price decreased from 100.8 to 100.6, a drop of 0.2 [2] - Platts 65% iron ore price fell from 118.3 to 118.1, down by 0.2 [2] - Platts 58% iron ore price declined from 88.8 to 88.5, a drop of 0.3 [2] Inner - Outer Disk US Dollar Spread Changes - SGX主力 - DCE01 spread decreased from 7.5 to 7.4, a drop of 0.1 [2] - SGX主力 - DCE05 spread fell from 10.2 to 10.1, down by 0.1 [2] - SGX主力 - DCE09 spread remained unchanged at 5.2 [2]