Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary by Relevant Catalog Futures Prices - DCE01 closed at 757.0, up 2.0 from yesterday; DCE05 closed at 788.0, up 3.5; DCE09 closed at 769.5, up 3.5 [2] - I01 - I05 spread was -31.0, down 1.5; I05 - I09 spread was 18.5, unchanged; I09 - I01 spread was 12.5, up 1.5 [2] Spot Prices - Most spot iron ore prices decreased, e.g., PB powder (60.8%) dropped from 800 to 789, Newman powder from 800 to 789, etc. [2] - The optimal delivery product was card powder, with 01 - contract basis of 58, 05 - contract basis of 29, and 09 - contract basis of 47 [2] Spot Price Spreads - The spreads between some spot varieties decreased, like card powder - PB powder spread dropped from 83 to 82, Newman powder - Jimbuck powder spread from 45 to 43 [2] Import Profits - Import profits of some varieties changed, e.g., card powder's import profit decreased from -8 to -12, Newman powder's from 54 to 51 [2] Indexes - The Platts 62% iron ore price decreased from 107.6 to 106.3, 65% price from 120.2 to 118.9, and 58% price from 94.1 to 93.2 [2] - The spreads between SGX主力 and DCE contracts increased, e.g., SGX主力 - DCE01 spread increased from 7.5 to 8.2 [2]

Group 1: Report Overview - Report title: Iron Ore Daily Report [2] - Report date: December 22, 2025 [2] Group 2: Futures Market Data - DCE01 price: 797.5, down 0.5 from yesterday [2] - DCE05 price: 781.5, up 1.5 from yesterday [2] - DCE09 price: 760.5, up 2.5 from yesterday [2] - I01 - I05 spread: 16.0, down 2.0 from yesterday [2] - I05 - I09 spread: 21.0, down 1.0 from yesterday [2] - I09 - I01 spread: -37.0, up 3.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price: 791, up 1 from yesterday [2] - Newman powder price: 793, up 1 from yesterday [2] - Mac powder price: 787, up 1 from yesterday [2] - Jinbuba powder (60.5%) price: 748, up 1 from yesterday [2] - Roy Hill powder price: 781, up 1 from yesterday [2] - Super Special powder price: 677, down 1 from yesterday [2] - BRBF (62.5%) price: 831, up 1 from yesterday [2] - BRBF (63%) price: 837, up 1 from yesterday [2] - FMG price: 738, unchanged from yesterday [2] - Carajás powder price: 874, up 2 from yesterday [2] - Karara concentrate price: 877, up 2 from yesterday [2] - Ukrainian concentrate price: 875, up 2 from yesterday [2] - IOC6 price: 765, up 1 from yesterday [2] - KUMBA price: 871, up 1 from yesterday [2] - SP10 price: 732, up 1 from yesterday [2] - Minmetals standard powder price: 807, up 2 from yesterday [2] - Optimal delivery product: Carajás powder [2] Group 4: Spot Price Spreads and Import Profits - Carajás powder - PB powder spread: 79, up 1 from yesterday [2] - Newman powder - Jinbuba powder spread: 45, unchanged from yesterday [2] - Carajás powder - Jinbuba powder spread: 126, up 1 from yesterday [2] - PB powder - Jinbuba powder spread: 47, unchanged from yesterday [2] - Newman lump - Newman powder spread: 72, up 3 from yesterday [2] - Roy Hill lump - Roy Hill powder spread: 14, down 1 from yesterday [2] - Mac powder - Super Special powder spread: 110, up 2 from yesterday [2] - PB powder - Super Special powder spread: 118, up 2 from yesterday [2] - PB lump - PB powder spread: 77, down 1 from yesterday [2] - Carajás powder import profit: -29, up 10 from the day before yesterday [2] - Newman powder import profit: 50, up 18 from the day before yesterday [2] - PB powder import profit: -3, up 2 from the day before yesterday [2] - Jinbuba powder import profit: 42, up 13 from the day before yesterday [2] - Super Special powder import profit: -3, up 4 from the day before yesterday [2] - PB lump import profit: 88, up 2 from the day before yesterday [2] - BRBF import profit: 10, up 8 from the day before yesterday [2] - Mac powder import profit: 41, up 10 from the day before yesterday [2] - FMG import profit: 9, up 5 from the day before yesterday [2] Group 5: Platts Index and USD Spreads - Platts Iron Ore 62% price: 108.2, down 0.2 from yesterday [2] - Platts Iron Ore 65% price: 121.2, down 0.2 from yesterday [2] - Platts Iron Ore 58% price: 94.0, down 0.4 from yesterday [2] - SGX主力 - DCE01 spread: 0.9, down 0.2 from yesterday [2] - SGX主力 - DCE05 spread: 3.2, down 0.4 from yesterday [2] - SGX主力 - DCE09 spread: 6.0, down 0.5 from yesterday [2]

Group 1: Report Information - Report title: Iron Ore Daily Report [2] - Report date: December 10, 2025 [2] Group 2: Futures Market Data - DCE01 price: 787.5, up 7.5 from yesterday [2] - DCE05 price: 769.0, up 11.5 from yesterday [2] - DCE09 price: 745.0, up 11.5 from yesterday [2] - I01 - I05 spread: 18.5, down 4.0 from yesterday [2] - I05 - I09 spread: 24.0, unchanged from yesterday [2] - I09 - I01 spread: -42.5, up 4.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price: 780, unchanged from yesterday [2] - Newman powder price: 782, unchanged from yesterday [2] - Mac powder price: 776, up 2 from the day before yesterday [2] - Jinbuba powder (60.5%) price: 736, unchanged from yesterday [2] - Roy Hill powder price: 770, unchanged from yesterday [2] - Super Special powder price: 673, up 5 from the day before yesterday [2] - BRBF (62.5%) price: 821, unchanged from yesterday [2] - BRBF (63%) price: 827, unchanged from yesterday [2] - FMG price: 721, down 6 from the day before yesterday [2] - Carajás powder price: 865, unchanged from yesterday [2] - Karara concentrate price: 867, unchanged from yesterday [2] - Ukrainian concentrate price: 863, down 2 from the day before yesterday [2] - IOC6 price: 753, unchanged from yesterday [2] - KUMBA price: 860, down 1 from the day before yesterday [2] - SP10 price: 720, unchanged from yesterday [2] - Minmetals standard powder price: 789, up 3 from the day before yesterday [2] - Optimal delivery product: Carajás powder, price 810 [2] Group 4: Spot Price Spreads and Import Profits - Carajás powder - PB powder spread: 81, unchanged from yesterday [2] - Newman powder - Jinbuba powder spread: 46, unchanged from yesterday [2] - Carajás powder - Jinbuba powder spread: 129, unchanged from yesterday [2] - PB powder - Jinbuba powder spread: 48, unchanged from yesterday [2] - Newman lump - Newman powder spread: 70, down 2 from yesterday [2] - Roy Hill lump - Roy Hill powder spread: 16, unchanged from yesterday [2] - Mac powder - Super Special powder spread: 103, down 3 from the day before yesterday [2] - PB powder - Super Special powder spread: 111, down 5 from the day before yesterday [2] - PB lump - PB powder spread: 79, unchanged from yesterday [2] - Carajás powder import profit: -19, up 4 from the day before yesterday [2] - Newman powder import profit: 27, up 2 from the day before yesterday [2] - PB powder import profit: 1, up 2 from the day before yesterday [2] - Jinbuba powder import profit: 25, up 2 from the day before yesterday [2] - Super Special powder import profit: -2, up 8 from the day before yesterday [2] - PB lump import profit: 88, up 3 from the day before yesterday [2] - BRBF import profit: 8, up 4 from the day before yesterday [2] - Mac powder import profit: 29, up 4 from the day before yesterday [2] - FMG import profit: 1, down 2 from the day before yesterday [2] Group 5: Platts Index and内外盘美金价差 - Platts 62% iron ore price: 105.5, down 0.3 from the day before yesterday [2] - Platts 65% iron ore price: 117.5, down 0.3 from the day before yesterday [2] - Platts 58% iron ore price: 93.6, down 0.9 from the day before yesterday [2] - SGX main - DCE01 spread: 0.8, down 0.5 from yesterday [2] - SGX main - DCE05 spread: 3.7, unchanged from yesterday [2] - SGX main - DCE09 spread: 6.8, up 0.1 from yesterday [2]

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].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View No clear core view presented in the given content. It mainly provides daily data on iron ore including futures prices, spot prices, basis, spreads, import profits, and more. 3. Summary by Related Catalogs Futures Prices - DCE01: Today's price is 808.5, up 1.0 from yesterday; DCE05 is 786.0, unchanged; DCE09 is 766.0, up 2.0 [2] - Inter - contract spreads: I01 - I05 is 22.5, up 1.0; I05 - I09 is 20.0, down 2.0; I09 - I01 is - 42.5, up 1.0 [2] Spot Prices - Various iron ore spot prices increased compared to the previous day. For example, PB powder (60.8%) rose from 780 to 786, Newman powder from 789 to 796, etc. [2] Basis - The basis of different iron ore varieties to different contracts is provided. For the optimal delivery product (Roy Hill powder), the 01 - contract basis is 34, 05 - contract basis is 55, and 09 - contract basis is 77 [2] Spot Variety Spreads - Spreads between different iron ore varieties changed. For example, the spread of Carajás fines - PB powder increased from 128 to 129 [2] Import Profits - Import profits of different iron ore varieties changed. For example, the import profit of Carajás fines decreased from 18 to 3 [2] Indexes - The Platts 62% iron ore price increased from 105.2 to 106.6, the 65% price remained unchanged at 120.8, and the 58% price increased from 93.3 to 94.6 [2] 内外盘美金价差 - The spreads between SGX and DCE contracts increased. For example, SGX main - DCE01 increased from 7.2 to 7.5 [2]

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]