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]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Report's Core View No clear core view is presented in the given content. The report mainly offers data on iron ore futures, spot prices, spreads, and import profits. 3. Summary by Relevant Catalog Futures Prices - DCE01 decreased from 771.0 to 769.0, a drop of 2.0; DCE05 fell from 749.5 to 747.0, a decline of 2.5; DCE09 declined from 789.0 to 786.0, a decrease of 3.0 [2] - I01 - I05 increased from 21.5 to 22.0, a rise of 0.5; I05 - I09 increased from -39.5 to -39.0, a rise of 0.5; I09 - I01 decreased from 18.0 to 17.0, a drop of 1.0 [2] Spot Prices - PB powder decreased from 770 to 768, a drop of 2; Newman powder decreased from 764 to 763, a decline of 1; Mac powder decreased from 761 to 756, a decrease of 5 [2] - The optimal deliverable is PB powder with a price of 809 after deducting the 8 yuan/ton warehouse - out fee [2] Spot Price Spreads - The spread of Carajás fines - PB powder increased from 105 to 109, a rise of 4; Newman powder - Jinbuba powder decreased from 21 to 20, a decline of 1; Carajás fines - Jinbuba powder increased from 132 to 134, a rise of 2 [2] Import Profits - Carajás fines' import profit increased from -26 to -23, a rise of 3; Newman powder's import profit remained at 0; PB powder's import profit decreased from -5 to -6, a drop of 1 [2] Index Prices - The Platts Iron Ore 62% price decreased from 101.1 to 100.8, a drop of 0.3; the Platts Iron Ore 65% price decreased from 118.6 to 118.3, a decline of 0.3; the Platts Iron Ore 58% price decreased from 89.2 to 88.8, a decrease of 0.4 [2][4] 内外盘美金价差 - SGX主力 - DCE01 decreased from 7.7 to 7.5, a drop of 0.2; SGX主力 - DCE05 decreased from 10.4 to 10.2, a decline of 0.3; SGX主力 - DCE09 decreased from 5.4 to 5.2, a decrease of 0.2 [2][4]

Report Information - Report Title: Iron Ore Daily Report - Report Date: July 29, 2025 - Report Author: Commodity Research Institute, Black Research and Development Report [1][2] Core Data Futures Prices - DCE01: 770.5, up 13.5 from yesterday; DCE05: 749.0, up 11.0; DCE09: 798.0, up 12.0 [3] - I01 - I05: 21.5, up 2.5; I05 - I09: -49.0, down 1.0; I09 - I01: 27.5, down 1.5 [3] Spot Prices - PB powder: 770, down 12 from the day before yesterday; Newman powder: 766, down 11; Mac powder: 756, down 10 [3] - The optimal deliverable is PB powder, with a standard - converted price of 811, 01 - factory - warehouse basis of 46, 05 - factory - warehouse basis of 65, and 09 - factory - warehouse basis of 17 [3] Price Spreads - Spot variety spreads: e.g., Carajás fines - PB powder: 99, down 1; Newman powder - Jinbuba powder: 23, down 1 [3] - Import profits: e.g., Carajás fines: -4, up 4; Newman powder: 10, up 9 [3] Indexes - Platts 62% iron ore price: 100.1, down 2.5; Platts 65% iron ore price: 114.6, down 2.2; Platts 58% iron ore price: 87.4, down 2.1 [3] - Inner - outer market US - dollar spreads: e.g., SGX main - DCE01: 8.8, down 0.6; SGX main - DCE05: 11.2, down 0.8; SGX main - DCE09: 5.2, down 0.4 [3] Charts - The report includes multiple charts showing data such as the basis of the optimal deliverable against different contracts, cross - period arbitrage spreads, import profits of different iron ore varieties, price spreads between different iron ore products, and inner - outer market US - dollar spreads [8][9][10]