Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: October 9, 2025 [2] - Data Source: MYSTEEL [6] Spot Market Price Changes - The Platts 62 Index was at 103.45, down 0.45 daily and 3.30 weekly [3] - Most Australian mainstream iron ore varieties remained stable daily, with weekly declines ranging from 12 to 17 [3] - Some Brazilian mainstream iron ore varieties remained stable daily, with weekly declines ranging from 12 to 17 [3] - Some non - mainstream iron ore varieties had a daily increase of 1, with weekly declines ranging from 15 to 17 [3] - PB block/block ore premium was at 909, down 1 daily and 17 weekly; U - ball/ball pellet premium was at 906, up 1 daily and down 15 weekly [3] - Tangshan iron concentrate powder remained stable daily at 1002, with no weekly change [3] Import Profits - Import profits varied among different iron ore varieties, with some showing losses and others showing profits, such as the 26.99 profit for Super Special powder [3] Futures Market Price Changes - On the Dalian Commodity Exchange, the i2601 contract was at 780.5, down 3.5 daily and 23.0 weekly; the i2605 contract was at 759.5, down 3.0 daily and 23.5 weekly; the i2609 contract was at 740.5, down 2.5 daily and 21.5 weekly [3] - On the Singapore Exchange, the FE01 contract was at 100.49, down 0.22 daily and 2.54 weekly; the FE05 contract was at 98.47, down 0.14 daily and 2.49 weekly; the FE09 contract was at 105.30, down 0.02 daily and 0.39 weekly [3] Month - to - Month Spreads - The month - to - month spreads of different contracts also showed certain changes, for example, the i2601 - i2605 spread was - 40.0, with a daily change of 3.5 and a weekly change of 6.5 [3] Basis/Internal - External Market Spread - The basis/internal - external market spreads (in RMB) of different iron ore varieties and contracts also had different situations [3]

Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: May 20, 2025 [1] 1. Spot Market 1.1 Australian Iron Ore - **Price Changes**: Newman powder dropped by 4 to 754, PB powder decreased by 3 to 762, Mac powder fell by 4 to 742, Jinbuba powder declined by 4 to 722, mixed powder dropped by 5 to 675, super special powder decreased by 5 to 633, and Carajás powder fell by 3 to 855 [2]. - **Import Profits**: Newman powder had an import profit of -27.44, PB powder -5.16, Mac powder -3.89, Jinbuba powder 0.44, mixed powder -0.85, super special powder -7.28, and Carajás powder -9.90 [2]. 1.2 Brazilian Iron Ore - **Price Changes**: Brazilian mixed ore decreased by 3 to 778, Brazilian coarse IOC6 fell by 2 to 735, Brazilian coarse SSFT dropped by 2 to 750, and Brazilian fine powder decreased by 3 to 849 [2]. - **Import Profits**: Brazilian mixed ore had an import profit of -5.58 [2]. 1.3 Non - mainstream Iron Ore - **Price Changes**: 61% Indian powder decreased by 4 to 702, Roy Hill powder dropped by 3 to 732, South African powder fell by 3 to 822, 58% Indian powder decreased by 5 to 585, Robe River powder dropped by 3 to 687, and Atlas powder decreased by 5 to 670 [2]. - **Import Profits**: Roy Hill powder had an import profit of 6.25 [2]. 1.4 Others - **Price Changes**: PB lump/ lump ore premium decreased by 8 to 905, Ukrainian pellets/ pellet premium fell by 4 to 816, and Tangshan iron concentrate decreased by 5 to 933 [2]. 2. Forward Market 2.1 Dalian Commodity Exchange - **Price Changes**: i2601 decreased by 4.5 to 687.0, i2505 dropped by 13.5 to 780.0, and i2509 fell by 5.5 to 722.5 [2]. - **Month - to - Month Spreads**: i2601 had a month - to - month spread of 35.5, i2505 -93.0, and i2509 57.5 [2]. - **Basis/Internal - External Spread**: i2601 had a basis/ internal - external spread of 102.8, i2505 9.8, and i2509 67.3 [2]. 2.2 Singapore Exchange - **Price Changes**: FE01 decreased by 0.87 to 94.49, FE05 dropped by 0.60 to 100.60, and FE09 fell by 0.91 to 97.18 [2]. - **Basis/Internal - External Spread**: FE01 had a basis/ internal - external spread of -83.4, FE05 -40.3 [2].

1. Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: May 16, 2025 [1] 2. Spot Market Australian Mainstream Iron Ore - Newman powder: Latest price is 102.80 (766), daily change is 1.55 (-7), weekly change is 3.65 (21), and import profit is -28.90 [2] - PB powder: Latest price is 773, daily change is -5, weekly change is 21, and import profit is -7.71 [2] - Macfarlane powder: Latest price is 754, daily change is -4, weekly change is 22, and import profit is -5.71 [2] - Jinbuba powder: Latest price is 736, daily change is -3, weekly change is 26, and import profit is 3.89 [2] - Mixed powder: Latest price is 683, daily change is -1, weekly change is 27, and import profit is -3.44 [2] - Super special powder: Latest price is 642, daily change is -4, weekly change is 26, and import profit is -9.09 [2] Brazilian Mainstream Iron Ore - Carajás powder (Bamix): Latest price is 865 (789), daily change is -3 (0), weekly change is 25 (26), and import profit is -14.20 (-7.37) [2] - Brazilian coarse IOC6: Latest price is 745, daily change is -5, weekly change is 11 [2] - Brazilian coarse SSFT: Latest price is 760, daily change is -5, weekly change is 11 [2] - Brazilian concentrate: Latest price is 859, daily change is -3, weekly change is 25 [2] Non - mainstream Iron Ore - Roy Hill powder: Latest price is 743, daily change is -5, weekly change is 21, and import profit is 8.00 [2] - South African powder: Latest price is 833, daily change is -5, weekly change is 21 [2] - 58% Indian powder: Latest price is 594, daily change is -4, weekly change is 26 [2] - Robe River powder: Latest price is 698, daily change is -5, weekly change is 21 [2] - Atlas powder: Latest price is 678, daily change is -1, weekly change is 27 [2] Others - PB lump/ lump premium: Latest price is 919, daily change is -1, weekly change is 25 [2] - Ukrainian pellet/ pellet premium: Latest price is 830, daily change is -5, weekly change is 22 [2] - Tangshan iron concentrate: Latest price is 944, daily change is 5, weekly change is 11 [2] 3. Futures Market Dalian Commodity Exchange - i2601 contract: Latest price is 698.0, daily change is -1.5, weekly change is 30.0, and basis is 103.7 [2] - i2505 contract: Latest price is 801.5, daily change is 6.0, weekly change is 45.5, and basis is 0.2 [2] - i2509 contract: Latest price is 736.5, daily change is -0.5, weekly change is 43.0, and basis is 65.2 [2] Singapore Exchange - FE01 contract: Latest price is 95.29, daily change is 1.21, weekly change is 2.22, and basis is -77.6 [2] - FE05 contract: Latest price is 101.80, daily change is 1.75, weekly change is 2.45, and basis is -27.1 [2] - FE09 contract: Latest price is 98.28, daily change is 1.63, weekly change is 2.67 [2]

Report Information - Report Title: Iron Ore Morning Report [1] - Team: Research Center Black Team - Date: May 14, 2025 Spot Market Australian Iron Ore - The latest price of the Platts 62 index is 98.60, with a daily change of 0.60 and a weekly change of 1.70 [2]. - For Newman and PB powders, the latest prices are 757 and 765 respectively, with daily changes of -5 and -4, and weekly changes of 4 and 6. Their import profits are -23.55 and -2.01 [2]. - The price of Mac fines is 745, with a daily change of -2, a weekly change of 7, and an import profit of -1.93 [2]. - The price of Jinbuba is 724, with a daily change of -5, a weekly change of 3, and an import profit of 4.38 [2]. - The price of mixed fines is 675, with a daily change of -3, a weekly change of 17, and an import profit of 0.61 [2]. - The price of Super Special fines is 630, with a daily change of -5, a weekly change of 6, and an import profit of -8.87 [2]. Brazilian Iron Ore - The price of Carajás fines is 853, with a daily change of -2, a weekly change of 3, and an import profit of -13.47 [2]. - The price of Brazilian Blend is 776, with a daily change of -4, a weekly change of 3, and an import profit of -8.49 [2]. - The price of Brazilian coarse IOC6 is 737, with a daily change of -4 and a weekly change of 4 [2]. - The price of Brazilian coarse SSFT is 752, with a daily change of -4 and a weekly change of 4 [2]. - The price of Brazilian iron ore concentrate is 847, with a daily change of -2 and a weekly change of 3 [2]. Non - mainstream Iron Ore - The price of Ukrainian iron ore concentrate is 820, with a daily change of -4 and a weekly change of -5 [2]. - The price of 61% Indian fines is 704, with a daily change of -5 and a weekly change of 3 [2]. - The price of Karara iron ore concentrate is 820, with a daily change of -3 and a weekly change of 5 [2]. - The price of Roy Hill fines is 735, with a daily change of -4, a weekly change of 6, and an import profit of 16.01 [2]. - The price of South African fines is 825, with a daily change of -4 and a weekly change of 6 [2]. - The price of 58% Indian fines is 582, with a daily change of -5 and a weekly change of 6 [2]. - The price of Robe River fines is 690, with a daily change of -4 and a weekly change of 6 [2]. - The price of Atlas fines is 670, with a daily change of -3 and a weekly change of 17 [2]. Others - The price of PB lump/ lump ore premium is 905, with a daily change of -5 and a weekly change of 5 [2]. - The price of Ukrainian pellets/ pellet premium is 820, with a daily change of -4 and a weekly change of -5 [2]. - The price of Tangshan iron ore concentrate is 939, with a daily change of 4 and a weekly change of 6 [2]. Futures Market Dalian Commodity Exchange - The latest price of the i2601 contract is 684.5, with a daily change of -2.5 and a weekly change of 5.0. The monthly spread is 30.0, and the basis is 103.1 [2]. - The latest price of the i2505 contract is 778.0, with a daily change of 17.0 and a weekly change of 17.0. The monthly spread is -93.5, and the basis is 9.6 [2]. - The latest price of the i2509 contract is 714.5, with a daily change of -4.0 and a weekly change of 10.0. The monthly spread is 63.5, and the basis is 73.1 [2]. Singapore Exchange - The latest price of the FE01 contract is 94.46, with a daily change of 2.72 and a weekly change of 2.70. The difference is -84.4 [2]. - The latest price of the FE05 contract is 100.49, with a daily change of 2.24 and a weekly change of 2.84. The monthly spread is -6.03, and the difference is -40.0 [2]. - The latest price of the FE09 contract is 97.08, with a daily change of 2.89 and a weekly change of 2.90 [2].