Report Industry Investment Rating - Not provided in the report Core View - The expected weakening of steel exports puts pressure on iron ore prices [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of I2605 was 753.5 yuan/ton, down 1.0 yuan/ton (-0.13%). The position was 532,861 hands, a decrease of 9,866 hands [1] - **Spot Prices**: Imported ore prices (such as 65% Carajás fines, 61.5% PB fines, 61% Jimbara fines, 56.5% Super Special fines) and domestic ore prices (such as 66% Hanxing ore, 65% Laiwu ore) showed different degrees of decline or remained unchanged [1] - **Basis and Spreads**: The basis and spreads of different varieties and contracts showed various changes, such as the basis of I2605 against Super Special fines decreased by 2.3 yuan/ton, and the spread between I2605 and I2609 decreased by 0.5 yuan/ton [1] Macro and Industry News - Five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, effective from February 26, 2026 [1] - Some steel enterprises in North China received a notice of temporary independent emission reduction during the Two Sessions in 2026, with a requirement to reduce blast furnace load by at least 30% from March 4 to March 11 [2] Trend Intensity - The trend intensity of iron ore is -1, indicating a relatively bearish view [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The iron ore market is in a game between expectations and reality, with ore prices fluctuating in a narrow range [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of I2605 was 777.5 yuan/ton, down 5.5 yuan/ton or 0.70%. The持仓 was 518,849 hands, a decrease of 1,835 hands [1] - **Spot Price**: Imported ore prices, including Carajás fines (65%), PB fines (61.5%), Jimbobara fines (61%), and Super Special fines (56.5%), all decreased, while domestic ore prices of Hanxing (66%) and Laiwu (65%) remained unchanged [1] - **Basis and Spread**: The basis of I2605 against Super Special fines decreased by 3.2 yuan/ton, and the basis against Jimbobara fines increased by 0.1 yuan/ton. The spreads between different contracts and different ore types also changed [1] 2. Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and up from the previous value of 50.1 [1] - Many real - estate companies are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate companies need to report financial indicators such as asset - liability ratio to the special team in their headquarters city regularly [1] 3. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view. The range of trend intensity is [-2, 2], where -2 is the most bearish and 2 is the most bullish [2]