1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoint - No relevant content found 3. Summary by Related Catalog Futures Prices - DCE01 price increased from 762.5 to 766.5, a rise of 4.0; DCE05 rose from 819.0 to 824.0, an increase of 5.0; DCE09 climbed from 786.5 to 790.5, a gain of 4.0 [2] - The spread I01 - I05 decreased by 1.0 to -57.5; I05 - I09 increased by 1.0 to 33.5; I09 - I01 remained unchanged at 24.0 [2] Spot Prices - PB powder (60.8%) remained at 794; Newman powder stayed at 739; Macfarlane powder rose from 780 to 782; etc. [2] - The optimal deliverable is Newman powder, with a price of 808, 01 - contract basis of 38, 05 - contract basis of -19, and 09 - contract basis of 14 [2] Spot Variety Spreads - The spread of Carajás - PB powder increased by 2 to 159; Newman - Jinbuba decreased by 2 to -11; etc. [2] Import Profits - Carajás import profit increased from 15 to 18; Newman powder's import profit rose from -23 to -21; etc. [2] Indexes - The price of Platts Iron Ore 61% decreased from 109.6 to 109.5; 65% dropped from 127.2 to 127.1; 58% fell from 99.1 to 98.9 [2] - The spread of SGX main - DCE01 decreased from 14.0 to 13.4; SGX main - DCE05 dropped from 6.7 to 6.1; SGX main - DCE09 declined from 11.1 to 10.3 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

Report Overview - The report is an iron ore daily report dated March 12, 2026, focusing on the iron ore market [2] Futures Market - **Contract Prices**: DCE01 closed at 749.5, up 9.0 from yesterday; DCE05 closed at 795.5, up 8.0; DCE09 closed at 766.5, up 8.0 [2] - **Spread Changes**: I01 - I05 spread was -46.0, up 1.0; I05 - I09 spread was 29.0, unchanged; I09 - I01 spread was 17.0, down 1.0 [2] Spot Market - **Prices and Changes**: Various iron ore powders and concentrates showed price changes, with some increasing and some decreasing. For example, PB powder (60.8%) increased by 1 to 770, while super special powder decreased by 1 to 654 [2] - **Base Differences**: The base differences between different contracts and spot prices were provided, with the optimal delivery product being BRBF (62.5%) [2] - **Price Spreads**: Spreads between different spot varieties were also presented, such as the spread between PB powder and super special powder increasing by 2 to 120 [2] Indexes and Profits - **Platts Indexes**: The Platts iron ore 61% price was 105.1, up 0.3; the 65% price was 124.5, up 0.3; the 58% price remained unchanged at 95.6 [2] - **Import Profits**: Import profits of different iron ore varieties changed, with some increasing and some remaining stable. For example, the import profit of PB powder increased by 3 to -10 [2] - **USD Spreads**: The spreads between SGX and DCE contracts decreased, with SGX - DCE01 down 0.2 to 11.9, SGX - DCE05 down 0.5 to 5.9, and SGX - DCE09 down 0.2 to 9.6 [2] Graphs - The report included multiple graphs showing the base differences between the optimal delivery product and different contracts, cross - period spreads, import profits of different iron ore varieties, price spreads between different varieties, and the relationship between iron ore internal and external USD spreads and steel mill cash profits [8][11][12]

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: March 11, 2026 [2] Group 2: Futures Market Data - DCE01 price: 740.5, up 1.5 from yesterday [2] - DCE05 price: 787.5, up 3.5 from yesterday [2] - DCE09 price: 758.5, up 1.5 from yesterday [2] - I01 - I05 spread: -47.0, down 2.0 from yesterday [2] - I05 - I09 spread: 29.0, up 2.0 from yesterday [2] - I09 - I01 spread: 18.0, unchanged from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%): price 769, unchanged; standard - grade equivalent 835; 01 - factory - basis 88, 05 - factory - basis 43, 09 - factory - basis 70 [2] - Newman powder: price 769, unchanged; standard - grade equivalent 841; 01 - factory - basis 94, 05 - factory - basis 49, 09 - factory - basis 76 [2] - Macfie powder: price 762, unchanged; standard - grade equivalent 842; 01 - factory - basis 95, 05 - factory - basis 50, 09 - factory - basis 77 [2] - Jinbuba powder (60.3%): price 725, unchanged; standard - grade equivalent 878; 01 - factory - basis 131, 05 - factory - basis 86, 09 - factory - basis 113 [2] - Roy Hill powder: price 759, unchanged; standard - grade equivalent 853; 01 - factory - basis 106, 05 - factory - basis 61, 09 - factory - basis 88 [2] - Super Special powder: price 655, down 3; standard - grade equivalent 877; 01 - factory - basis 130, 05 - factory - basis 85, 09 - factory - basis 112 [2] - BRBF (62.5%): price 795, down 3; standard - grade equivalent 816; 01 - factory - basis 69, 05 - factory - basis 24, 09 - factory - basis 51 [2] - BRBF (63%): price 805, down 3; standard - grade equivalent 820; 01 - factory - basis 73, 05 - factory - basis 28, 09 - factory - basis 55 [2] - FMG: price 705, down 5; standard - grade equivalent 847; 01 - factory - basis 100, 05 - factory - basis 55, 09 - factory - basis 82 [2] - Carajás powder: price 905, unchanged; standard - grade equivalent 854; 01 - factory - basis 107, 05 - factory - basis 62, 09 - factory - basis 89 [2] - Karara concentrate: price 875, unchanged; standard - grade equivalent 863; 01 - factory - basis 116, 05 - factory - basis 71, 09 - factory - basis 98 [2] - Ukrainian concentrate: price 873, unchanged; standard - grade equivalent 911; 01 - factory - basis 164, 05 - factory - basis 119, 09 - factory - basis 146 [2] - IOC6: price 732, unchanged; standard - grade equivalent 818; 01 - factory - basis 71, 05 - factory - basis 26, 09 - factory - basis 53 [2] - KUMBA: price 837, down 3; standard - grade equivalent 823; 01 - factory - basis 76, 05 - factory - basis 31, 09 - factory - basis 58 [2] - SP10: price 699, unchanged; standard - grade equivalent 838; 01 - factory - basis 91, 05 - factory - basis 46, 09 - factory - basis 73 [2] - Minmetals standard powder: price 781, down 5; standard - grade equivalent 843; 01 - factory - basis 96, 05 - factory - basis 51, 09 - factory - basis 78 [2] - Optimal delivery product: BRBF (62.5%) [2] Group 4: Spot Price Spreads and Import Profits - Carajás powder - PB powder spread: 132, unchanged [2] - Newman powder - Jinbuba powder spread: 44, unchanged [2] - Carajás powder - Jinbuba powder spread: 180, unchanged [2] - PB powder - Jinbuba powder spread: 48, unchanged [2] - Newman lump - Newman powder spread: 113, down 6 [2] - Roy Hill lump - Roy Hill powder spread: 48, down 6 [2] - Macfie powder - Super Special powder spread: 107, up 3 [2] - PB powder - Super Special powder spread: 118, up 3 [2] - PB lump - PB powder spread: 110, down 2 [2] - Carajás powder import profit: -12, down 13 [2] - Newman powder import profit: 33, unchanged [2] - PB powder import profit: -13, down 1 [2] - Jinbuba powder import profit: 36, down 3 [2] - Super Special powder import profit: -16, down 7 [2] - PB lump import profit: 91, down 3 [2] - BRBF import profit: -14, down 6 [2] - Macfie powder import profit: 30, unchanged [2] - FMG import profit: -20, down 9 [2] Group 5: Platts Index and内外盘美金价差 - Platts Iron Ore 61% price: 104.9, up 0.3 [2] - Platts Iron Ore 65% price: 124.3, up 1.1 [2] - Platts Iron Ore 58% price: 95.6, up 1.1 [2] - SGX main - DCE01 spread: 12.1, up 0.8 [2] - SGX main - DCE05 spread: 6.4, up 0.6 [2] - SGX main - DCE09 spread: 9.8, up 0.7 [2] Group 6: Graphs - Graph 1: Optimal delivery product - 01 contract basis [8] - Graph 2: Optimal delivery product - 05 contract basis [8] - Graph 3: Optimal delivery product - 09 contract basis [11] - Graph 4: Inter - period arbitrage 5/9 spread [11] - Graph 5: PB powder import profit [12] - Graph 6: PB lump import profit [12] - Graph 7: Super Special powder import profit [14] - Graph 8: Carajás powder import profit [14] - Graph 9: PB lump - PB powder spread [18] - Graph 10: Carajás powder - PB powder spread [18] - Graph 11: Iron ore domestic - foreign US dollar spread [22] - Graph 12: Steel mill cash profit and high - medium - low grade spreads [22]

Group 1: Report Information - Report title: Iron Ore Daily Report [2] - Report date: March 2, 2026 [2] Group 2: Futures Market Data - DCE01 price: 721.5, up 2.5 from yesterday [2] - DCE05 price: 754.5, up 4.0 from yesterday [2] - DCE09 price: 733.5, up 2.5 from yesterday [2] - I01 - I05 spread: -33.0, down 1.5 from yesterday [2] - I05 - I09 spread: 21.0, up 1.5 from yesterday [2] - I09 - I01 spread: 12.0, unchanged from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price: 748, up 2 from yesterday [2] - Newman powder price: 748, up 2 from yesterday [2] - Macfie powder price: 744, up 1 from yesterday [2] - Jinbuba powder (60.3%) price: 706, up 4 from yesterday [2] - Roy Hill powder price: 738, up 2 from yesterday [2] - Super Special powder price: 638, unchanged from yesterday [2] - BRBF (62.5%) price: 781, up 4 from yesterday [2] - BRBF (63%) price: 789, up 4 from yesterday [2] - FMG price: 697, up 5 from yesterday [2] - Carajás powder price: 880, up 2 from yesterday [2] - Karara concentrate price: 853, up 4 from yesterday [2] - Ukrainian concentrate price: 849, up 4 from yesterday [2] - IOC6 price: 713, up 4 from yesterday [2] - KUMBA price: 822, up 3 from yesterday [2] - SP10 price: 678, up 2 from yesterday [2] - Minmetals standard powder price: 769, up 1 from yesterday [2] - Optimal delivery product: IOC6 [2] Group 4: Spot Price Spread and Import Profit - Carajás powder - PB powder spread: 128, unchanged from yesterday [2] - Newman powder - Jinbuba powder spread: 42, down 2 from yesterday [2] - Carajás powder - Jinbuba powder spread: 174, down 2 from yesterday [2] - PB powder - Jinbuba powder spread: 46, down 2 from yesterday [2] - Newman lump - Newman powder spread: 113, up 2 from yesterday [2] - Roy Hill lump - Roy Hill powder spread: 48, up 2 from yesterday [2] - Macfie powder - Super Special powder spread: 106, up 1 from yesterday [2] - PB powder - Super Special powder spread: 114, up 2 from yesterday [2] - PB lump - PB powder spread: 108, up 3 from yesterday [2] - Carajás powder import profit: 22, up 2 from yesterday [2] - Newman powder import profit: 40, up 1 from yesterday [2] - PB powder import profit: 8, down 3 from yesterday [2] - Jinbuba powder import profit: 47, up 3 from yesterday [2] - Super Special powder import profit: 0, unchanged from yesterday [2] - PB lump import profit: 109, unchanged from yesterday [2] - BRBF import profit: 16, up 4 from yesterday [2] - Macfie powder import profit: 40, unchanged from yesterday [2] - FMG import profit: 5, up 4 from yesterday [2] Group 5: Platts Index and USD Spread - Platts Iron Ore 61% price: 99.8, up 0.5 from yesterday [2] - Platts Iron Ore 65% price: 117.5, up 0.5 from yesterday [2] - Platts Iron Ore 58% price: 91.0, down 0.3 from yesterday [2] - SGX main contract - DCE01 spread: 8.7, up 0.4 from yesterday [2] - SGX main contract - DCE05 spread: 4.6, unchanged from yesterday [2] - SGX main contract - DCE09 spread: 7.1, up 0.3 from yesterday [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog Futures Price - DCE01 decreased from 720.0 to 713.5, a drop of 6.5; DCE05 decreased from 746.0 to 740.5, a drop of 5.5; DCE09 decreased from 730.5 to 724.5, a drop of 6.0 [2] - I01 - I05 decreased from -26.0 to -27.0, a drop of 1.0; I05 - I09 increased from 15.5 to 16.0, an increase of 0.5; I09 - I01 increased from 10.5 to 11.0, an increase of 0.5 [2] Spot Price - Various iron ore spot prices decreased, such as PB powder (60.8%) from 763 to 752, a drop of 11; Newman powder from 763 to 752, a drop of 11; etc [2] - The optimal delivery product is BRBF (63%) with a price of 795, 01 factory - warehouse basis of 67, 05 factory - warehouse basis of 41, and 09 factory - warehouse basis of 56 [2] Spot Variety Spread - The spread between some varieties changed, for example, the spread of Carajás powder - PB powder increased from 97 to 99, an increase of 2; Newman powder - Jinbuba powder spread remained unchanged at 47 [2] Import Profit - Import profits of various iron ore varieties increased, such as Carajás powder import profit increased from 2 to 15, an increase of 12; Newman powder import profit increased from 49 to 58, an increase of 10 [2] Platts Index - Platts iron ore 61% price decreased from 99.6 to 96.8, a drop of 2.8; Platts iron ore 65% price decreased from 116.1 to 113.4, a drop of 2.7; Platts iron ore 58% price decreased from 91.9 to 90.6, a drop of 1.3 [2] Internal - External Disk US Dollar Spread - SGX main - DCE01 decreased from 3.8 to 3.4, a drop of 0.4; SGX main - DCE05 remained unchanged at 0.1; SGX main - DCE09 decreased from 2.3 to 2.1, a drop of 0.2 [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Related Catalogs Futures Market Data - DCE01 remained unchanged at 733.5, DCE05 decreased by 0.5 to 762.0, and DCE09 remained at 745.0 [2] - The spread I01 - I05 increased by 0.5 to -28.5, I05 - I09 decreased by 0.5 to 17.0, and I09 - I01 remained at 11.5 [2] Spot Market Data - Prices of most iron ore spot varieties remained stable, with some minor changes like FMG increasing by 1, SP10 increasing by 4, and Ukrainian concentrate increasing by 8 [2] - The optimal deliverable was BRBF(63%) with a price of 803, 01 - contract basis of 62, 05 - contract basis of 33, and 09 - contract basis of 50 [2] Spot Variety Spread and Import Profit - Some spreads remained stable (e.g., Carajás - PB powder at 97), while others changed slightly (e.g., Newman lump - Newman powder increased by 2) [2] - Import profits also had minor changes: Carajás increased by 1 to 0, Newman powder decreased by 1 to 48, etc. [2] Index Data - The Platts 61% iron ore price decreased by 0.3 to 100.0, 65% remained at 116.5, and 58% decreased by 0.3 to 92.0 [2] - The SGX - DCE spreads remained mostly unchanged (e.g., SGX main - DCE01 at 4.1) [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No relevant content provided 3. Summary by Related Catalog Futures Prices - DCE01 decreased from 753.5 to 741.0, a drop of 12.5 [2] - DCE05 decreased from 781.5 to 768.5, a drop of 13.0 [2] - DCE09 decreased from 764.5 to 751.0, a drop of 13.5 [2] Spread between Futures Contracts - I01 - I05 increased from -28.0 to -27.5, an increase of 0.5 [2] - I05 - I09 increased from 17.0 to 17.5, an increase of 0.5 [2] - I09 - I01 decreased from 11.0 to 10.0, a decrease of 1.0 [2] Spot Prices - PB powder (60.8%) increased from 777 to 780, an increase of 3 [2] - Newman powder increased from 777 to 780, an increase of 3 [2] - Mac powder increased from 773 to 775, an increase of 2 [2] Spot Variety Spreads - The spread between Carajás fines and PB powder decreased from 93 to 92, a decrease of 1 [2] - The spread between Newman powder and Jinbuba powder decreased from 47 to 46, a decrease of 1 [2] - The spread between Carajás fines and Jinbuba powder decreased from 144 to 142, a decrease of 2 [2] Import Profits - The import profit of Carajás fines decreased from -7 to -8, a decrease of 1 [2] - The import profit of Newman powder decreased from 50 to 49, a decrease of 1 [2] - The import profit of PB powder increased from 20 to 22, an increase of 2 [2] Platts Index - Platts iron ore 61% price increased from 102.0 to 102.3, an increase of 0.3 [2] - Platts iron ore 65% price increased from 118.0 to 118.5, an increase of 0.5 [2] - Platts iron ore 58% price increased from 93.4 to 94.0, an increase of 0.7 [2] USD Spread between Domestic and Overseas Markets - The spread between SGX main contract and DCE01 decreased from 4.7 to 4.2, a decrease of 0.5 [2] - The spread between SGX main contract and DCE05 decreased from 1.0 to 0.6, a decrease of 0.4 [2] - The spread between SGX main contract and DCE09 decreased from 3.3 to 2.8, a decrease of 0.5 [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a daily monitoring of iron ore basis and price spreads, including contract spreads, basis data and charts, and variety price spreads and charts. It also details the adjustments to the deliverable brands and their premiums/discounts for iron ore futures contracts [3][7][13] 3. Summary by Relevant Catalog 3.1 Contract Spreads - The closing price of I05 is 781.5 yuan/ton, up 4.0 yuan from the previous day; I09 is 764.5 yuan/ton, up 4.5 yuan; I01 is 753.5 yuan/ton, up 4.5 yuan [3] - The spread of I05 - I09 is 17.0 yuan/ton, down 0.5 yuan; I09 - I01 is 11.0 yuan/ton, unchanged; I01 - I05 is -28.0 yuan/ton, up 0.5 yuan [3] 3.2 Basis 3.2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás), BRBF, Newman fines, etc., their prices, delivery costs, basis, and changes are presented. For example, the price of Carajás fines is 881 yuan/ton, up 4.0 yuan, with a basis of 57 yuan, unchanged [7] 3.2.2 Basis Charts - Charts show the basis of different types of iron ore, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc., from May 2025 to January 2026 [10][11][12] 3.3 Adjustment of Deliverable Brands and Premiums/Discounts - Four new deliverable varieties (Benxi Iron concentrate, IOC6, KUMBA, Ukrainian iron concentrate) are added with a brand premium/discount of 0, effective from the I2202 contract [13] - The brand premiums/discounts of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [13] - The quality differences and quality premiums/discounts of substitutes are modified, including the adjustment of the allowable range of iron grade and other element indicators, and the introduction of a dynamic adjustment mechanism for the premium/discount value of iron element indicators [13] - Four more brands (Taigang iron concentrate, Magang iron concentrate, Minmetals standard fines, SP10 fines) are added as deliverable brands with a brand premium/discount of 0 yuan/ton, applicable to the I2312 and subsequent contracts [13] 3.4 Variety Price Spreads 3.4.1 Variety Price Spread Data - The price spreads of different iron ore varieties are presented, such as the spread of PB lump - PB fines is 69.0 yuan/ton, down 3.0 yuan; PB fines - FMG mixed fines is 58.0 yuan/ton, up 2.0 yuan [15] 3.4.2 Variety Price Spread Charts - Charts show different types of price spreads, including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc [16][17][18]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Not provided in the content 3. Summary by Relevant Catalog Futures Prices - DCE01 decreased from 753.5 to 749.0, a drop of 4.5; DCE05 decreased from 783.0 to 777.5, a drop of 5.5; DCE09 decreased from 766.0 to 760.0, a drop of 6.0 [2] - I01 - I05 increased from -29.5 to -28.5, a rise of 1.0; I05 - I09 increased from 17.0 to 17.5, a rise of 0.5; I09 - I01 decreased from 12.5 to 11.0, a drop of 1.5 [2] Spot Prices - Most spot iron ore prices decreased, such as PB powder (60.8%) dropped from 790 to 783, a decrease of 7; Newman powder dropped from 790 to 783, a decrease of 7; etc [2] - The optimal delivery product is Carajás fines, with a price of 825, 01 - contract factory - warehouse basis of 64, 05 - contract factory - warehouse basis of 34, and 09 - contract factory - warehouse basis of 51 [2] Spot Variety Spreads - Some spreads increased, like Carajás fines - PB powder spread increased from 90 to 92, a rise of 2; Newman powder - Jinbuba powder spread increased from 47 to 48, a rise of 1 [2] Import Profits - Import profits of some varieties changed, such as Carajás fines' import profit decreased from -1 to -7, a decrease of 6; Newman powder's import profit increased from 50 to 51, a rise of 1 [2] Index Prices - The Platts 61% iron ore price decreased from 103.2 to 102.4, a decrease of 0.8; the Platts 65% iron ore price decreased from 118.7 to 118.4, a decrease of 0.3; the Platts 58% iron ore price decreased from 95.2 to 94.1, a decrease of 1.1 [2][4] 内外盘美金价差 - SGX main - DCE01 decreased from 8.4 to 4.6, a decrease of 3.9; SGX main - DCE05 decreased from 4.4 to 0.8, a decrease of 3.6; SGX main - DCE09 decreased from 6.8 to 3.0, a decrease of 3.9 [2][4]