Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: December 08, 2025 [2] Group 2: Futures Market Data - DCE01 Price: 778.5, down 7.0 from yesterday [2] - DCE05 Price: 760.5, down 8.5 from yesterday [2] - DCE09 Price: 737.0, down 7.0 from yesterday [2] - I01 - I05 Spread: 18.0, up 1.5 from yesterday [2] - I05 - I09 Spread: 23.5, down 1.5 from yesterday [2] - I09 - I01 Spread: -41.5, unchanged from yesterday [2] Group 3: Spot Market Data - PB粉 (60.8%) Price: 780, down 8 from the day before yesterday [2] - Newman Powder Price: 785, down 6 from the day before yesterday [2] - Macfarlane Powder Price: 777, down 8 from the day before yesterday [2] - Jinbuba Powder (60.5%) Price: 740, down 6 from the day before yesterday [2] - Roy Hill Powder Price: 773, down 6 from the day before yesterday [2] - Super Special Powder Price: 675, down 5 from the day before yesterday [2] - BRBF (62.5%) Price: 826, down 3 from the day before yesterday [2] - BRBF (63%) Price: 832, down 3 from the day before yesterday [2] - FMG Price: 732, unchanged from the day before yesterday [2] - Carajás Powder Price: 870, down 8 from the day before yesterday [2] - Karara Concentrate Price: 877, down 5 from the day before yesterday [2] - Ukrainian Concentrate Price: 875, down 5 from the day before yesterday [2] - IOC6 Price: 757, down 6 from the day before yesterday [2] - KUMBA Price: 864, down 7 from the day before yesterday [2] - SP10 Price: 724, down 6 from the day before yesterday [2] - Minmetals Standard Powder Price: 791, down 11 from the day before yesterday [2] - Optimal Delivery Product: Carajás Powder [2] Group 4: Spot Variety Spread and Import Profit - Carajás Powder - PB Powder Spread: 83, down 2 from the day before yesterday [2] - Newman Powder - Jinbuba Powder Spread: 45, unchanged from the day before yesterday [2] - Carajás Powder - Jinbuba Powder Spread: 130, down 2 from the day before yesterday [2] - PB - Jinbuba Powder Spread: 47, unchanged from the day before yesterday [2] - Newman Lump - Newman Powder Spread: 71, up 1 from the day before yesterday [2] - Roy Hill Lump - Roy Hill Powder Spread: 13, up 1 from the day before yesterday [2] - Macfarlane Powder - Super Special Powder Spread: 102, down 3 from the day before yesterday [2] - PB Powder - Super Special Powder Spread: 112, down 1 from the day before yesterday [2] - PB Lump - PB Powder Spread: 78, unchanged from the day before yesterday [2] - Carajás Powder Import Profit: -22, down 4 from the day before yesterday [2] - Newman Powder Import Profit: 10, down 2 from the day before yesterday [2] - PB Powder Import Profit: -10, down 4 from the day before yesterday [2] - Jinbuba Powder Import Profit: 17, unchanged from the day before yesterday [2] - Super Special Powder Import Profit: -10, down 1 from the day before yesterday [2] - PB Lump Import Profit: 76, up 1 from the day before yesterday [2] - BRBF Import Profit: 6, unchanged from the day before yesterday [2] - Macfarlane Powder Import Profit: 9, down 3 from the day before yesterday [2] - FMG Import Profit: 1, up 4 from the day before yesterday [2] Group 5: Platts Index and Internal - External US Dollar Spread - Platts Iron Ore 62% Price: 107.1, down 0.9 from the day before yesterday [2] - Platts Iron Ore 65% Price: 119.1, down 0.9 from the day before yesterday [2] - Platts Iron Ore 58% Price: 95.4, down 0.7 from the day before yesterday [2] - SGX Main - DCE01 Spread: 2.6, up 0.3 from the day before yesterday [2] - SGX Main - DCE05 Spread: 4.7, up 0.2 from the day before yesterday [2] - SGX Main - DCE09 Spread: 7.8, up 0.3 from the day before yesterday [2]

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Date: December 04, 2025 [2] Group 2: Futures Market - DCE01 price: 794.5, down 5.0 from yesterday [2] - DCE05 price: 777.0, unchanged from yesterday [2] - DCE09 price: 753.0, unchanged from yesterday [2] - I01 - I05 spread: 17.5, down 5.0 from yesterday [2] - I05 - I09 spread: 24.0, unchanged from yesterday [2] - I09 - I01 spread: -41.5, up 5.0 from yesterday [2] Group 3: Spot Market - PB powder (60.8%) price: 792, down 1 from yesterday [2] - Newman powder price: 795, up 1 from yesterday [2] - Mac powder price: 786, down 4 from yesterday [2] - Jinbuba powder (60.5%) price: 749, down 1 from yesterday [2] - Roy Hill powder price: 783, unchanged from yesterday [2] - Super Special powder price: 688, down 2 from yesterday [2] - BRBF (62.5%) price: 832, down 4 from yesterday [2] - BRBF (63%) price: 838, down 4 from yesterday [2] - FMG price: 738, up 2 from yesterday [2] - Carajás powder price: 885, down 3 from yesterday [2] - Karara concentrate price: 887, down 3 from yesterday [2] - Ukrainian concentrate price: 885, down 3 from yesterday [2] - IOC6 price: 770, down 4 from yesterday [2] - KUMBA price: 878, down 1 from yesterday [2] - SP10 price: 733, down 1 from yesterday [2] - Minmetals standard powder price: 805, unchanged from yesterday [2] - Optimal delivery product: Carajás powder [2] Group 4: Spot Price Spread - Carajás powder - PB powder spread: 88, down 3 from yesterday [2] - Newman powder - Jinbuba powder spread: 46, up 2 from yesterday [2] - Carajás powder - Jinbuba powder spread: 136, down 2 from yesterday [2] - PB powder - Jinbuba powder spread: 48, up 1 from yesterday [2] - Newman lump - Newman powder spread: 72, down 3 from yesterday [2] - Roy Hill lump - Roy Hill powder spread: 14, down 2 from yesterday [2] - Mac powder - Super Special powder spread: 98, down 2 from yesterday [2] - PB powder - Super Special powder spread: 109, up 2 from yesterday [2] - PB lump - PB powder spread: 78, down 1 from yesterday [2] Group 5: Import Profit - Carajás powder import profit: -11, unchanged from yesterday [2] - Newman powder import profit: 18, up 3 from yesterday [2] - PB powder import profit: -2, up 2 from yesterday [2] - Jinbuba powder import profit: 21, up 1 from yesterday [2] - Super Special powder import profit: -1, up 1 from yesterday [2] - PB lump import profit: 78, up 2 from yesterday [2] - BRBF import profit: 8, unchanged from yesterday [2] - Mac powder import profit: 13, down 3 from yesterday [2] - FMG import profit: 4, up 5 from yesterday [2] Group 6: Platts Index - Platts 62% iron ore price: 108.0, up 0.2 from yesterday [2] - Platts 65% iron ore price: 120.0, up 0.2 from yesterday [2] - Platts 58% iron ore price: 96.1, up 0.4 from yesterday [2] Group 7: Domestic and Foreign Dollar Spread - SGX main - DCE01 spread: 1.9, up 0.1 from yesterday [2] - SGX main - DCE05 spread: 4.7, down 0.3 from yesterday [2] - SGX main - DCE09 spread: 7.8, down 0.3 from yesterday [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report presents the daily data of iron ore futures and spot markets on November 3, 2025, including price changes, basis, spreads, import profits, and other information. 3. Summary by Relevant Catalogs Futures Market - **Futures Prices**: DCE01 was 782.5, down 17.5 from yesterday; DCE05 was 760.5, down 16.0; DCE09 was 740.5, down 14.5 [2]. - **Inter - month Spreads**: I01 - I05 was 22.0, down 1.5; I05 - I09 was 20.0, down 1.5; I09 - I01 was - 42.0, up 3.0 [2]. Spot Market - **Spot Prices**: PB powder (60.8%) was 797, down 1; Newman powder was 800, down 2; etc. [2]. - **Basis**: The basis of the optimal delivery product (McFadden powder) for 01 contract was 56, 79 for 05 contract, and 101 for 09 contract [2]. - **Spot Spreads**: The spread of Carajás powder - PB powder was 110, down 5; Newman powder - Jinbuba powder was 48, up 1; etc. [2]. - **Import Profits**: The import profit of Carajás powder was 9, up 1; Newman powder was 6, down 2; etc. [2]. Indexes - **Platts Indexes**: The price of Platts 62% iron ore was 107.4, down 0.3; 65% was 120.7, down 0.5; 58% was 95.7, down 0.6 [2]. - **Internal - External US Dollar Spreads**: SGX main - DCE01 was 8.0, up 0.2; SGX main - DCE05 was 10.9, up 0.2; SGX main - DCE09 was 13.7, up 0.3 [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Market - DCE01 decreased from 787.0 to 776.5, a drop of 10.5; DCE05 decreased from 763.0 to 754.0, a drop of 9.0; DCE09 decreased from 806.5 to 797.0, a drop of 9.5 [2] - I01 - I05 decreased from 24.0 to 22.5, a drop of 1.5; I05 - I09 increased from -43.5 to -43.0, an increase of 0.5; I09 - I01 increased from 19.5 to 20.5, an increase of 1.0 [2] Spot Market - Most iron ore spot prices increased, such as PB powder rising from 767 to 780, an increase of 13; Newman powder rising from 764 to 776, an increase of 12 [2] - The optimal delivery product is PB powder, with a standard - product price of 822, 01 - factory - warehouse basis of 27, 05 - factory - warehouse basis of 51, and 09 - factory - warehouse basis of 8 [2] Spot Variety Spread and Import Profit - Some spot variety spreads remained stable, like the card - powder - PB - powder spread at 110, unchanged; the card - powder - Jinbuba spread at 137, unchanged [2] - Import profits of most varieties decreased, such as card powder's import profit dropping from -19 to -23, a decrease of 4; Newman powder's import profit dropping from 4 to -1, a decrease of 6 [2] Index and Spread - The Platts 62% iron ore price increased from 100.4 to 103.0, an increase of 2.7; the Platts 65% iron ore price increased from 117.9 to 120.5, an increase of 2.7; the Platts 58% iron ore price increased from 88.5 to 91.0, an increase of 2.5 [2] - SGX - DCE01 decreased from 7.7 to 7.5, a decrease of 0.2; SGX - DCE05 remained unchanged at 10.5; SGX - DCE09 decreased from 5.3 to 5.0, a decrease of 0.2 [2]