Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 26, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Data Australian Mainstream Iron Ore - **Price and Change**: Newman powder is priced at 726, down 14 daily and 9 weekly; PB powder is 784, down 14 daily and 9 weekly; Mac powder is 767, down 16 daily and 13 weekly; Jinbuba is 737, down 14 daily and 9 weekly; Mixed powder is 710, down 12 daily and 10 weekly; Super Special powder is 668, down 10 daily and 2 weekly; Carajás powder is 946, down 14 daily and 5 weekly [3] - **Import Profit**: Newman powder has an import profit of -44.82; Mac powder has an import profit of 23.40; Jinbuba has an import profit of 22.49; Mixed powder has an import profit of -29.00; Super Special powder has an import profit of -20.10; Carajás powder has an import profit of 19.94 [3] Brazilian Mainstream Iron Ore - **Price and Change**: Brazilian mixed ore is 825, down 17 daily and 5 weekly; Brazilian coarse IOC6 is 748, down 10 daily and 5 weekly; Brazilian coarse SSFG is 753, down 10 daily and 5 weekly [3] - **Import Profit**: Brazilian mixed ore has an import profit of -10.16 [3] Non - mainstream Iron Ore - **Price and Change**: Ukrainian concentrate powder is 880, down 15 daily and 10 weekly; 61% Indian powder is 726, down 14 daily and 9 weekly; Karara concentrate powder is 883, down 15 daily and 13 weekly; Roy Hill powder is 771, down 14 daily and 9 weekly; KUMBA powder is 843, down 14 daily and 9 weekly; 57% Indian powder is 603, down 10 daily and 2 weekly; Atlas powder is 705, down 12 daily and 10 weekly [3] - **Import Profit**: Roy Hill powder has an import profit of 39.49 [3] Others - **PB Lump/Block Premium**: The price is 895, down 13 daily and 10 weekly, with a premium of 0.1685 (no daily or weekly change) [3] - **Ukrainian Pellet/Pellet Premium**: The price is 880, down 15 daily and 10 weekly, with a premium of 17.35, up 0.05 daily and down 0.20 weekly [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The price is 963, down 6 daily and 6 weekly, with a converted price of 850.0 [3] Group 3: Futures Market Data Dalian Commodity Exchange - **i2701**: The latest price is 757.0, down 9.5 daily and 1.0 weekly, with a monthly spread of 20.5 and a basis/price difference of 65.3, down 4.9 daily and 8.3 weekly [3] - **i2605**: The latest price is 806.5, down 17.5 daily and 4.5 weekly, with a monthly spread of -49.5 and a basis/price difference of 15.8, up 3.1 daily and down 4.8 weekly [3] - **i2609**: The latest price is 777.5, down 13.0 daily and 1.5 weekly, with a monthly spread of 29.0 and a basis/price difference of 44.8, down 1.4 daily and 7.8 weekly [3] Singapore Exchange - **FE01**: The latest price is 101.90, down 0.20 daily and 0.49 weekly, with a monthly spread of 1.81 and a basis/price difference of -27.5, up 5.1 daily and 4.1 weekly [3] - **FE05**: The latest price is 106.56, down 0.46 daily and 0.89 weekly, with a monthly spread of -4.66 and a basis/price difference of -6.4, up 8.1 daily and 7.5 weekly [3] - **FE09**: The latest price is 103.71, down 0.35 daily and 0.68 weekly, with a monthly spread of 2.85 and a basis/price difference of -17.6, up 6.2 daily and 7.0 weekly [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary According to the Catalog 3.1 Spot Market - The latest price of the Platts 61 index is 102.65, with a daily change of 1.30 and a weekly change of 2.90 [3] - In Australia, the latest price of Newman powder is 768, with a daily change of 8 and a weekly change of 18; the latest price of PB powder is 772, with a daily change of 8 and a weekly change of 18; the latest price of Mac powder is 760, with a daily change of 6 and a weekly change of 15; the latest price of Jinbuba powder is 725, with a daily change of 8 and a weekly change of 18; the latest price of mixed powder is 708, with a daily change of 8 and a weekly change of 15; the latest price of super special powder is 657, with a daily change of 8 and a weekly change of 12; the latest price of card powder is 905, with a daily change of 9 and a weekly change of 19 [3] - In Brazil, the latest price of Brazilian mixed powder is 805, with a daily change of 4 and a weekly change of 15; the latest price of Brazilian coarse IOC6 is 732, with a daily change of 8 and a weekly change of 18; the latest price of Brazilian coarse SSFG is 737, with a daily change of 8 and a weekly change of 18 [3] - For non - mainstream varieties, the latest price of Ukrainian fine powder is 873, with a daily change of 8 and a weekly change of 23; the latest price of 61% Indian powder is 714, with a daily change of 8 and a weekly change of 18; the latest price of Karara fine powder is 873, with a daily change of 8 and a weekly change of 23; the latest price of Roy Hill powder is 759, with a daily change of 8 and a weekly change of 18; the latest price of KUMBA powder is 831, with a daily change of 8 and a weekly change of 18; the latest price of 57% Indian powder is 592, with a daily change of 8 and a weekly change of 12; the latest price of Atlas powder is 703, with a daily change of 8 and a weekly change of 15 [3] - The latest price of PB block/block ore premium is 886, with a daily change of 8 and a weekly change of 22; the latest price of Ukrainian ball/ball pellet premium is 873, with a daily change of 8 and a weekly change of 23; the latest price of Tangshan iron concentrate powder is 963, with a daily change of 6 and a weekly change of 19 [3] 3.2 Forward Market - For DCE contracts, the latest price of i2701 is 741.0, with a daily change of 12.0 and a weekly change of 19.5; the latest price of i2605 is 784.5, with a daily change of 12.5 and a weekly change of 30.0; the latest price of i2609 is 758.0, with a daily change of 11.5 and a weekly change of 24.5 [3] - For SGX contracts, the latest price of FE01 is 97.81, with a daily change of 1.43 and a weekly change of 2.66; the latest price of FE05 is 100.90, with a daily change of 1.42 and a weekly change of 2.96; the latest price of FE09 is 99.17, with a daily change of 1.40 and a weekly change of 2.78 [3] 3.3 Basis/Internal and External Market Spread - For DCE contracts, the latest basis of i2701 is 68.9, with a daily change of - 3.8 and a weekly change of - 1.0; the latest basis of i2605 is 25.4, with a daily change of - 4.3 and a weekly change of - 11.5; the latest basis of i2609 is 51.9, with a daily change of - 3.3 and a weekly change of - 6.0 [3] - For SGX contracts, the latest internal and external market spread of FE01 is - 34.6, with a daily change of - 5.5 and a weekly change of - 14.5; the latest internal and external market spread of FE05 is - 15.7, with a daily change of 0.0 and a weekly change of - 5.3; the latest internal and external market spread of FE09 is - 27.7, with a daily change of - 1.8 and a weekly change of - 9.4 [3]

Group 1: Report Information - Report title: Iron Ore Morning Report [1] - Report date: February 26, 2026 [2] - Research team: Black Team of the Research Center [2] Group 2: Spot Market Australian Mainstream Iron Ore - **Newman Powder**: The latest price is 748, with a daily change of 8 and a weekly change of -11. The converted futures price is 799.8, the forward price is 95.65, the daily change of the forward price is 1.85, the weekly change is 2.10, and the import profit is 9.23 [3] - **PB Powder**: The latest price is 752, with a daily change of 8 and a weekly change of -11. The converted futures price is 799.5 [3] - **MacPowder**: The latest price is 746, with a daily change of 8 and a weekly change of -11. The converted futures price is 815.0, the forward price is 95.45, the daily change of the forward price is 1.85, the weekly change is 2.20, and the import profit is 30.90 [3] - **Jimbuck**: The latest price is 705, with a daily change of 8 and a weekly change of -11. The converted futures price is 794.7, the forward price is 88.05, the daily change of the forward price is 1.85, the weekly change is 2.85, and the import profit is 38.00 [3] - **Mixed Powder**: The latest price is 710, with a daily change of 9 and a weekly change of 2. The converted futures price is 846.6, the forward price is 92.85, the daily change of the forward price is 1.60, the weekly change is 1.85, and the import profit is 12.48 [3] - **Ultra Special Powder**: The latest price is 641, with a daily change of 3 and a weekly change of -9. The converted futures price is 857.9, the forward price is 87.35, the daily change of the forward price is 1.60, the weekly change is 1.85, and the import profit is -7.34 [3] - **Carbofine**: The latest price is 873, with a daily change of 14 and a weekly change of 10. The converted futures price is 806.1, the forward price is 116.70, the daily change of the forward price is 2.65, the weekly change is 3.05, and the import profit is 7.81 [3] Brazilian Mainstream Iron Ore - **Brazilian Blend**: The latest price is 783, with a daily change of 5 and a weekly change of -8. The converted futures price is 786.3, the forward price is 105.25, the daily change of the forward price is 1.90, the weekly change is 2.80, and the import profit is 4.23 [3] - **Brazilian Coarse IOC6**: The latest price is 727, with a daily change of 8 and a weekly change of -11. The converted futures price is 797.4 [3] - **Brazilian Coarse SSFG**: The latest price is 732, with a daily change of 8 and a weekly change of -11 [3] Non - mainstream Iron Ore - **Ukrainian Concentrate**: The latest price is 845, with a daily change of 5 and a weekly change of -1. The converted futures price is 930.5 [3] - **61% Indian Powder**: The latest price is 694, with a daily change of 8 and a weekly change of -11 [3] - **Carrara Concentrate**: The latest price is 849, with a daily change of 5 and a weekly change of -1. The converted futures price is 866.4 [3] - **Roy Hill Powder**: The latest price is 739, with a daily change of 8 and a weekly change of -11. The converted futures price is 813.5, the forward price is 91.80, the daily change of the forward price is 1.85, the weekly change is 2.05, and the import profit is 56.33 [3] - **KUMBA Powder**: The latest price is 811, with a daily change of 8 and a weekly change of -11. The converted futures price is 789.4 [3] - **57% Indian Powder**: The latest price is 576, with a daily change of 3 and a weekly change of -9 [3] - **Atlas Powder**: The latest price is 705, with a daily change of 9 and a weekly change of 2 [3] Others - **PB Lump/Lump Premium**: The latest price is 853, with a daily change of 10 and a weekly change of 1. The premium is 0.0505, with no daily change and no weekly change [3] - **Ukrainian Pellet/Pellet Premium**: The latest price is 845, with a daily change of 5 and a weekly change of -1. The premium is 15.40, the daily change of the premium is -0.05, and the weekly change is 0.10 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The latest price is 944, with no daily change and a weekly change of -19. The converted futures price is 831.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price is 724.0, with a daily change of 10.5 and a weekly change of -9.5. The monthly spread is 11.5, the basis is 62.3, the daily change of the basis is -5.1, and the weekly change is 0.8 [3] - **i2605**: The latest price is 752.5, with a daily change of 12.0 and a weekly change of -10.0. The monthly spread is -28.5, the basis is 33.8, the daily change of the basis is -6.6, and the weekly change is 1.3 [3] - **i2609**: The latest price is 735.5, with a daily change of 11.0 and a weekly change of -9.5. The monthly spread is 17.0, the basis is 50.8, the daily change of the basis is -5.6, and the weekly change is 0.8 [3] Singapore Exchange - **FE01**: The latest price is 94.23, with a daily change of 0.41 and a weekly change of 0.63. The monthly spread is 1.01, the internal - external spread is -22.1, the daily change of the spread is -2.5, and the weekly change is 5.2 [3] - **FE05**: The latest price is 96.10, with a daily change of 0.60 and a weekly change of 0.82. The monthly spread is -1.87, the internal - external spread is -9.7, the daily change of the spread is -2.2, and the weekly change is 7.0 [3] - **FE09**: The latest price is 95.24, with a daily change of 0.47 and a weekly change of 0.69. The monthly spread is 0.86, the internal - external spread is -19.0, the daily change of the spread is -2.0, and the weekly change is 6.0 [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - No core viewpoint is presented in the report. 3. Summary by Relevant Catalog Spot Market - **Price Changes**: The prices of various iron ore varieties showed different degrees of decline. For example, the price of Newman powder decreased by 12 yuan per ton compared to the previous day and 15 yuan per ton compared to the previous week [3]. - **Import Profits**: The import profits of different varieties also varied. The import profit of mixed powder was 18.16 yuan per ton, while that of PB powder was -10.59 yuan per ton [3]. Futures Market - **Price Movements**: The prices of iron ore futures contracts on the Dalian Commodity Exchange (DCE) and the Singapore Exchange (SGX) generally declined. For instance, the price of the i2601 contract on the DCE decreased by 15.5 yuan per ton compared to the previous day and 17.5 yuan per ton compared to the previous week [3]. - **Spread Changes**: The monthly spreads between different contracts also changed. The spread between i2601 and i2605 increased by 4.5 yuan per ton compared to the previous day and 6.4 yuan per ton compared to the previous week [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - The latest price of the Platts 62 Index is 105.65, with a daily change of -1.40 and a weekly change of 0.55 [3]. - For Newman powder, the price is 788, daily change is 1, weekly change is 9, and the import profit is -36.23. Its forward price is 103.65, with a daily change of 0.30 and a weekly change of 1.20 [3]. - PB powder's price is 794, daily change is 4, weekly change is 12, and the import profit is -12.67. Its forward price is 106.10, with a daily change of 0.20 and a weekly change of 1.15 [3]. - The price of Mac powder is 778 in Australia, daily change is 1, weekly change is 8, and the import profit is -12.04. Its forward price is 102.40, with a daily change of 0.25 and a weekly change of 1.10 [3]. - The price of Jinbuba powder is 764, daily change is 6, weekly change is 15, and the import profit is -11.49. Its forward price is 99.65, with a daily change of 0.20 and a weekly change of 1.30 [3]. - The price of mainstream mixed powder is 743, daily change is 4, weekly change is 21, and the import profit is 4.51. Its forward price is 95.30, with a daily change of 0.45 and a weekly change of 1.85 [3]. - The price of Super Special powder is 704, daily change is 4, weekly change is 16, and the import profit is 13.36. Its forward price is 90.25, with a daily change of 0.30 and a weekly change of 1.10 [3]. - The price of Carajás powder is 906, daily change is 6, weekly change is 9, and the import profit is -31.68. Its forward price is 122.65, with a daily change of 0.20 and a weekly change of 0.40 [3]. - The price of Brazilian mixed powder is 816, daily change is 4, weekly change is 11, and the import profit is -21.31. Its forward price is 109.75, with a daily change of 0.30 and a weekly change of 1.35 [3]. - The price of Brazilian coarse IOC6 is 799, daily change is 4, and weekly change is 12 [3]. - The price of Brazilian coarse SSFG is 804, daily change is 4, and weekly change is 12 [3]. - The price of Ukrainian iron concentrate powder is 920, with a weekly change of 10 [3]. - The price of 61% Indian powder is 753, daily change is 6, and weekly change is 15 [3]. - The price of Karara iron concentrate powder is 920, with a weekly change of 10 [3]. - The price of non - mainstream Roy Hill powder is 764, daily change is 4, weekly change is 12, and the import profit is -6.74. Its forward price is 100.75, with a daily change of 0.25 and a weekly change of 1.00 [3]. - The price of KUMBA powder is 853, daily change is 4, and weekly change is 12 [3]. - The price of 57% Indian powder is 644, daily change is 4, and weekly change is 16 [3]. - The price of Atlas powder is 738, daily change is 4, and weekly change is 21 [3]. - The price of PB lump/ lump ore premium is 928, with a weekly change of 2. Its forward price is 0.1825, with a weekly change of 0.0005 [3]. - The price of Ukrainian pellet/ pellet premium is 920, with a weekly change of 10. Its forward price is 16.85, with a daily change of 0.25 and a weekly change of 0.25 [3]. - The price of Tangshan iron concentrate powder (domestic ore) is 1001, with a weekly change of 5 [3]. Futures Market - The latest price of i2601 on the Dalian Commodity Exchange is 799.5, daily change is 4.0, weekly change is 10.0, and the monthly spread is 16.5. The basis/ internal - external spread is 31.4, with a daily change of 0.3 and a weekly change of 1.9 [3]. - The latest price of i2605 on the Dalian Commodity Exchange is 777.5, daily change is 4.0, weekly change is 12.5, and the monthly spread is 22.0. The basis/ internal - external spread is 53.4, with a daily change of 0.3 and a weekly change of - 0.6 [3]. - The latest price of i2509 on the Dalian Commodity Exchange is 816.0, daily change is - 24.5, weekly change is - 18.5, and the monthly spread is - 38.5. The basis/ internal - external spread is 14.9, with a daily change of 28.8 and a weekly change of 30.4 [3]. - The latest price of FE01 on the Singapore Exchange is 102.11, daily change is - 1.18, weekly change is 0.68, and the monthly spread is 3.29. The basis/ internal - external spread is - 25.9, with a daily change of 0.3 and a weekly change of 0.7 [3]. - The latest price of FE05 on the Singapore Exchange is 99.82, daily change is - 1.03, weekly change is 0.76, and the monthly spread is 2.29. The basis/ internal - external spread is - 29.5, with a daily change of 1.1 and a weekly change of 2.0 [3]. - The latest price of FE09 on the Singapore Exchange is 105.40, daily change is - 0.97, weekly change is 0.65, and the monthly spread is - 5.58. The basis/ internal - external spread is - 7.4, with a daily change of 1.1 and a weekly change of 5.0 [3].

Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: June 23, 2025 [1] Spot Market - **Price Changes**: The prices of various iron ore varieties showed different daily and weekly changes. For example, the price of Newman powder increased by 5 to 703, with a weekly decrease of 5; the price of PB powder increased by 2 to 710, with a weekly decrease of 9 [2]. - **Import Profits**: Import profits also varied among different varieties. The import profit of mixed powder was 8.94, while that of Newman powder was -29.20 [2]. Futures Market - **DCE Contracts**: The prices of DCE iron ore contracts i2601, i2605, and i2509 all showed increases on the day, with changes of 2.0, 2.5, and 5.0 respectively. The weekly changes were 1.5, 3.0, and 0.0 respectively [2]. - **SGX Contracts**: The prices of SGX contracts FE01, FE05, and FE09 had different changes. FE01 decreased by 0.22 to 90.22, with a weekly decrease of 1.74 [2]. Basis and Spread - **Basis**: The basis between spot and futures also showed changes. For example, the basis of i2601 was 68.1, with a daily decrease of 0.9 and a weekly decrease of 11.1 [2]. - **Inter - monthly Spread**: The inter - monthly spreads of different contracts also varied. The inter - monthly spread of i2601 was 29.0 [2].

Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: May 8, 2025 [1] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Spot Market - **Price Changes**: The latest price of the Platts 62 Index is 99.15, with a daily change of 1.00 and a weekly change of -0.25. Among Australian mainstream ores, Newman powder is 755, up 2 from the previous day and 2 from the previous week; PB powder is 762, up 3 from the previous day and 1 from the previous week. Brazilian mainstream ores like BHP Blend are 773, unchanged from the previous day and up 1 from the previous week. [2] - **Import Profits**: Import profits vary by ore type. For example, Newman powder has an import profit of -27.25, while Roy Hill powder has an import profit of 12.55. [2] Futures Market - **Dalian Commodity Exchange (DCE)**: The latest price of contract i2601 is 681.0, with a daily change of 1.5 and a weekly change of -2.0. Contract i2505 is 768.0, up 7.0 from the previous day and 7.5 from the previous week. Contract i2509 is 708.0, up 3.5 from the previous day and down 1.0 from the previous week. [2] - **Singapore Exchange (SGX)**: The latest price of FE01 is 92.58, with a daily change of 0.82 and a weekly change of 2.40. FE05 is 98.50, up 0.85 from the previous day and 2.30 from the previous week. FE09 is 95.00, up 0.82 from the previous day and 2.37 from the previous week. [2] Basis and Spread - **Basis**: The basis and spread data show different values for different contracts. For example, the basis of i2601 is 103.4, with a daily change of 1.5 and a weekly change of 3.1. [2] - **Inter - month Spread**: The inter - month spread of i2601 is 27.0. [2]

Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: April 30, 2025 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core View - Not provided in the given content 3. Summary by Category Spot Market - **Prices and Changes**: The latest price of the Platts 62 index is $99.40, with a daily change of $0.20 and a weekly change of -$0.70. Newman powder is priced at 756 yuan, down 2 yuan daily and 8 yuan weekly. PB powder is 762 yuan, down 2 yuan daily and 10 yuan weekly. Other varieties also show different price changes [2]. - **Import Profits**: Import profits vary by variety. For example, Newman powder has an import profit of -21.54 yuan, while Mac powder has a profit of 1.07 yuan [2]. Futures Market - **Dalian Commodity Exchange**: The latest price of i2601 is 684.5 yuan, with a daily change of 0.5 yuan and a weekly change of -14.0 yuan. i2505 is 764.0 yuan, up 1.0 yuan daily and down 12.0 yuan weekly. i2509 is 709.0 yuan, down 1.5 yuan daily and 18.5 yuan weekly [2]. - **Singapore Exchange**: FE01 is priced at $92.33, with a daily change of $0.02 and a weekly change of -$1.74. FE05 is $98.41, down $0.01 daily and $1.83 weekly [2].