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. Company Production and Sales Data - In Q3 2025, Vale's production was 94.4, with a 12.9% quarterly increase and a 3.8% year - on - year increase; sales were 86.0, with an 11.2% quarterly increase and a 5.1% year - on - year increase [5] - BHP Billiton (100% equity) had a production of 70.3 in Q3 2025, a - 9.3% quarterly decrease and a - 1.8% year - on - year decrease; sales were 70.6, a - 8.0% quarterly decrease and a - 1.3% year - on - year decrease [5] - Rio Tinto (100% equity) had a production of 84.1 in Q3 2025, a 0.5% quarterly increase and a 0.0% year - on - year increase; shipping volume was 84.3, a 5.5% quarterly increase and a - 0.2% year - on - year decrease [5] - FMG's shipping volume in Q3 2025 was 49.7, a - 10.0% quarterly decrease and a 4.2% year - on - year increase [5] 2. Product - Specific Data Iron Ore Products in 2025 Q3 - PB block: production was 17.7, with a 24% year - on - year increase and a 58% quarterly increase [17] - PB fines: production was 33.4, with a 25% year - on - year increase and a 55% quarterly increase [17] - Robe River block: production was 1.3, with a 14% year - on - year increase and a - 4% quarterly decrease [17] - Robe River fines: production was 2.2, with a - 13% year - on - year decrease and a - 15% quarterly decrease [17] - Yandi fines: production was 10.8, with a - 9% year - on - year decrease and a 1% quarterly increase [17] - SP10 block: production was 2.9, with a - 49% year - on - year decrease and a - 65% quarterly decrease [17] - SP10 fines: production was 3.2, with a - 70% year - on - year decrease and a - 75% quarterly decrease [17] Another Set of Iron Ore Products in 2025 Q3 - Newman: production was 13.72, with a 3% year - on - year increase and a - 9% quarterly decrease [23] - Area C: production was 29.42, with a 2% year - on - year increase and a - 10% quarterly decrease [23] - Yandi: production was 3.5, with a - 21% year - on - year decrease and a - 9% quarterly decrease [23] - Jinbuba: production was 15.38, with an - 8% year - on - year decrease and a - 7% quarterly decrease [23] Other Iron Ore Products in 2025 Q3 - Tieqiao: production was 2.1, with a 31% year - on - year increase and a - 13% quarterly decrease [26] - West Pilbara fines: production was 4, with an 11% year - on - year increase and a 14% quarterly increase [26] - King fines: production was 3.3, with an - 11% year - on - year decrease and a - 6% quarterly decrease [26] - Mixed fines: production was 18.3, with a 6% year - on - year increase and a - 15% quarterly decrease [26] - FMG block: production was 2.3, with a 10% year - on - year increase and a 28% quarterly increase [26] - Super Special fines: production was 19.6, with a 1% year - on - year increase and a - 13% quarterly decrease [26]

Group 1: Production, Sales, and Shipping Volume - In Q2 2025, FMG's production was 83.6, a 23.6% increase from Q1 2025 and a 3.7% increase from Q2 2024; sales were 77.3, a 16.9% increase from Q1 2025 but a 3.1% decrease from Q2 2024 [7] - In Q2 2025, for another data set, production was 77.5, a 14.3% increase from Q1 2025 and a 0.9% increase from Q2 2024; sales were 76.7, a 14.8% increase from Q1 2025 and a 1.1% increase from Q2 2024 [7] - In Q2 2025, for yet another data set, production was 83.7, a 19.9% increase from Q1 2025 and a 5.3% increase from Q2 2024; shipping volume was 79.9, a 13.0% increase from Q1 2025 but a 0.5% decrease from Q2 2024; FMG's shipping volume was 55.2, a 19.7% increase from Q1 2025 and a 2.8% increase from Q2 2024 [7] Group 2: Product Data (PB and Others) - In Q2 2025, PB block was 11.2, with a -10% year - on - year change and a 14% quarter - on - quarter change; PB powder was 21.5, with a -13% year - on - year change and a 14% quarter - on - quarter change [15] - In Q2 2025, Robe River block was 1.4, with a 4% year - on - year change and a 20% quarter - on - quarter change; Robe River powder was 2.6, with a -15% year - on - year change and an 18% quarter - on - quarter change [15] - In Q2 2025, Yangdi powder was 10.6, with a -6% year - on - year change and a 14% quarter - on - quarter change; SP10 block was 8.3, with a 64% year - on - year change and a 3% quarter - on - quarter change; SP10 powder was 12.5, with a 52% year - on - year change and a 9% quarter - on - quarter change [15] Group 3: Other Product Data - In Q2 2025, Newman was 15.07, with a 5% year - on - year change and a 26% quarter - on - quarter change; Area C was 32.82, with a 13% year - on - year change and an 18% quarter - on - quarter change [22] - In Q2 2025, Yangdi was 3.85, with a -27% year - on - year change and a 1% quarter - on - quarter change; Jinbuba was 16.6, with a -14% year - on - year change and a 1% quarter - on - quarter change [22] Group 4: More Product Data - In Q2 2025, Tieqiao was 2.4, with a 300% year - on - year change and a 60% quarter - on - quarter change; Western Pilbara powder was 3.5, with a 192% year - on - year change and a 3% quarter - on - quarter change [25] - In Q2 2025, King powder was 3.5, with a 6% year - on - year change and a -13% quarter - on - quarter change; Mixed powder was 21.5, with a 4% year - on - year change and a 24% quarter - on - quarter change [25] - In Q2 2025, FMG block was 1.8, with no year - on - year change and a 0% quarter - on - quarter change; Super Special powder was 22.6, with a -19% year - on - year change and a 26% quarter - on - quarter change [25]