Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - No relevant content Group 3: Summary by Related Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 779, down 2 from the previous day and up 3 week - on - week; PB powder is at 782, down 3 and up 3 respectively; Macfarlane powder is 770, down 1 and up 4; Jinbuba powder is 749, down 2 and down 1; Super Special powder is 688, up 3 and up 15; Carajás powder is 897, up 3 and up 6 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is 805, down 5 and down 11; Brazilian coarse IOC6 is 787, down 3 and up 3; Brazilian coarse SSFG is 792, down 3 and up 3 [1]. - **Other Iron Ores**: Ukrainian concentrate is 910, unchanged and up 7; 61% Indian powder is 738, down 2 and down 1; Karara concentrate is 910, unchanged and up 7; Roy Hill powder is 752, down 3 and up 3; KUMBA powder is 841, down 3 and up 3; 57% Indian powder is 628, down 2 and up 10; Atlas powder is 717, down 3 and up 4; Tangshan iron concentrate is 996, up 7 and up 7 [1]. Futures Market - **DCE Contracts**: i2601 is at 789.5, down 2.0 and up 2.0; i2605 is 765.0, down 2.5 and up 1.5; i2509 is 834.5, up 3.5 and up 31.5 [1]. - **FE Contracts**: FE01 is 101.53, up 2.31 and down 1.46; FE05 is 99.16, up 2.35 and down 1.47; FE09 is 104.67, up 2.12 and up 0.47 [1]. Price Differences - **Inter - monthly Spreads**: For i2601, it's 45.0, with a day - change of - 3.4 and a week - change of - 7.5; for i2605, it's 24.5, with a day - change of - 2.9 and a week - change of - 7.0; for i2509, it's - 69.5, with a day - change of - 8.9 and a week - change of - 37.0 [1]. - **Other Price Differences**: FE01 has a price difference of 3.14, with a day - change of 1.9 and a week - change of 12.7; FE05 has a price difference of 2.37, with a day - change of 0.4 and a week - change of 13.8; FE09 has a price difference of - 5.51, with a day - change of 7.3 and a week - change of 16.1 [1].

Group 1: Industry Investment Rating - No information provided Group 2: Core View - No information provided Group 3: Summary of Spot Market - The latest prices of Newman powder, PB powder, and Mac powder are 781, 785, and 771 respectively, with daily changes of 10, 10, and 11, and weekly changes of 4, 4, and 4 [1] - The latest prices of Kumba powder, 57% Indian powder, and Atlas powder are 844, 630, and 720 respectively, with daily changes of 10, 9, and 13, and weekly changes of 4, 12, and 7 [1] - The latest price of Tangshan iron concentrate powder is 989, with a daily change of 3 and a weekly change of 3 [1] Group 4: Summary of Futures Market - The latest prices of i2601, i2605, and i2509 are 791.5, 767.5, and 831.0 respectively, with daily changes of 14.5, 13.0, and 18.0, and weekly changes of 1.0, 2.0, and 20.0 [1] - The latest prices of FE01, FE05, and FE09 are 99.97, 97.60, and 103.34 respectively, with daily changes of 1.47, 1.54, and 1.63, and weekly changes of -1.62, -1.60, and 0.84 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoint - Not provided in the given content. 3. Summary by Relevant Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 762, down 14 daily and 14 weekly; PB powder is 765, down 14 daily and 15 weekly; Mac powder is 750, down 16 daily and 16 weekly; Jinbuba powder is 738, down 12 daily and 14 weekly; Mixed powder is 703, down 15 daily and 10 weekly; Super special powder is 663, down 10 daily and 5 weekly; Carajás powder is 873, down 18 daily and 14 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 802, down 14 daily and 10 weekly; Brazilian coarse IOC6 is 770, down 14 daily and 18 weekly; Brazilian coarse SSFG is 775, down 14 daily and 18 weekly [1]. - **Other Iron Ore**: Ukrainian concentrate powder is 885, down 18 daily and 5 weekly; 61% Indian powder is 727, down 12 daily and 14 weekly; Karara concentrate powder is 885, down 18 daily and 5 weekly; Roy Hill powder is 735, down 14 daily and 15 weekly; KUMBA powder is 824, down 14 daily and 15 weekly; 57% Indian powder is 608, down 10 daily and 5 weekly; Atlas powder is 698, down 15 daily and 10 weekly; Tangshan iron concentrate powder is 982, down 7 daily and 7 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 766.0, down 21.5 daily and 21.0 weekly; i2605 is 743.0, down 20.5 daily and 20.0 weekly; i2509 is 801.5, down 1.5 daily and 5.0 weekly [1]. - **SGX Contracts**: FE01 is 102.52, down 0.47 daily and up 2.68 weekly; FE05 is 100.09, down 0.54 daily and up 2.54 weekly; FE09 is 103.50, down 0.70 daily and up 2.91 weekly [1].

Report Summary 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 - **Australian Mainstream Iron Ore**: Newman powder price is 776, down 1 from the previous day and up 11 for the week; PB powder price is 779, down 2 from the previous day and up 12 for the week; Macfarlane powder price is 766, down 1 from the previous day and up 13 for the week; Jinbuba powder price is 750, down 2 from the previous day and up 10 for the week; Mixed powder price is 718, unchanged from the previous day and up 18 for the week; Super special powder price is 673, unchanged from the previous day and up 22 for the week; Carajás powder price is 891, unchanged from the previous day and up 18 for the week [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 816, down 2 from the previous day and up 6 for the week; Brazilian coarse IOC6 price is 784, down 5 from the previous day and up 9 for the week; Brazilian coarse SSFG price is 789, down 5 from the previous day and up 9 for the week [1] - **Other Iron Ores**: Ukrainian concentrate powder price is 903, up 4 from the previous day and up 25 for the week; 61% Indian powder price is 739, down 2 from the previous day and up 10 for the week; Karara concentrate powder price is 903, up 4 from the previous day and up 25 for the week; Roy Hill powder price is 749, down 2 from the previous day and up 12 for the week; KUMBA powder price is 838, down 2 from the previous day and up 12 for the week; 57% Indian powder price is 618, unchanged from the previous day and up 22 for the week; Atlas powder price is 713, unchanged from the previous day and up 18 for the week; Tangshan iron concentrate powder price is 989, up 3 from the previous day and up 12 for the week [1] Futures Market - **DCE Contracts**: i2601 contract price is 787.5, down 3.0 from the previous day and up 17.5 for the week; i2605 contract price is 763.5, down 2.0 from the previous day and up 16.0 for the week; i2509 contract price is 803.0, down 8.0 from the previous day and up 14.0 for the week [1] - **FE Contracts**: FE01 contract price is 102.99, up 1.40 from the previous day and up 2.47 for the week; FE05 contract price is 100.63, up 1.43 from the previous day and up 2.42 for the week; FE09 contract price is 104.20, up 1.70 from the previous day and up 3.03 for the week [1] Price Spreads - **Inter - monthly Spreads**: For i2601, the inter - monthly spread is 15.5, with a value of 37.0, up 0.8 from the previous day and down 4.3 for the week; for i2605, the inter - monthly spread is 24.0, with a value of 61.0, down 0.2 from the previous day and down 2.8 for the week; for i2509, the inter - monthly spread is - 39.5, with a value of 21.5, up 5.8 from the previous day and down 0.8 for the week [1] - **Basis/Internal - External Price Spreads**: Not detailed in a summarized way, but data is presented in the document [1] - **Premium**: U - ball/pellet premium and PB block/block premium data is presented in the form of charts, but specific numerical summaries are not provided [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given content. 2. Report's Core View The report presents the latest prices, daily and weekly changes, and other relevant data for various types of iron ore, including Australian mainstream and non - mainstream ores, Brazilian mainstream ores, and domestic ores, as well as iron ore futures contracts [1]. 3. Summary by Category Spot Market - **Australian Ores**: Newman powder is priced at 767, with a daily change of - 9 and a weekly change of 2; PB powder is at 770, - 10 daily and 2 weekly; Macarthur powder is 758, - 8 daily and 3 weekly; etc [1]. - **Brazilian Ores**: Ba Hun is priced at 807, with a daily change of - 5 and a weekly change of - 2; Ba Coarse IOC6 is 778, - 10 daily and 18 weekly; Ba Coarse SSFG is 783, - 10 daily and 18 weekly [1]. - **Other Ores**: Ukrainian concentrate is 883, - 7 daily and 10 weekly; 61% Indian powder is 731, - 10 daily and 1 weekly; Tangshan iron concentrate is 989, 0 daily and 12 weekly [1]. Futures Market - **DCE Contracts**: i2601 is priced at 776.5, with a daily change of - 10.5 and a weekly change of 5.5; i2605 is 754.0, - 9.0 daily and 4.5 weekly; i2509 is 797.0, - 9.5 daily and 8.0 weekly [1]. - **SGX Contracts**: FE01 is 102.55, with a daily change of 2.71 and a weekly change of 2.01; FE05 is 100.23, 2.68 daily and 2.12 weekly; FE09 is 103.26, 2.67 daily and 1.83 weekly [1].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No explicit core view presented in the provided text. 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 766, up 2 from the previous day and down 1 for the week; PB powder is 769, up 2 and down 2; Macfarlane powder is 755, unchanged for the day and down 7 for the week; Jinbuba powder is 743, up 2 and unchanged for the week; mainstream mixed powder is 705, up 5 for both the day and the week; super special powder is 652, up 4 and 7; Carajás powder is 880, up 2 and 2 [1]. - **Brazilian Iron Ore**: Brazilian blend is 812, up 6 and 5; Brazilian coarse IOC6 is 777, up 7 and 14; Brazilian coarse SSFG is 782, up 7 and 14 [1]. - **Other Regions**: Ukrainian concentrate powder is 877, up 4 and unchanged for the week; 61% Indian powder is 732, up 2 and unchanged for the week; Karara concentrate powder is 877, up 4 and unchanged for the week; Roy Hill powder is 739, up 2 and down 2; KUMBA powder is 828, up 2 and down 3; 57% Indian powder is 597, up 4 and 7; Atlas powder is 700, up 5 and 5 [1]. - **Domestic Ore**: Tangshan iron concentrate powder is 977, unchanged for both the day and the week [1]. Futures Market - **DCE Contracts**: i2601 is 772.5, up 3.5 from the previous day and down 2.5 for the week; i2605 is 748.0, up 1.0 and down 5.0; i2509 is 791.0, up 5.0 and unchanged for the week [1]. - **SGX Contracts**: FE01 is 100.17, down 0.32 and 2.51; FE05 is 97.90, down 0.16 and 2.50; FE09 is 100.75, down 0.30 and 2.76 [1]. Premium and Spread - **Premium**: PB block/block ore premium and U - ball/pellet premium data are presented with historical trends from 2021 - 2025 [1]. - **Spread**: The monthly spreads of different contracts are provided, such as i2601 has a monthly spread of 18.5, up 41.0 from the previous day and down 1.3 for the week [1].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Categories Spot Market - Australian mainstream iron ore: Newman powder price is 775 with a daily increase of 8 and a weekly decrease of 3; PB powder price is 780, up 7 daily and down 1 weekly; Macfie powder price is 767, up 5 daily and unchanged weekly; Jinbuba powder price is 753, up 8 daily and down 1 weekly; mainstream mixed powder price is 702, up 5 daily and down 8 weekly; super special powder price is 652, up 6 daily and down 5 weekly; Carajás powder price is 883, up 5 daily and unchanged weekly; Roy Hill powder price is 750, up 7 daily and down 1 weekly; KUMBA powder price is 840, up 7 daily and down 1 weekly [1] - Brazilian mainstream iron ore: Brazilian mixed ore price is 803, up 7 daily and unchanged weekly; Brazilian coarse IOC6 price is 770, up 7 daily and down 1 weekly; Brazilian coarse SSFG price is 775, up 7 daily and down 1 weekly [1] - Other varieties: Ukrainian concentrate price is 870, up 10 daily and 3 weekly; 61% Indian powder price is 742, up 8 daily and down 1 weekly; Karara concentrate price is 869, up 10 daily and 4 weekly; 57% Indian powder price is 597, up 6 daily and down 5 weekly; Atlas powder price is 697, up 5 daily and down 8 weekly; Tangshan iron concentrate price is 939, up 12 daily and 10 weekly [1] Futures Market - Dalian Commodity Exchange contracts: i2601 price is 778.0, up 12.0 daily and 7.5 weekly; i2605 price is 754.5, up 12.0 daily and 5.5 weekly; i2509 price is 798.5, up 8.0 daily and 0.5 weekly [1] - Singapore Exchange contracts: FE01 price is 101.02, up 1.59 daily and 1.80 weekly; FE05 price is 98.90, up 1.48 daily and 1.86 weekly; FE09 price is 101.50, up 1.50 daily and 0.71 weekly [1] Premiums and Spreads - Import profit: Newman powder import profit is -23.81; PB powder import profit is -2.55; Macfie powder import profit is 3.91; Jinbuba powder import profit is 6.75; mainstream mixed powder import profit is -9.01; super special powder import profit is -12.01; Carajás powder import profit is -27.65; Brazilian mixed ore import profit is -15.52; Roy Hill powder import profit is 3.84 [1] - Inter - month spreads: i2601 - i2605 spread is 20.5, down 4.4 daily and 7.5 weekly; i2605 - i2509 spread is 23.5, down 4.4 daily and 5.5 weekly; i2509 - i2601 spread is -44.0, down 0.4 daily and 0.5 weekly [1] - Basis/Internal - external spreads: No specific summarized data provided, only listed in the table [1] - U - ball/pellet premium and PB block/block ore premium: No specific summarized data provided, only shown in the charts [1]

Group 1: Spot Market - Newman powder price is 763, with a daily change of 5 and a weekly change of -12, and the import profit is -21.14 [1] - PB powder price is 768, with a daily change of 4 and a weekly change of -13, and the import profit is -0.58 [1] - Mac powder price is 758, with a daily change of 4 and a weekly change of -5, and the import profit is 9.54 [1] - Jinbuba powder price is 740, with a daily change of 3 and a weekly change of -8, and the import profit is 7.40 [1] - Mainstream mixed powder price is 695, with a daily change of 1 and a weekly change of -20, and the import profit is -2.35 [1] - Super special powder price is 645, with a daily change of 5 and a weekly change of -15, and the import profit is -6.96 [1] - Carajás powder price is 871, with a daily change of 3 and a weekly change of -12, and the import profit is -30.33 [1] - Brazilian blend price is 790, with a daily change of 4 and a weekly change of -13, and the import profit is -12.73 [1] - Roy Hill powder price is 738, with a daily change of 4 and a weekly change of -13, and the import profit is 4.88 [1] - Tangshan iron concentrate price is 927, with a daily change of 0 and a weekly change of -12 [1] Group 2: Futures Market - i2601 contract price is 757.0, with a daily change of 3.5 and a weekly change of -15.5, and the monthly spread is 26.0 [1] - i2605 contract price is 733.5, with a daily change of 1.5 and a weekly change of -18.5, and the monthly spread is 23.5 [1] - i2509 contract price is 783.0, with a daily change of 4.0 and a weekly change of -19.5, and the monthly spread is -49.5 [1] - FE01 contract price is 98.89, with a daily change of -1.75 and a weekly change of -4.47, and the monthly spread is 0.87 [1] - FE05 contract price is 96.91, with a daily change of -1.58 and a weekly change of -4.20, and the monthly spread is 1.98 [1] - FE09 contract price is 99.76, with a daily change of -1.95 and a weekly change of -5.40, and the monthly spread is -2.85 [1]

Group 1: Investment Rating - There is no information about the industry investment rating in the provided reports. Group 2: Core Viewpoints - There is no clear core view presented in the given content. The data mainly shows the latest prices, daily and weekly changes, and related indicators of various iron ore varieties and exchange contracts. Group 3: Summary by Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 775 with a daily change of -8 and a weekly change of 14; PB powder is at 781 (-9 daily, 16 weekly); Mac powder is 763 (-7 daily, 15 weekly); Jinbuba powder is 748 (-9 daily, 12 weekly); Mixed powder is 715 (-10 daily, 23 weekly); Super Special powder is 660 (-3 daily, 15 weekly); Carajás powder is 883 (-5 daily, 14 weekly); Roy Hill powder is 751 (-9 daily, 16 weekly); KUMBA powder is 841 (-9 daily, 16 weekly) [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore is 803 (-14 daily, 13 weekly); Brazilian coarse IOC6 is 771 (-9 daily, 29 weekly); Brazilian coarse SSFG is 776 (-9 daily, 29 weekly) [1]. - **Other Iron Ores**: Ukrainian concentrate is 870 (-8 daily, 24 weekly); 61% Indian powder is 737 (-9 daily, 12 weekly); Karara concentrate is 870 (-8 daily, 24 weekly); 57% Indian powder is 615 (-3 daily, 15 weekly); Atlas powder is 710 (-10 daily, 23 weekly); Tangshan iron concentrate is 939 (0 daily, 39 weekly) [1]. Exchange Contracts - **DCE Contracts**: i2601 is at 772.5 (-11.0 daily, 19.5 weekly); i2605 is 752.0 (-10.5 daily, 22.0 weekly); i2509 is 802.5 (-8.5 daily, 17.5 weekly) [1]. - **SGX Contracts**: FE01 is 103.36 (0.52 daily, 3.60 weekly); FE05 is 101.11 (0.49 daily, 3.16 weekly); FE09 is 105.16 (0.64 daily, 4.14 weekly) [1].

Group 1: Report Summary - The report is an iron ore morning report from the Black Team of the Research Center on July 25, 2025, with data sourced from MYSTEEL [1] Group 2: Spot Market Data - **Australian mainstream iron ore**: Newman powder is priced at 783, unchanged daily and up 22 weekly; PB powder is at 790, up 2 daily and 25 weekly; Mac powder is at 770, unchanged daily and up 27 weekly; Jinbuba is at 757, up 2 daily and 21 weekly; the mainstream mixed powder is at 725, unchanged daily and up 34 weekly; Super Special powder is at 663, down 3 daily and up 15 weekly; Carajás powder is at 888, unchanged daily and up 21 weekly; Roy Hill powder is at 760, up 2 daily and 25 weekly; KUMBA powder is at 850, up 2 daily and 25 weekly [1] - **Brazilian mainstream iron ore**: Brazilian mixed ore is at 817, down 3 daily and up 18 weekly; Brazilian coarse IOC6 is at 780, up 2 daily and 38 weekly; Brazilian coarse SSFG is at 785, up 2 daily and 38 weekly [1] - **Other iron ore**: Ukrainian concentrate is at 878, up 1 daily and 31 weekly; 61% Indian powder is at 746, up 2 daily and 21 weekly; Karara concentrate is at 878, up 1 daily and 31 weekly; 57% Indian powder is at 618, down 3 daily and up 15 weekly; Atlas powder is at 720, unchanged daily and up 34 weekly; Tangshan iron concentrate is at 939, unchanged daily and up 45 weekly [1] Group 3: Futures Market Data - **DCE contracts**: i2601 is at 783.5, down 0.5 daily and up 31 weekly; i2605 is at 762.5, unchanged daily and up 31.5 weekly; i2509 is at 811, down 1 daily and up 25.5 weekly [1] - **SGX contracts**: FE01 is at 102.84, down 0.73 daily and up 3.59 weekly; FE05 is at 100.62, down 0.73 daily and up 3.02 weekly; FE09 is at 104.52, down 0.92 daily and up 4.35 weekly [1] Group 4: Other Data - **Platts 62% index**: The latest value is 104, down 0.85 daily and up 4.9 weekly [1] - **Import profit**: Newman powder is -36.2; PB powder is -9.76; Mac powder is -11.76; Jinbuba is -5.13; the mainstream mixed powder is 7.46; Super Special powder is -13.44; Carajás powder is -27.04; Brazilian mixed ore is -8.7; Roy Hill powder is -5.43 [1] - **Monthly spread**: For i2601 - i2605, the latest value is 27.5, down 0.3 daily and 8.1 weekly; for i2605 - i2509, it is 21, down 0.8 daily and 8.6 weekly; for i2509 - i2601, it is -48.5, up 0.2 daily and down 2.6 weekly [1] - **Base/Internal - external spread**: Data is presented in RMB terms [1] - **Ukrainian pellet/pellet premium** and **PB lump/lump premium**: Data is presented graphically [1]