光期黑色：铁矿石基差及价差监测日报-20250711

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The report presents a daily monitoring of iron ore basis and spreads, including futures contract prices, basis data, and variety spreads, along with related charts, and also details the adjustments to iron ore futures deliverable brands and rules [3][6][11]. 3. Summary by Related Catalogs Futures Contracts - The closing prices of I05, I09, and I01 contracts increased by 24.0, 27.0, and 25.5 respectively compared to the previous day. The spreads between I05 - I09, I09 - I01, and I01 - I05 also changed, with variations of -3.0, 1.5, and 1.5 respectively [3]. Basis - Data: The prices of various iron ore varieties such as Carajás fines, BRBF, and Newman fines increased compared to the previous day, while the basis for most varieties decreased, except for Jinbuba fines 61% which increased by 4 [6]. - Charts: Multiple charts show the basis trends of different iron ore varieties over time, including Brazilian fines, Australian medium - grade fines, etc. [8][9][10]. Adjustments to Deliverable Brands - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added, and the brand premiums for all of them are 0, effective from the I2202 contract. The brand premiums of existing varieties were adjusted, with only PB fines, BRBF, and Carajás fines having a premium of 15 yuan/ton, and the rest being 0. The quality differences and premiums of substitutes were also modified, and the allowable range of iron grade was adjusted to ≥56%. Four more varieties (Taigang concentrate, Magang concentrate, Wugang standard fines, SP10 fines) were added as deliverable brands, with brand premiums of 0, applicable to contracts after I2312 [11]. Variety Spreads - Data: The spreads between different iron ore varieties changed. For example, the spread between PB lump and PB fines decreased by 2.0, while the spread between PB fines and mixed fines increased by 7.0 [13]. - Charts: Multiple charts display the spread trends between different iron ore varieties, such as lump - powder spreads, high - medium grade powder spreads, etc. [14][15][17][19][20][21]. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications in the steel and futures industries [24].