Guang Da Qi Huo·2025-07-16 05:17Report Overview - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" - Report Date: July 16, 2025 [1] 1. Futures Contract Prices and Spreads 1.1 Futures Contract Prices - I05 closed at 718.5 yuan/ton, up 1.0 yuan from the previous day [3] - I09 closed at 767.0 yuan/ton, up 0.5 yuan from the previous day [3] - I01 closed at 738.5 yuan/ton, up 2.0 yuan from the previous day [3] 1.2 Futures Contract Spreads - I05 - I09 spread was -48.5 yuan/ton, up 0.5 yuan from the previous day [3] - I09 - I01 spread was 28.5 yuan/ton, down 1.5 yuan from the previous day [3] - I01 - I05 spread was 20.0 yuan/ton, up 1.0 yuan from the previous day [3] 2. Basis Data 2.1 Basis Numerical Data - For different iron ore varieties such as Carajás fines (卡粉), BRBF, Newman fines, etc., the report provides today's price, previous day's price, price change, delivery cost, today's basis, previous day's basis, and basis change [6] 2.2 Basis Charts - Charts show the basis trends of different iron ore varieties including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. from October 2024 to June 2025 [8][9][10] 3. Exchange Rule Adjustments 3.1 Adjustment of Deliverable Brands and Premiums - Added 4 deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) with brand premiums of 0 yuan/ton starting from the I2202 contract [11] - Adjusted the brand premiums of existing varieties, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest 0 yuan/ton [11] - Added 4 more deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) with brand premiums of 0 yuan/ton [11] 3.2 Adjustment of Substitute Quality Differences and Premiums - Adjusted the allowable range of iron grade to be greater than or equal to 56%, and set the allowable ranges for silicon dioxide, aluminum oxide, phosphorus, and sulfur [11] - Introduced a dynamic adjustment mechanism for the premium of iron element index (X), with different values of X corresponding to different price ranges of the settlement price of the nearest delivery month contract [11] 4. Variety Spreads 4.1 Variety Spread Numerical Data - The report provides the spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, Carajás fines - Newman fines, etc., along with their changes from the previous day [13] 4.2 Variety Spread Charts - Charts show the spread trends of different iron ore varieties including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [15][17][19] 5. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the industry [24]