光期黑色：铁矿石基差及价差监测日报-20250729

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated July 29, 2025, focusing on iron ore futures contract spreads, basis, and variety spreads [1]. 1. Contract Spreads - Price Changes: I05 closed at 738.0 yuan/ton, down 14.0 yuan from the previous day; I09 closed at 786.0 yuan/ton, down 16.5 yuan; I01 closed at 757.0 yuan/ton, down 15.5 yuan [3]. - Spread Changes: The I05 - I09 spread was -48.0 yuan/ton, up 2.5 yuan; the I09 - I01 spread was 29.0 yuan/ton, down 1.0 yuan; the I01 - I05 spread was 19.0 yuan/ton, down 1.5 yuan [3]. 2. Basis 2.1 Basis Data - Price Changes: Various iron ore varieties showed price changes, such as a 17.0 - yuan decrease in Carajás fines (Carajás fines) to 866 yuan/ton, a 11.0 - yuan decrease in BRBF to 792 yuan/ton, etc. [6]. - Basis Changes: The basis of different varieties also changed. For example, the basis of Carajás fines decreased by 2 to 36 yuan/ton, while the basis of BRBF increased by 4 to 31 yuan/ton [6]. 2.2 Basis Charts - Charts show the basis trends of different iron ore varieties like Brazilian fines, Australian medium - grade fines, etc., with data from November 2024 to July 2025 [8][9][10]. 2.3 Policy Adjustments - New Deliverable Varieties: Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added with a brand premium of 0, effective from the I2202 contract [11]. - Premium Adjustments: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while others are 0 [11]. - Quality and Premium Adjustments: The allowable range of iron grade is adjusted to ≥56%, and the allowable ranges of other elements are set. The premium for iron element is dynamically adjusted with X values determined semi - annually [11]. - New Deliverable Brands: Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) were added with a brand premium of 0, applicable to I2312 and subsequent contracts [11]. 3. Variety Spreads 3.1 Variety Spread Data - Spread Changes: For example, the PB lump - PB fines spread was 145.0 yuan/ton, down 2.0 yuan; the PB fines - FMG mixed fines spread was 68.0 yuan/ton, up 2.0 yuan [13]. 3.2 Variety Spread Charts - Charts show the spread trends of different iron ore varieties including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [14][15][16][17][19][20][21]. 4. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and relevant qualifications [24].