Guang Da Qi Huo·2025-09-18 08:23Group 1: Report Overview - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 18, 2025 [1] Group 2: Futures Contract Information - I05 closed at 782.5 yuan/ton, up 0.5 yuan from the previous day; I09 closed at 763.5 yuan/ton, up 1.0 yuan; I01 closed at 804.5 yuan/ton, up 1.0 yuan [3] - The spread between I05 - I09 was 19.0 yuan/ton, down 0.5 yuan; I09 - I01 was -41.0 yuan/ton, unchanged; I01 - I05 was 22.0 yuan/ton, up 0.5 yuan [3] Group 3: Basis Data - For various iron ore varieties, prices and basis values changed. For example, the price of Carajás fines (Carajás) was 919 yuan/ton, up 3.0 yuan, and the basis was 76 yuan, up 2 yuan [5] - Some varieties saw price decreases, like PB fines, whose price dropped by 2.0 yuan to 795 yuan/ton, and the basis decreased by 3 yuan to 40 yuan [5] Group 4: Exchange Rule Adjustments - Four new deliverable varieties were added: Benxi concentrate, IOC6, KUMBA, and Ukrainian concentrate, with brand premiums of 0, effective from the I2202 contract [10] - Brand premiums of existing varieties were adjusted, with only PB fines, BRBF, and Carajás fines having a premium of 15 yuan/ton, and others at 0 yuan/ton [10] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other element indicators and introducing a dynamic adjustment mechanism for iron element premium [10] Group 5: Variety Spread Data - The spread between PB lump and PB fines was 131.0 yuan/ton, down 2.0 yuan; the spread between PB fines and FMG mixed fines was 42.0 yuan/ton, down 3.0 yuan [12] - Some spreads increased, such as the spread between Carajás fines and PB fines, which rose by 5.0 yuan to 124.0 yuan/ton [12] Group 6: Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and relevant qualifications [22]