光期黑色：铁矿石基差及价差监测日报-20250925

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This is a daily monitoring report on the basis and price spreads of iron ore futures, presenting data and charts on futures contract prices, basis, and price spreads of various iron ore varieties [1][3][5] 3. Summary by Relevant Catalogs 3.1 Futures Contract Price and Spread - Contract Price Change: The closing prices of I05, I09, and I01 contracts all increased compared to the previous day, with increases of 3.0, 2.0, and 1.0 respectively [3] - Contract Spread Change: The spreads of I05 - I09 and I09 - I01 increased by 1.0, while the spread of I01 - I05 decreased by 2.0 [3] 3.2 Basis 3.2.1 Basis Data - Price and Basis Change: The prices and bases of various iron ore varieties showed different degrees of change. For example, the price of KF increased by 1.0, and the basis remained unchanged; the price of PB decreased by 1.0, and the basis decreased by 2 [5] 3.2.2 Basis Charts - Basis Trends: The charts show the basis trends of different types of iron ore, including Brazilian powder ore, Australian medium - grade powder ore, Australian low - grade powder ore, and domestic ore [7][8][9] 3.3 Adjustment of Deliverable Brands - New Deliverable Brands: Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) were added to the I2202 contract, and four more (Taigang Concentrate, Magang Concentrate, Wugang Standard Powder, SP10 Powder) were added later, with brand premiums all set to 0 [10] - Premium Adjustment: Only PB, BRBF, and Carajas Powder have a brand premium of 15 yuan/ton, and the premiums of other deliverable brands are 0 [10] - Quality and Premium Adjustment: The allowable range of iron grade was adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur were set. The premium for iron element is dynamically adjusted (currently X = 1.5) [10] 3.4 Variety Price Spread 3.4.1 Variety Price Spread Data - Price Spread Change: The price spreads between different iron ore varieties showed different degrees of change. For example, the spread of PB Lump - PB decreased by 2.0, while the spread of BRBF - PB increased by 3.0 [12] 3.4.2 Variety Price Spread Charts - Price Spread Trends: The charts show the price spread trends between different types of iron ore, including lump - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc [13][14][15] 3.5 Black Research Team - Team Members: The team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [22]