光期黑色：铁矿石基差及价差监测日报-20250926

Report Information - Report Title: "光期黑色：铁矿石基差及价差监测日报" [1] - Report Date: September 26, 2025 [1] Industry Investment Rating - No information provided in the report Core Viewpoints - No explicit core viewpoints provided in the given report content Detailed Summaries Futures Contract Prices and Spreads - I05 closed at 785.5 yuan/ton today, up 2.5 yuan from the previous day; I09 closed at 765.0 yuan/ton, up 3.0 yuan; I01 closed at 805.5 yuan/ton, up 2.0 yuan [3] - The I05 - I09 spread was 20.5 yuan/ton today, down 0.5 yuan from the previous day; the I09 - I01 spread was -40.5 yuan/ton, up 1.0 yuan; the I01 - I05 spread was 20.0 yuan/ton, down 0.5 yuan [3] Basis Data - Various iron ore varieties showed different price changes and basis values. For example, the price of Carajás fines (卡粉) was 933 yuan/ton today, up 3.0 yuan, with a basis of 90 yuan, up 1 yuan from the previous day [5] Contract Rule Changes - Four new deliverable varieties (本钢精粉, IOC6, KUMBA, Ukraine concentrate) were added, with brand premiums of 0, effective from the I2202 contract [10] - Brand premiums for existing varieties were adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while others are 0 [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] Variety Spreads - Different variety spreads showed various changes. For example, the PB lump - PB fines spread was 134.0 yuan/ton today, up 1.0 yuan from the previous day; the PB fines - Super Special fines spread was 68.0 yuan/ton, down 2.0 yuan [12] Research Team Introduction - The black research team includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [24]