光期黑色：铁矿石基差及价差监测日报-20251016

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated October 16, 2025, provided by Guangqi Research [1] Report Industry Investment Rating - No investment rating is provided in the report Core Viewpoints - The report presents daily monitoring data on iron ore futures contracts, basis, and variety spreads, along with relevant policy adjustments to the iron ore futures contract delivery rules [3][5][10] Summary by Directory Futures Contracts and Spreads - Contract Prices: I05 closed at 754.0 yuan/ton, down 7.0 yuan from the previous day; I09 closed at 733.0 yuan/ton, down 6.5 yuan; I01 closed at 776.5 yuan/ton, down 5.5 yuan [3] - Contract Spreads: The I05 - I09 spread was 21.0 yuan/ton, down 0.5 yuan; the I09 - I01 spread was -43.5 yuan/ton, down 1.0 yuan; the I01 - I05 spread was 22.5 yuan/ton, up 1.5 yuan [3] Basis - Basis Data: The basis of various iron ore varieties showed different changes. For example, the basis of BRBF increased by 2 yuan to 60 yuan/ton, and the basis of super special powder increased by 3 yuan to 148 yuan/ton [5] - Basis Policy Adjustments: Starting from December 2nd, the main iron ore contract is I2205. The delivery rules have been adjusted, including adding 4 deliverable varieties, adjusting brand premiums and discounts, and modifying substitute quality differences and quality premiums and discounts [10] Variety Spreads - Spread Data: The PB block - PB powder spread was 131.0 yuan/ton, up 1.0 yuan; the PB powder - super special powder spread was 72.0 yuan/ton, down 3.0 yuan [12] - Spread Charts: The report provides multiple spread charts to visually display the changes in spreads over time [13][17]