光期黑色：铁矿石基差及价差监测日报-20251031

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints The report presents a daily monitoring analysis of iron ore basis and price spreads, including data on futures contracts, basis of various iron ore varieties, and price spreads between different iron ore products, along with corresponding charts for visualization [3][5][12]. 3. Summary by Relevant Catalogs Futures Contracts - I05 closed at 779.5 yuan/ton today, down 2.0 yuan from the previous day; I09 closed at 758.5 yuan/ton, down 1.5 yuan; I01 closed at 802.5 yuan/ton, down 2.0 yuan [3]. - The I05 - I09 spread was 21.0 yuan/ton today, down 0.5 yuan; the I09 - I01 spread was -44.0 yuan/ton, up 0.5 yuan; the I01 - I05 spread was 23.0 yuan/ton, unchanged [3]. Basis - For various iron ore varieties, such as Carajás fines (卡粉), its today's price was 920 yuan/ton, down 6.0 yuan from the previous day, with a basis of 79 yuan, down 5 yuan; BRBF's price was 842 yuan/ton, down 1.0 yuan, and the basis was 69 yuan, up 1 yuan [5]. Changes in Deliverable Brands - Starting from the I2202 contract, 4 new deliverable varieties are added: Benxi Concentrate (本钢精粉), IOC6, KUMBA, and Ukrainian Concentrate, with a brand premium of 0 yuan/ton [10]. - For existing varieties, only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest have a brand premium of 0 yuan/ton [10]. - The allowable range of iron grade indicators is adjusted to ≥ 56%, and the allowable ranges of silicon dioxide, aluminum oxide, phosphorus, and sulfur are set to ≤ 8.5%, ≤ 3.5%, ≤ 0.15%, and ≤ 0.2% respectively, with more detailed quality premium and discount regulations [10]. - Starting from the I2312 contract, the adjusted deliverable brands and their premiums apply. From the first trading day after the last delivery day of the I2311 contract, the exchange will handle the registration of standard iron ore futures warehouse receipts according to the adjusted deliverable brands and premiums [10][11]. Variety Price Spreads - The PB lump - PB fines spread was 110.0 yuan/ton today, down 4.0 yuan; the PB fines - mixed fines spread was 42.0 yuan/ton, up 1.0 yuan [12]. - The Carajás fines - Newman fines spread was 118.0 yuan/ton, down 6.0 yuan; the Carajás fines - PB fines spread was 115.0 yuan/ton, down 6.0 yuan [12].