光期黑色：铁矿石基差及价差监测日报-20251113

1. Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: November 13, 2025 [1] 2. Core Viewpoints - The report provides a daily monitoring of iron ore futures contract prices, spreads, and basis data, along with information on changes in deliverable brands and their associated rules [3][5][10] 3. Summary by Directory 3.1 Futures Contract Prices and Spreads - Futures Contract Prices: I05 closed at 747.5 yuan/ton, up 10.5 yuan from the previous day; I09 closed at 724.5 yuan/ton, up 7.5 yuan; I01 closed at 774.0 yuan/ton, up 11.0 yuan [3] - Contract Spreads: The I05 - I09 spread was 23.0 yuan/ton, up 3.0 yuan; the I09 - I01 spread was -49.5 yuan/ton, down 3.5 yuan; the I01 - I05 spread was 26.5 yuan/ton, up 0.5 yuan [3] 3.2 Basis Data - Various iron ore varieties' basis data are presented, including today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and change. Most basis values decreased compared to the previous day [5] 3.3 Changes in Deliverable Brands and Rules - Starting from December 2, 2025, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) are added with a brand premium of 0, effective from the I2202 contract [10] - Brand premiums for existing varieties are adjusted. Only PB powder, BRBF, and Carajas powder have a brand premium of 15 yuan/ton, while others are 0 yuan/ton [10] - Quality difference and premium rules for substitutes are modified, including adjusting the allowable range of iron grade and other element indicators, and introducing a dynamic adjustment mechanism for iron element premium values [10] 3.4 Variety Spreads - Multiple variety spreads are provided, such as PB block - PB powder, Newman block - Newman powder, etc. Some spreads increased while others decreased compared to the previous day [12]