光期黑色：铁矿石基差及价差监测日报-20251119

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints The report presents a daily monitoring of iron ore basis and spread, including futures contract prices, basis data of various iron ore varieties, and spread data between different iron ore varieties, along with corresponding charts and regulatory changes in iron ore futures contracts [3][5][12]. 3. Summary by Related Catalogs Futures Contracts - I05 closed at 757.5 yuan/ton, up 1.0 yuan from the previous day; I09 closed at 734.0 yuan/ton, up 2.0 yuan; I01 closed at 792.0 yuan/ton, up 3.5 yuan [3]. - The spread between I05 - I09 was 23.5 yuan/ton, down 1.0 yuan; I09 - I01 was -58.0 yuan/ton, down 1.5 yuan; I01 - I05 was 34.5 yuan/ton, up 2.5 yuan [3]. Basis - Data: The basis of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc., showed different degrees of decline compared to the previous day [5]. - Charts: Provided basis charts for different types of iron ore, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [7][8][9]. Regulatory Changes in Iron Ore Futures Contracts - From December 2nd, the main iron ore contract is I2205. Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added with brand premiums of 0, starting from the I2202 contract [10]. - Brand premiums of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 [10]. - Quality differences and premiums of 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 [10]. - Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added with brand premiums of 0 [10]. Variety Spreads - Data: The spreads between different iron ore varieties, such as block - powder spreads, high - medium grade powder spreads, and medium - low grade powder spreads, showed various changes compared to the previous day [12]. - Charts: Provided spread charts for different types of iron ore spreads, including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [15][16][20]