光期黑色：铁矿石基差及价差监测日报-20251202

Report Information - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: December 2, 2025 [1] 1. Futures Contract Prices and Spreads - Futures Contract Prices: I05 closed at 777.5 yuan/ton, up 9.5 yuan from the previous day; I09 closed at 752.5 yuan/ton, up 9.0 yuan; I01 closed at 801.0 yuan/ton, up 7.0 yuan [3]. - Contract Spreads: The I05 - I09 spread was 25.0 yuan/ton, up 0.5 yuan; the I09 - I01 spread was -48.5 yuan/ton, up 2.0 yuan; the I01 - I05 spread was 23.5 yuan/ton, down 2.5 yuan [3]. 2. Basis Data - Basis Changes: The basis of various iron ore varieties showed different changes. For example, the basis of Carajás fines increased by 3 yuan to 48 yuan/ton, while the basis of BRBF decreased by 7 yuan to 55 yuan/ton [5]. 3. Policy Adjustments - Increased Deliverable Varieties: Four new deliverable varieties were added, including Bengang concentrate, IOC6, KUMBA, and Ukrainian concentrate, with brand premiums of 0 yuan/ton starting from the I2202 contract [11]. - Adjusted Brand Premiums: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the premiums of other deliverable brands are 0 yuan/ton [11]. - Modified Quality Premiums: The allowable range of iron grade was adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur were set. The premium and discount rules for quality differences were also detailed [11]. 4. Variety Spreads - Spread Changes: The spreads between different iron ore varieties also changed. For example, the spread between Carajás fines and Newman fines increased by 5 yuan to 96 yuan/ton, while the spread between PB fines and BRBF decreased by 4 yuan to 31 yuan/ton [13]. Research Team - Team Members: The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and professional qualifications [24].