光期黑色：铁矿石基差及价差监测日报-20251230

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The report is a daily monitoring of iron ore basis and spread, presenting data on futures contracts, basis of different iron ore varieties, and variety spreads, along with corresponding chart analysis [1][3][5][12]. 3. Summary by Related Catalogs 3.1 Futures Contracts - The closing prices of I05, I09, and I01 contracts are 796.5, 773.5, and 816.0 respectively, with changes of 13.5, 12.5, and 14.5 compared to the previous day [3]. - The spreads between I05 - I09, I09 - I01, and I01 - I05 are 23.0, -42.5, and 19.5 respectively, with changes of 1.0, -2.0, and 1.0 compared to the previous day [3]. 3.2 Basis 3.2.1 Basis Data - The basis of various iron ore varieties such as Carajás fines (Kafan), BRBF, Newman fines, etc. is presented, along with their price changes and basis changes compared to the previous day. For example, the price of Carajás fines increased by 17.0 to 892, and the basis increased by 5 to 54 [5]. 3.2.2 Basis Charts - Charts are provided for different types of iron ore basis, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. [7][8][9]. 3.3 Exchange Rule Changes - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added with a brand premium of 0 starting from the I2202 contract. The brand premium of some existing varieties is adjusted, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 [10]. - The allowable range of iron grade and other element indicators for substitutes is adjusted, and a dynamic adjustment mechanism for the premium of iron element indicators (X) is introduced. Currently, X = 1.5 [10]. - Four more varieties (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added as deliverable varieties with a brand premium of 0, and the adjusted rules apply to contracts from I2312 onwards [10][11]. 3.4 Variety Spreads 3.4.1 Variety Spread Data - The spreads between various iron ore varieties are presented, such as PB lump - PB fines, Carajás fines - Newman fines, etc., along with their changes compared to the previous day. For example, the spread of PB lump - PB fines increased by 2.0 to 78.0 [12]. 3.4.2 Variety Spread Charts - Charts are provided for different types of variety spreads, including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [13][14][15][16][18].