光期黑色：铁矿石基差及价差监测日报-20260114

Report Overview - The report is titled "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" dated January 14, 2026, and it provides data on iron ore contract spreads, basis, and variety spreads [1]. 1. Contract Spreads - The closing prices of I05, I09, and I01 contracts are 819.5, 798.0, and 830.0 respectively, showing changes of -3.0, -4.0, and -34.0 from the previous day [3]. - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 21.5, -32.0, and 10.5 respectively, with changes of 1.0, 30.0, and -31.0 from the previous day [3]. 2. Basis 2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás fines), BRBF, Newman fines, etc., the report shows their current prices, previous day prices, price changes, delivery costs, current basis, previous day basis, and basis changes [5]. - For example, the current price of Carajás fines is 908, down 12.0 from the previous day, with a delivery cost of 868, and the current basis is 49, down 10 from the previous day [5]. 2.2 Basis Charts - There are multiple charts showing the basis of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. over time [7][8][9]. 3. Variety Spreads 3.1 Variety Spread Data - The report presents data on spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, etc. [12]. - For instance, the spread of PB lump - PB fines is 66.0, down 3.0 from the previous day, and the spread of PB fines - mixed fines is 69.0, up 6.0 from the previous day [12]. 3.2 Variety Spread Charts - There are numerous charts depicting different types of variety spreads including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [15][16][18][19]. 4. Rule Adjustments - Since December 2, the main iron ore contract is I2205. According to relevant regulations, 4 new deliverable varieties are added (Benxi Steel concentrate, IOC6, KUMBA, Ukrainian concentrate), and brand premiums for all are 0 starting from the I2202 contract [10]. - The 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 yuan/ton [10]. - The allowable ranges of quality indicators for substitutes and their quality premiums are modified, and a dynamic adjustment mechanism for iron element premium values (X) is introduced [10]. - Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added with brand premiums of 0 yuan/ton, and the adjusted deliverable brands and premiums apply to contracts starting from I2312 [10][11]. 5. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional experience and qualifications [22].