光期黑色：铁矿石基差及价差监测日报-20260210

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads, and basis data for various iron ore varieties [3][7][14] 3. Summary by Relevant Catalogs 3.1 Futures Contracts and Spreads - Futures Contract Prices: The closing prices of I05, I09, and I01 contracts are 761.5, 743.0, and 732.0 respectively, with changes of 1.0, 0.5, and -0.5 compared to the previous day [3] - Contract Spreads: The spreads of I05 - I09, I09 - I01, and I01 - I05 are 18.5, 11.0, and -29.5 respectively, with changes of 0.5, 1.0, and -1.5 compared to the previous day [3] 3.2 Basis - Basis Data: The basis data of various iron ore varieties are presented, including the current price, previous price, change, delivery cost, current basis, previous basis, and change. For example, the current basis of Carajás Fines is 58, with no change from the previous day [7] - Basis Charts: Charts are provided for different types of iron ore, such as Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [9][10][11] 3.3 Exchange Rule Adjustments - Increased Deliverable Varieties: Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added, with brand premiums of 0, effective from the I2202 contract. Additionally, four more varieties (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) are added as deliverable varieties with brand premiums of 0, applicable to the I2312 and subsequent contracts [12] - Brand Premium Adjustments: Only PB Fines, BRBF, and Carajás Fines have a brand premium of 15 yuan/ton, while the rest of the deliverable brands have a brand premium of 0 yuan/ton [12] - Quality Difference and Premium Adjustments: The allowable range of iron grade is adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur are set. The premium and discount rules for different intervals are more detailed. An X value is introduced to dynamically adjust the premium of the iron element, with different values determined based on the average settlement price of the nearest delivery - month contract [12] 3.4 Variety Spreads - Spread Data: The spreads between different iron ore varieties are presented, such as the spread between PB Lump and PB Fines, which is 82.0 today, an increase of 6.0 compared to the previous day [14] - Spread Charts: Charts are provided for different types of spreads, including lump - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [15][16][17]