光期黑色：铁矿石基差及价差监测日报-20260325

Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: March 25, 2026 [1] 1. Futures Contract Information 1.1 Futures Contract Prices and Changes - I05 closed at 824.0 today, up 5.0 from the previous day's 819.0 [3] - I09 closed at 790.5 today, up 4.0 from the previous day's 786.5 [3] - I01 closed at 766.5 today, up 4.0 from the previous day's 762.5 [3] 1.2 Contract Spreads and Changes - The spread between I05 and I09 was 33.5 today, up 1.0 from the previous day [3] - The spread between I09 and I01 was 24.0 today, unchanged from the previous day [3] - The spread between I01 and I05 was -57.5 today, down 1.0 from the previous day [3] 2. Basis Information 2.1 Basis Data - For various iron ore varieties, including Carajás fines, BRBF, Newman fines, etc., their prices, changes, delivery costs, basis values, and basis changes are presented in the table. Most basis values decreased, such as Carajás fines' basis decreased by 3 to 101 [7] 2.2 Basis Charts - Charts show the basis of different iron ore types like Brazilian fines, Australian medium - grade fines, etc., over time from 2025 - 06 to 2026 - 02 [10] 3. Policy and Rule Adjustments 3.1 Exchange Rule Adjustments - Since December 2, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Steel concentrate, IOC6, KUMBA, Ukrainian concentrate) are added with a brand premium of 0 starting from the I2202 contract [13] - Brand premiums of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and others are 0 [13] - Quality difference and premium rules for substitutes are modified, including adjusting the allowable range of iron grade and other elements, and introducing a dynamic adjustment mechanism for iron element premium with X determined semi - annually [13] 3.2 New Deliverable Brands - Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added with a brand premium of 0 [13] - The adjusted deliverable brands and premiums apply to contracts from I2312 onwards, and the exchange will handle the registration of standard iron ore futures warehouse receipts according to the new rules starting from the first trading day after the last delivery day of the I2311 contract [14] 4. Variety Spread Information 4.1 Variety Spread Data - The spreads between different iron ore varieties are presented, such as the spread between PB lump and PB fines was 110.0 today, down 1.0 from the previous day [15] 4.2 Variety Spread Charts - Charts show various variety spreads, including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [18][19][20] 5. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their positions, work experience, and relevant qualifications introduced [24]