光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 0 月 3 1 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 779.5 | 781.5 | -2.0 | I05-I09 | 21.0 | 21.5 | -0.5 | | I09 | 758.5 | 760.0 | -1.5 | I09-I01 | -44.0 | -44.5 | 0.5 | | I01 | 802.5 | 804.5 | -2.0 | I01-I05 | 23.0 | 23.0 | 0.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 2.1 基差：数据 | 品种 | 今日价格 | 上日价格 | 变化 | 交割成本 | 今日基差 | 上日基差 | ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 9 月 2 6 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 785.5 | 783.0 | 2.5 | I05-I09 | 20.5 | 21.0 | -0.5 | | I09 | 765.0 | 762.0 | 3.0 | I09-I01 | -40.5 | -41.5 | 1.0 | | I01 | 805.5 | 803.5 | 2.0 | I01-I05 | 20.0 | 20.5 | -0.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 22 ...

Report Overview - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Date: September 19, 2025 - Report Type: Daily monitoring report on iron ore basis and spreads 1. Futures Contract Prices and Spreads 1.1 Futures Contract Prices - I05 closed at 778.5 yuan/ton, down 4.0 yuan from the previous day [3]. - I09 closed at 759.0 yuan/ton, down 4.5 yuan from the previous day [3]. - I01 closed at 800.0 yuan/ton, down 4.5 yuan from the previous day [3]. 1.2 Contract Spreads - The spread between I05 and I09 was 19.5 yuan/ton, up 0.5 yuan from the previous day [3]. - The spread between I09 and I01 was -41.0 yuan/ton, unchanged from the previous day [3]. - The spread between I01 and I05 was 21.5 yuan/ton, down 0.5 yuan from the previous day [3]. 2. Basis Analysis 2.1 Basis Data - The basis of various iron ore varieties showed different changes. For example, the basis of FMG mixed powder increased by 7 yuan to 88 yuan/ton, while the basis of five - mine standard powder decreased by 2 yuan to 44 yuan/ton [5]. 2.2 Basis Charts - Charts for different basis targets such as Brazilian powder ore, Australian medium - grade powder ore, Australian low - grade powder ore, and domestic ore were presented [7][8][9]. 3. Adjustment of Deliverable Brands and Rules - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) were added with a brand premium of 0, effective from the I2202 contract [10]. - The brand premiums of existing varieties were adjusted. Only PB powder, BRBF, and Carajas powder have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [10]. - The allowable range of iron grade and other element indicators for substitutes was adjusted, and a dynamic adjustment mechanism for the premium of iron element indicators was introduced [10]. - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Five - mine Standard Powder, SP10 Powder) were added, and their brand premiums are 0 yuan/ton [10]. 4. Variety Spreads 4.1 Variety Spread Data - For example, the spread between PB block and PB powder increased by 3 yuan to 134 yuan/ton, while the spread between PB powder and mixed powder decreased by 5 yuan to 37 yuan/ton [12]. 4.2 Variety Spread Charts - Charts for different types of variety spreads such as block - powder spreads, high - medium grade powder ore spreads, and others were provided [13][14][15][17][19]

Group 1: Report Information - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 12, 2025 [1] Group 2: Contract Spreads - I05 closed at 773.5 yuan/ton, down 7.5 yuan from the previous day; I09 closed at 840.5 yuan/ton, down 7.0 yuan; I01 closed at 795.5 yuan/ton, down 9.5 yuan [3] - The spread of I05 - I09 was -67.0 yuan/ton, down 0.5 yuan; I09 - I01 was 45.0 yuan/ton, up 2.5 yuan; I01 - I05 was 22.0 yuan/ton, down 2.0 yuan [3] Group 3: Basis Data - For various iron ore varieties, prices and basis changed. For example, the price of Carajás Fines was 900 yuan/ton, down 8.0 yuan, and the basis was 64 yuan, up 1 yuan [6] - The price of BRBF was 812 yuan/ton, down 8.0 yuan, and the basis was 43 yuan, up 1 yuan [6] Group 4: Exchange Rule Adjustments - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) were added with a brand premium of 0, effective from the I2202 contract [11] - Brand premiums of existing varieties were adjusted. Only PB Fines, BRBF, and Carajás Fines had a brand premium of 15 yuan/ton, and others were 0 [11] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other elements and introducing a dynamic adjustment mechanism for iron element premium [11] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) were added with a brand premium of 0 yuan/ton, applicable to the I2312 and subsequent contracts [11] Group 5: Variety Spreads - The spread of PB Lump - PB Fines was 138.0 yuan/ton, up 2.0 yuan; PB Fines - FMG Mixed Fines was 51.0 yuan/ton, down 3.0 yuan [13] - The spread of Newman Lump - Newman Fines was 139.0 yuan/ton, up 1.0 yuan; PB Fines - Super Special Fines was 90.0 yuan/ton, down 4.0 yuan [13] Group 6: Research Team Introduction - Qiu Yuecheng is the Assistant Director of the Research Institute and the Director of Black Research at Everbright Futures, with nearly 20 years of experience in the steel industry [23] - Zhang Xiaojin is the Director of Resource Product Research at Everbright Futures, with rich experience in the field of power coal [23] - Liu Xi is a black researcher at Everbright Futures, good at fundamental supply - demand analysis based on industrial chain data [23] - Zhang Chunjie is a black researcher at Everbright Futures, with experience in investment trading strategies and spot - futures operations [23]

Group 1: Report Overview - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 5, 2025 [1] Group 2: Contract Spreads - I05 closed at 767.5 yuan/ton, up 13.0 yuan from the previous day; I09 closed at 831.0 yuan/ton, up 18.0 yuan; I01 closed at 791.5 yuan/ton, up 14.5 yuan [3] - The spread of I05 - I09 was -63.5 yuan/ton, down 5.0 yuan; I09 - I01 was 39.5 yuan/ton, up 3.5 yuan; I01 - I05 was 24.0 yuan/ton, up 1.5 yuan [3] Group 3: Basis 3.1 Basis Data - The basis of various iron ore varieties changed. For example, the basis of Carajás fines was 62 yuan/ton, down 7 yuan; BRBF was 45 yuan/ton, down 6 yuan; Newman fines was 27 yuan/ton, down 4 yuan [6] 3.2 Basis Chart - There are charts showing the basis of different iron ore types such as Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [8][9][10] Group 4: Exchange Rule Changes - Since December 2, the main iron ore contract has been I2205. Four new deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, Ukrainian Iron Concentrate) were added with brand premiums of 0, effective from the I2202 contract [11] - Brand premiums of existing varieties were adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and others are 0 [11] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other element indicators and introducing a dynamic adjustment mechanism for iron element premium [11] - Four more deliverable brands (Taigang Iron Concentrate, Magang Iron Concentrate, Minmetals Standard Fines, SP10 Fines) were added with brand premiums of 0, applicable to I2312 and subsequent contracts [11] Group 5: Variety Spreads 5.1 Variety Spread Data - The spread of PB lump - PB fines was 142.0 yuan/ton, down 2.0 yuan; PB fines - mixed fines was 60.0 yuan/ton, down 3.0 yuan; etc. [13] 5.2 Variety Spread Charts - There are multiple charts showing different variety spreads such as lump - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [14][16][18][21][22] Group 6: Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and professional qualifications [25]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated August 29, 2025, focusing on iron ore futures contracts, basis, and spread analysis [1] 1. Futures Contracts - **Price Changes**: I05 closed at 765.5 yuan/ton, up 12.0 yuan from the previous day; I09 at 811.0 yuan/ton, up 14.5 yuan; I01 at 790.5 yuan/ton, up 15.0 yuan [3] - **Contract Spreads**: The spread of I05 - I09 was -45.5 yuan/ton, down 2.5 yuan; I09 - I01 was 20.5 yuan/ton, down 0.5 yuan; I01 - I05 was 25.0 yuan/ton, up 3.0 yuan [3] 2. Basis 2.1 Basis Data - **Price and Basis Changes**: Various iron ore varieties showed price and basis changes. For example, the price of Carajás fines increased by 12.0 yuan to 891 yuan/ton, and the basis decreased by 2 to 59 yuan/ton [6] 2.2 Basis Charts - **Charts Presented**: There are charts for different types of iron ore including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores, showing their basis trends [8][9] 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: For instance, the spread of PB lump - PB fines was 144.0 yuan/ton, down 1.0 yuan; PB fines - mixed fines was 63.0 yuan/ton, up 1.0 yuan [13] 3.2 Variety Spread Charts - **Charts for Different Spreads**: There are charts for block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc., presenting the spread trends [14][15] 3.3 More Variety Spread Charts - **Additional Spread Charts**: Include charts for FMG mixed fines - Super Special fines spread, Carajás fines + Super Special fines - 2 * PB fines spread, etc. [20][21] 4. Exchange Rule Adjustments - **Adjustments to Deliverable Brands**: Added 4 deliverable brands (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) with brand premium of 0 since I2202 contract; adjusted brand premiums of existing varieties; modified substitute quality differences and quality premiums [11] - **Applicable Contracts**: The adjusted deliverable brands and premiums apply to I2312 and subsequent contracts [12] 5. Research Team - **Team Members**: The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich experience in the steel and futures industries [24]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints The report focuses on the daily monitoring of iron ore basis and spread, including contract spreads, basis data, and variety spreads, along with the regulatory changes of iron ore futures deliverable brands. 3. Summary by Relevant Catalogs 3.1 Contract Spreads - The closing prices of I05, I09, and I01 contracts decreased by 13.5, 10.0, and 12.5 respectively compared to the previous day [3]. - The I05 - I09 spread decreased by 3.5, the I09 - I01 spread increased by 2.5, and the I01 - I05 spread increased by 1.0 [3]. 3.2 Basis - **Data**: The prices of most iron ore varieties decreased compared to the previous day, with the basis of some varieties increasing and others decreasing. For example, the price of Carajás fines decreased by 6.0, and the basis increased by 3 [6]. - **Charts**: The report presents basis charts for different types of iron ore, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. [8][9][10] 3.3 Regulatory Changes of Deliverable Brands - Newly added 4 deliverable varieties: Benxi concentrate, IOC6, KUMBA, and Ukrainian concentrate, with a brand premium of 0, effective from the I2202 contract [11]. - Adjusted the brand premiums of existing varieties, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 [11]. - Modified the quality differences and quality premiums of substitutes, including adjusting the allowable ranges of iron grade and other element indicators and their corresponding quality premiums, and introducing a dynamic adjustment mechanism for the premium of iron element indicators [11]. - Added 4 deliverable brands: Taigang concentrate, Magang concentrate, Minmetals standard fines, and SP10 fines, with a brand premium of 0 [11]. 3.4 Variety Spreads - **Data**: The spreads between different iron ore varieties changed. For example, the PB lump - PB fines spread decreased by 2.0, while the PB fines - mixed fines spread increased by 1.0 [13]. - **Charts**: The report provides charts for different types of variety spreads, such as lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [14][15][16][18][19]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated July 29, 2025, focusing on iron ore futures contract spreads, basis, and variety spreads [1]. 1. Contract Spreads - **Price Changes**: I05 closed at 738.0 yuan/ton, down 14.0 yuan from the previous day; I09 closed at 786.0 yuan/ton, down 16.5 yuan; I01 closed at 757.0 yuan/ton, down 15.5 yuan [3]. - **Spread Changes**: The I05 - I09 spread was -48.0 yuan/ton, up 2.5 yuan; the I09 - I01 spread was 29.0 yuan/ton, down 1.0 yuan; the I01 - I05 spread was 19.0 yuan/ton, down 1.5 yuan [3]. 2. Basis 2.1 Basis Data - **Price Changes**: Various iron ore varieties showed price changes, such as a 17.0 - yuan decrease in Carajás fines (Carajás fines) to 866 yuan/ton, a 11.0 - yuan decrease in BRBF to 792 yuan/ton, etc. [6]. - **Basis Changes**: The basis of different varieties also changed. For example, the basis of Carajás fines decreased by 2 to 36 yuan/ton, while the basis of BRBF increased by 4 to 31 yuan/ton [6]. 2.2 Basis Charts - Charts show the basis trends of different iron ore varieties like Brazilian fines, Australian medium - grade fines, etc., with data from November 2024 to July 2025 [8][9][10]. 2.3 Policy Adjustments - **New Deliverable Varieties**: Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added with a brand premium of 0, effective from the I2202 contract [11]. - **Premium Adjustments**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while others are 0 [11]. - **Quality and Premium Adjustments**: The allowable range of iron grade is adjusted to ≥56%, and the allowable ranges of other elements are set. The premium for iron element is dynamically adjusted with X values determined semi - annually [11]. - **New Deliverable Brands**: Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) were added with a brand premium of 0, applicable to I2312 and subsequent contracts [11]. 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: For example, the PB lump - PB fines spread was 145.0 yuan/ton, down 2.0 yuan; the PB fines - FMG mixed fines spread was 68.0 yuan/ton, up 2.0 yuan [13]. 3.2 Variety Spread Charts - Charts show the spread trends of different iron ore varieties including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [14][15][16][17][19][20][21]. 4. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and relevant qualifications [24].

2025 年 7 月 2 3 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 770.5 | 755.0 | 15.5 | I05-I09 | -52.5 | -54.0 | 1.5 | | I09 | 823.0 | 809.0 | 14.0 | I09-I01 | 29.5 | 32.5 | -3.0 | | I01 | 793.5 | 776.5 | 17.0 | I01-I05 | 23.0 | 21.5 | 1.5 | 图表1：09-01合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） 光期研究 光期黑色：铁矿石基差及价差监测日报 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 0 ...

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The report presents a daily monitoring of iron ore basis and spreads, including futures contract prices, basis data, and variety spreads, along with related charts, and also details the adjustments to iron ore futures deliverable brands and rules [3][6][11]. 3. Summary by Related Catalogs Futures Contracts - The closing prices of I05, I09, and I01 contracts increased by 24.0, 27.0, and 25.5 respectively compared to the previous day. The spreads between I05 - I09, I09 - I01, and I01 - I05 also changed, with variations of -3.0, 1.5, and 1.5 respectively [3]. Basis - **Data**: The prices of various iron ore varieties such as Carajás fines, BRBF, and Newman fines increased compared to the previous day, while the basis for most varieties decreased, except for Jinbuba fines 61% which increased by 4 [6]. - **Charts**: Multiple charts show the basis trends of different iron ore varieties over time, including Brazilian fines, Australian medium - grade fines, etc. [8][9][10]. Adjustments to Deliverable Brands - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added, and the brand premiums for all of them are 0, effective from the I2202 contract. The brand premiums of existing varieties were adjusted, with only PB fines, BRBF, and Carajás fines having a premium of 15 yuan/ton, and the rest being 0. The quality differences and premiums of substitutes were also modified, and the allowable range of iron grade was adjusted to ≥56%. Four more varieties (Taigang concentrate, Magang concentrate, Wugang standard fines, SP10 fines) were added as deliverable brands, with brand premiums of 0, applicable to contracts after I2312 [11]. Variety Spreads - **Data**: The spreads between different iron ore varieties changed. For example, the spread between PB lump and PB fines decreased by 2.0, while the spread between PB fines and mixed fines increased by 7.0 [13]. - **Charts**: Multiple charts display the spread trends between different iron ore varieties, such as lump - powder spreads, high - medium grade powder spreads, etc. [14][15][17][19][20][21]. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications in the steel and futures industries [24].