光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 3 月 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 | 754.5 | 750.5 | 4.0 | I05-I09 | 21.0 | 19.5 | 1.5 | | I09 | 733.5 | 731.0 | 2.5 | I09-I01 | 12.0 | 12.0 | 0.0 | | I01 | 721.5 | 719.0 | 2.5 | I01-I05 | -33.0 | -31.5 | -1.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 04 ...

2026 年 2 月 2 7 日 光期研究 光期黑色：铁矿石基差及价差监测日报 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 | 748.5 | 752.5 | -4.0 | I05-I09 | 16.5 | 17.0 | -0.5 | | I09 | 732.0 | 735.5 | -3.5 | I09-I01 | 11.5 | 11.5 | 0.0 | | I01 | 720.5 | 724.0 | -3.5 | I01-I05 | -28.0 | -28.5 | 0.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads, basis data of various iron ore varieties, and changes in the list of deliverable brands and their premium/discounts [3][7][12]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - The closing prices of I05, I09, and I01 contracts are 762.5, 745.0, and 733.5 respectively, with changes of 1.0, 1.0, and 1.5 compared to the previous day [3]. - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 17.5, 11.5, and -29.0 respectively, with changes of 0.0, -0.5, and 0.5 compared to the previous day [3]. 3.2 Basis Data - The basis of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc. shows different changes. For example, the basis of Carajás fines decreased by 1 to 57, and the basis of FMG blended fines remained unchanged at 74 [7]. 3.3 Changes in Deliverable Brands and Premium/Discounts - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added, with a brand premium/discount of 0, starting from the I2202 contract [12]. - The premium/discounts of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium/discount of 15 yuan/ton, and the rest are 0 yuan/ton [12]. - Four more deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added, with a brand premium/discount of 0 yuan/ton, applicable to the I2312 and subsequent contracts [12]. 3.4 Variety Spreads - The spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, etc. show different changes. For example, the spread of PB lump - PB fines increased by 2 to 89, and the spread of PB fines - blended fines decreased by 1 to 55 [14].

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 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 | 783.0 | 791.5 | -8.5 | I05-I09 | 17.0 | 19.0 | -2.0 | | I09 | 766.0 | 772.5 | -6.5 | I09-I01 | 12.5 | 12.5 | 0.0 | | I01 | 753.5 | 760.0 | -6.5 | I01-I05 | -29.5 | -31.5 | 2.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 ...

Group 1: Contract Spreads - The closing price of I05 is 791.5 yuan/ton, down 7.0 yuan from the previous day; I09 is 772.5 yuan/ton, down 6.5 yuan; I01 is 760.0 yuan/ton, down 5.5 yuan [3]. - The spread of I05 - I09 is 19.0 yuan/ton, down 0.5 yuan; I09 - I01 is 12.5 yuan/ton, down 1.0 yuan; I01 - I05 is -31.5 yuan/ton, up 1.5 yuan [3]. Group 2: Basis - For different iron ore varieties, the basis and its changes vary. For example, the basis of Carajás fines is 57 yuan/ton, up 7 yuan; BRBF is 51 yuan/ton, down 3 yuan; PB fines is 47 yuan/ton, down 3 yuan [7]. Group 3: Variety Spreads - The variety spreads also show different changes. For instance, the spread of PB lump - PB fines is 69.0 yuan/ton, up 3.0 yuan; PB fines - FMG mixed fines is 62.0 yuan/ton, down 7.0 yuan [14]. Group 4: Policy Adjustments - Since December 2nd, the main contract of iron ore is I2205. Four new deliverable varieties are added: Benxi Iron concentrate, IOC6, KUMBA, and Ukrainian iron concentrate, with a brand premium of 0, effective from I2202 contract [12]. - The brand premium of existing varieties is adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while others are 0 yuan/ton [12]. - The allowable range of iron grade index is adjusted to be greater than or equal to 56%. The allowable ranges of silica, alumina, phosphorus, and sulfur are set, and the quality premium and discount are more detailed [12]. - Four new deliverable brands are added: Taiyuan Iron concentrate, Maanshan Iron concentrate, Minmetals Standard fines, and SP10 fines, with a brand premium of 0 yuan/ton [12]. - The adjusted deliverable brands and their premiums apply to I2312 and subsequent contracts [13].

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 1 月 3 0 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 | 798.5 | 783.0 | 15.5 | I05-I09 | 19.5 | 18.5 | 1.0 | | I09 | 779.0 | 764.5 | 14.5 | I09-I01 | 13.5 | 12.0 | 1.5 | | I01 | 765.5 | 752.5 | 13.0 | I01-I05 | -33.0 | -30.5 | -2.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 ...

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated January 27, 2026, focusing on iron ore futures contract spreads, basis, and variety spreads [1] 1. Contract Spreads - The closing prices of I05, I09, and I01 contracts are 784.5, 766.0, and 755.0 respectively, showing changes of -10.5, -11.5, and -9.5 compared to the previous day [3] - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 18.5, 11.0, and -29.5 respectively, with changes of 1.0, -2.0, and 1.0 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 provides today's prices, previous day's prices, price changes, delivery costs, today's basis, previous day's basis, and basis changes [7] 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., with data from 2025 - 04 to 2025 - 12 [9][10][11] 3. Variety Spreads 3.1 Variety Spread Data - The report presents the spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, Carajás fines - Newman fines, etc., along with their values and changes compared to the previous day [14] 3.2 Variety Spread Charts - There are multiple charts showing block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [15][16][17] Regulatory Changes - The Dalian Commodity Exchange has made adjustments to the deliverable brands and their premiums/discounts for iron ore futures contracts. The adjusted rules apply to I2312 and subsequent contracts [12][13] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional backgrounds and qualifications [22]

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 1 月 2 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 | 789.5 | 794.0 | -4.5 | I05-I09 | 18.0 | 17.5 | 0.5 | | I09 | 771.5 | 776.5 | -5.0 | I09-I01 | 14.5 | 14.0 | 0.5 | | I01 | 757.0 | 762.5 | -5.5 | I01-I05 | -32.5 | -31.5 | -1.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 ...

光期研究 2026 年 1 月 2 0 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 | 794.0 | 812.0 | -18.0 | I05-I09 | 17.5 | 18.5 | -1.0 | | I09 | 776.5 | 793.5 | -17.0 | I09-I01 | 14.0 | -13.0 | 27.0 | | I01 | 762.5 | 806.5 | -44.0 | I01-I05 | -31.5 | -5.5 | -26.0 | 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） 光期黑色：铁矿石基差及价差监测日报 p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 1 月 1 9 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 | 812.0 | 813.0 | -1.0 | I05-I09 | 18.5 | 19.0 | -0.5 | | I09 | 793.5 | 794.0 | -0.5 | I09-I01 | -13.0 | -38.5 | 25.5 | | I01 | 806.5 | 832.5 | -26.0 | I01-I05 | -5.5 | 19.5 | -25.0 | 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 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2 ...