Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The report is a daily monitoring report on iron ore basis and spreads, presenting data on futures contract prices, spreads, basis, and variety spreads, as well as relevant regulatory changes in iron ore futures contracts [1][4][7]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - **Futures Contract Prices**: The closing prices of I05, I09, and I01 contracts increased by 2.5, 3.5, and 3.0 respectively compared to the previous day [4]. - **Contract Spreads**: The spreads of I05 - I09, I09 - I01, and I01 - I05 changed by -1.0, 0.5, and 0.5 respectively compared to the previous day [4]. 3.2 Basis - **Basis Data**: The basis of various iron ore varieties showed different changes, with some increasing and some decreasing [7]. - **Basis Charts**: Multiple charts presented the basis trends of different iron ore varieties over time [9][10][11]. 3.3 Regulatory Changes in Iron Ore Futures Contracts - **Increased Deliverable Varieties**: Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukraine Concentrate) were added, and four more (Taigang Concentrate, Magang Concentrate, Wugang Standard Powder, SP10 Powder) were later added [12]. - **Adjusted Brand Premiums**: The brand premiums of most deliverable varieties were adjusted to 0 yuan/ton, except for PB powder, BRBF, and Carajas powder with a premium of 15 yuan/ton [12]. - **Adjusted Substitute Quality Differences and Premiums**: The allowable ranges of iron grade and other elements were adjusted, and a dynamic adjustment mechanism for iron element premium was introduced [12]. 3.4 Variety Spreads - **Variety Spread Data**: The spreads between different iron ore varieties showed various changes, such as the spread between PB block and PB powder increasing by 1.0 [14]. - **Variety Spread Charts**: Multiple charts presented the spread trends between different iron ore varieties over time [16][18][21].

Report Overview - Report Title: Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report - Report Date: July 7, 2025 Core Views - The report provides daily monitoring data on iron ore futures contract prices, spreads, and basis, as well as information on contract adjustments and a research team introduction [3][6][24] Summary by Section Futures Contract Prices and Spreads - I05 closed at 689.5 yuan/ton, up 0.5 yuan from the previous day; I09 closed at 732.5 yuan/ton, down 0.5 yuan; I01 remained unchanged at 707.0 yuan/ton [3] - The I05 - I09 spread was -43.0 yuan/ton, up 1.0 yuan; the I09 - I01 spread was 25.5 yuan/ton, down 0.5 yuan; the I01 - I05 spread was 17.5 yuan/ton, down 0.5 yuan [3] Basis Data - For various iron ore varieties, the basis and its changes are presented, such as the basis of Carajás fines (KRF) being 37 yuan/ton, unchanged from the previous day [6] Chart - Charts show the basis trends of different types of iron ore, including Brazilian powder ore, Australian medium - grade powder ore, etc. [8] Contract Adjustments - Newly added 4 deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, Ukrainian Iron Concentrate) with brand premiums of 0 for the I2202 contract and later [11] - Adjusted brand premiums for existing varieties, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton [11] - Modified quality differences and premiums for substitutes, including adjusting the allowable range of iron grade and other elements, and introducing a dynamic adjustment mechanism for iron element premium [11] - Added 4 new deliverable brands (Taigang Iron Concentrate, Magang Iron Concentrate, Minmetals Standard Fines, SP10 Fines) with brand premiums of 0 yuan/ton [11] Variety Spreads Data - Presented the spreads between different iron ore varieties, such as the PB lump - PB fines spread being 148.0 yuan/ton, unchanged from the previous day [13] Charts - Multiple charts illustrate the spread trends between different iron ore varieties, including block - powder spreads, high - medium grade powder ore spreads, etc. [15][17][19] Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the field [24]

Report Overview - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: July 2, 2025 [2] 1. Futures Contract Price and Spread 1.1 Futures Contract Price - I05 closed at 668.5 yuan/ton, down 3.5 yuan from the previous day [4] - I09 closed at 708.5 yuan/ton, down 7.0 yuan [4] - I01 closed at 685.0 yuan/ton, down 5.0 yuan [4] 1.2 Futures Contract Spread - The spread between I05 and I09 was -40.0 yuan/ton, up 3.5 yuan [4] - The spread between I09 and I01 was 23.5 yuan/ton, down 2.0 yuan [4] - The spread between I01 and I05 was 16.5 yuan/ton, down 1.5 yuan [4] 2. Basis 2.1 Basis Data - For various iron ore varieties, prices mostly decreased compared to the previous day, with changes ranging from -10.0 yuan (Newman powder) to 0.0 yuan (some varieties like He Gang concentrate powder) [7] - Basis values also showed various changes, such as a 7-yuan increase for He Gang concentrate powder and a 4-yuan decrease for Newman powder [7] 2.2 Basis Charts - Charts show the basis trends of different iron ore types, including Brazilian powder ore, Australian medium-grade powder ore, etc., from September 2024 to May 2025 [9][10][11] 3. Variety Spread 3.1 Variety Spread Data - The spread between PB block and PB powder remained unchanged at 148.0 yuan/ton [14] - The spread between PB powder and mixed powder remained at 61.0 yuan/ton, while the spread between PB powder and super special powder decreased by 2.0 yuan to 108.0 yuan/ton [14] 3.2 Variety Spread Charts - Charts display the spread trends of different iron ore varieties, such as block-powder spread, high-medium grade powder ore spread, etc. [16][18][22][23] 4. Contract Rule Changes - Since December 2, the main iron ore contract has been the I2205 contract [12] - Four new deliverable varieties (Ben Gang concentrate powder, IOC6, KUMBA, Ukrainian concentrate powder) were added, with brand premiums of 0 yuan/ton starting from the I2202 contract [12] - Brand premiums for existing varieties were adjusted, with only PB powder, BRBF, and Carajas powder having a premium of 15 yuan/ton, and others at 0 yuan/ton [12] - The allowable range of iron grade indicators was adjusted to ≥56%, and allowable ranges for other elements were set, with more detailed quality premium and discount rules [12] - Four more varieties (Tai Gang concentrate powder, Ma Gang concentrate powder, Wugang standard powder, SP10 powder) were added as deliverable brands with brand premiums of 0 yuan/ton [12] - The adjusted deliverable brands and premiums apply to contracts from I2312 onwards [13] 5. Research Team Introduction - Qiu Yuecheng, the assistant director of the Guangda Futures Research Institute and the director of black research, has nearly 20 years of experience in the steel industry [26] - Zhang Xiaojin, the director of resource product research at the institute, has rich experience in futures research [26] - Liu Xi, a black researcher at the institute, is good at fundamental supply - demand analysis based on industrial chain data [26] - Zhang Chunjie, a black researcher, has experience in combining financial theory with industrial operations [26]

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 | 672.0 | 673.0 | -1.0 | I05-I09 | -43.5 | -43.5 | 0.0 | | I09 | 715.5 | 716.5 | -1.0 | I09-I01 | 25.5 | 27.0 | -1.5 | | I01 | 690.0 | 689.5 | 0.5 | I01-I05 | 18.0 | 16.5 | 1.5 | 光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 7 月 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 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） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 0 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 6 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 | 654.0 | 652.5 | 1.5 | I05-I09 | -44.0 | -43.0 | -1.0 | | I09 | 698.0 | 695.5 | 2.5 | I09-I01 | 26.0 | 25.0 | 1.0 | | I01 | 672.0 | 670.5 | 1.5 | I01-I05 | 18.0 | 18.0 | 0.0 | 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） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 0 ...

2025 年 6 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 | 652.5 | 651.0 | 1.5 | I05-I09 | -43.0 | -48.0 | 5.0 | | I09 | 695.5 | 699.0 | -3.5 | I09-I01 | 25.0 | 29.0 | -4.0 | | I01 | 670.5 | 670.0 | 0.5 | I01-I05 | 18.0 | 19.0 | -1.0 | 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 08 ...

光期研究 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 | 650.5 | 653.0 | -2.5 | I05-I09 | -53.5 | -54.0 | 0.5 | | I09 | 704.0 | 707.0 | -3.0 | I09-I01 | 33.0 | 33.0 | 0.0 | | I01 | 671.0 | 674.0 | -3.0 | I01-I05 | 20.5 | 21.0 | -0.5 | 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） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 09 2009-2101 2109-2201 2209-2301 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 2 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 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201-2205 2301-2305 2401-2405 2501-2505 2601-2605 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 09 2009-2101 2109-2201 2209-2301 2309-2401 2409-2501 2509-2601 资料来源：Wind，Mysteel, 光大期货研究所 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 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卡粉 | 824 | 826 | -2.0 | 77 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 2 8 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 | 645.5 | 651.5 | -6.0 | I05-I09 | -53.0 | -55.0 | 2.0 | | I09 | 698.5 | 706.5 | -8.0 | I09-I01 | 34.5 | 35.0 | -0.5 | | I01 | 664.0 | 671.5 | -7.5 | I01-I05 | 18.5 | 20.0 | -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） -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 220 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 2 7 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 | 651.5 | 662.5 | -11.0 | I05-I09 | -55.0 | -55.5 | 0.5 | | I09 | 706.5 | 718.0 | -11.5 | I09-I01 | 35.0 | 35.5 | -0.5 | | I01 | 671.5 | 682.5 | -11.0 | I01-I05 | 20.0 | 20.0 | 0.0 | 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） -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2 ...