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 ...

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 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 | 662.5 | 671.0 | -8.5 | I05-I09 | -55.5 | -56.0 | 0.5 | | I09 | 718.0 | 727.0 | -9.0 | I09-I01 | 35.5 | 35.5 | 0.0 | | I01 | 682.5 | 691.5 | -9.0 | I01-I05 | 20.0 | 20.5 | -0.5 | p 2 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 ...

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 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 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 | 854 | 855 | -1.0 | 809 | 84 | 88 | -4 | | BRBF | 780 | 778 | 2.0 | 804 | 79 | 79 | -0 | | 纽曼粉 | 756 | 754 | 2.0 | 791 | 66 | 67 | -0 | | PB 粉 | 764 | 762 | 2.0 | 810 | 85 | 86 | -0 | | 麦克粉 | 744 | 742 | 2.0 | 802 | 77 | 78 | -0 | | 罗伊山粉 | 734 | 732 ...

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 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 | 780.0 | 793.5 | -13.5 | I05-I09 | 57.5 | 65.5 | -8.0 | | I09 | 722.5 | 728.0 | -5.5 | I09-I01 | 35.5 | 36.5 | -1.0 | | I01 | 687.0 | 691.5 | -4.5 | I01-I05 | -93.0 | -102.0 | 9.0 | 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 0 ...

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated May 19, 2025, focusing on iron ore futures contracts, basis, and variety spreads [1] Futures Contracts - For I05, the closing price is 793.5 yuan/ton, down 8.0 yuan from the previous day; I09 is 728.0 yuan/ton, down 8.5 yuan; I01 is 691.5 yuan/ton, down 6.5 yuan [3] - The I05 - I09 spread is 65.5 yuan/ton, up 0.5 yuan; I09 - I01 is 36.5 yuan/ton, down 2.0 yuan; I01 - I05 is -102.0 yuan/ton, up 1.5 yuan [3] Basis Data - Various iron ore varieties show price changes. For example, the price of Carajás fines (Carol) is 858 yuan/ton, down 7.0 yuan, with a basis of 86 yuan, up 1 yuan [6] - Other varieties like BRBF, Newman fines, and PB fines also have corresponding price and basis changes [6] Charts - There are multiple charts showing the basis of different iron ore types such as Brazilian fines, Australian medium - grade fines, etc., from August 2024 to April 2025 [8][9][10] Variety Spreads Data - PB block - PB fines spread is 148.0 yuan/ton, up 2.0 yuan; PB fines - mixed fines is 85.0 yuan/ton, down 5.0 yuan [13] - There are also spreads between other varieties like Newman block - Newman fines, Carajás fines - Newman fines, etc., with corresponding changes [13] Charts - Multiple charts illustrate different variety spreads, including block - fines spreads, high - medium grade fines spreads, etc [15][18][20] Exchange Rules Adjustment - The Dalian Commodity Exchange has adjusted the deliverable brands and related rules for iron ore futures contracts. New deliverable brands are added, and brand premiums and discounts are adjusted [11] - The adjusted rules apply to I2312 and subsequent contracts, and the exchange will handle standard warehouse receipt registration according to the new rules starting from the first trading day after the last delivery day of the I2311 contract [12] 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 industry [25]

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 1 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 | 801.5 | 795.5 | 6.0 | I05-I09 | 65.0 | 58.5 | 6.5 | | I09 | 736.5 | 737.0 | -0.5 | I09-I01 | 38.5 | 37.5 | 1.0 | | I01 | 698.0 | 699.5 | -1.5 | I01-I05 | -103.5 | -96.0 | -7.5 | 图表1：09-01合约价差（单位：元/吨） 图表2：05-09合约价差（单位：元/吨） p 4 -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 ...

Group 1: Report General Information - Report Title: Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report [1] - Report Date: May 15, 2025 [1] Group 2: Futures Contract Information - I05 today's closing price is 795.5, up 17.5 from the previous day; I09 is 737.0, up 22.5; I01 is 699.5, up 15.0 [3] - The spread of I05 - I09 is 58.5 today, down 5.0 from the previous day; I09 - I01 is 37.5, up 7.5; I01 - I05 is -96.0, down 2.5 [3] Group 3: Basis Information 3.1 Basis Data - For various iron ore varieties, such as Carajás Fines (Kumba), today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and basis change are provided. For example, Carajás Fines' today's price is 868, up 15.0, and today's basis is 88, down 6 [6] 3.2 Basis Chart - Charts show the basis trends of different iron ore varieties over time, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic concentrates, etc. [9][10][11] Group 4: Exchange Rule Adjustments - Since December 2, 2022, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with brand premiums 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 the rest are 0 [13] - Quality differences and premiums 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 (X) [13] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) are added with brand premiums of 0 [13] - The adjusted deliverable brands and premiums apply to contracts after I2312. Starting from the first trading day after the last delivery day of the I2311 contract, the exchange will handle the registration of iron ore futures standard warehouse receipts according to the adjusted rules [14] Group 5: Variety Spread Information 5.1 Variety Spread Data - Spreads between different iron ore varieties are presented, such as PB Lump - PB Fines, Newman Lump - Newman Fines, etc. For example, PB Lump - PB Fines spread is 142.0 today, up 2.0 from the previous day [15] 5.2 Variety Spread Charts - Charts display the spread trends of different iron ore varieties over time, including block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [18][19][20] Group 6: Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their positions, work experience, and professional qualifications provided [28] Group 7: Company Contact Information - Company address: 6th Floor, Unit 703, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222, fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979, postal code: 200127 [27]