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 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 202 6 年 1 月 5 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 | 789.0 | 0.5 | I05-I09 | 21.0 | 22.0 | -1.0 | | I09 | 768.5 | 767.0 | 1.5 | I09-I01 | -36.5 | -42.0 | 5.5 | | I01 | 805.0 | 809.0 | -4.0 | I01-I05 | 15.5 | 20.0 | -4.5 | 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 ...

光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 2 9 日 光期研究 p 2 -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 -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 04 05 2105-2109 2205-2209 2305-2309 2405-2409 2505-2509 2605-2609 资料来源：Wind，Mysteel, 光大期货研究所 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 | 778 ...

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated December 26, 2025, focusing on iron ore futures contracts, basis, and variety spreads [1] 1. Futures Contract Price and Spread 1.1 Futures Contract Prices - I05 closed at 778.5 yuan/ton, down 1.0 yuan from the previous day; I09 closed at 757.0 yuan/ton, down 1.0 yuan; I01 remained unchanged at 798.0 yuan/ton [3] 1.2 Futures Contract Spreads - The spread of I05 - I09 was 21.5 yuan/ton, unchanged; I09 - I01 was -41.0 yuan/ton, down 1.0 yuan; I01 - I05 was 19.5 yuan/ton, up 1.0 yuan [3] 2. Basis 2.1 Basis Data - For various iron ore varieties, such as Carajás fines (Kafen), the basis was 49 yuan/ton, up 2 yuan from the previous day; BRBF was 72 yuan/ton, up 3 yuan; Newman fines was 50 yuan/ton, up 3 yuan, etc [5] 2.2 Basis Charts - Charts show the basis trends of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc [7][8][9] 3. Variety Spreads 3.1 Variety Spread Data - PB block - PB fines spread was 73.0 yuan/ton, down 2.0 yuan; PB fines - mixed fines spread was 59.0 yuan/ton, up 2.0 yuan; etc [13] 3.2 Variety Spread Charts - Charts display different types of variety spreads such as block - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc [14][15][16] 3.3 Additional Variety Spread Charts - Charts show spreads like FMG mixed fines - Super Special fines, (Carajás fines + Super Special fines)/2 - PB fines, Qian'an concentrate - Carajás fines, etc [17][18][19] 4. Exchange Rule Changes - Since December 2, 2025, the main iron ore futures contract is I2205. The DCE has made adjustments to deliverable brands, brand premiums, and quality premiums and discounts for iron ore futures contracts [11] - Four new deliverable varieties (Benxi Iron concentrate, IOC6, KUMBA, Ukrainian concentrate) were added with a brand premium of 0 yuan/ton starting from I2202 [11] - New rules adjust the brand premiums of existing varieties, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, others at 0 yuan/ton [11] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and introducing a dynamic adjustment factor X for iron element premium [11] - Four more varieties (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) were added as deliverable brands with a brand premium of 0 yuan/ton for I2312 and subsequent contracts [11] 5. Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience in the steel and futures industries [22]

光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 2 3 日 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 | 781.5 | 780.0 | 1.5 | I05-I09 | 21.0 | 22.0 | -1.0 | | I09 | 760.5 | 758.0 | 2.5 | I09-I01 | -37.0 | -40.0 | 3.0 | | I01 | 797.5 | 798.0 | -0.5 | I01-I05 | 16.0 | 18.0 | -2.0 | 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 2101-2105 ...

光期研究 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 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 | 777.5 | 768.0 | 9.5 | I05-I09 | 22.5 | 22.5 | 0.0 | | I09 | 755.0 | 745.5 | 9.5 | I09-I01 | -42.0 | -43.0 | 1.0 | | I01 | 797.0 | 788.5 | 8.5 | I01-I05 | 19.5 | 20.5 | -1.0 | 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 1 9 日 p 4 图表3：基差标的：巴西粉矿（单位：元/吨） 图表4：基差标的：澳洲中品粉矿（单位：元/吨） 0 20 40 60 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 1 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 | 768.0 | 761.0 | 7.0 | I05-I09 | 22.5 | 21.5 | 1.0 | | I09 | 745.5 | 739.5 | 6.0 | I09-I01 | -43.0 | -44.0 | 1.0 | | I01 | 788.5 | 783.5 | 5.0 | I01-I05 | 20.5 | 22.5 | -2.0 | 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 2101-2105 2 ...

| 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 | 761.0 | 753.0 | 8.0 | I05-I09 | 21.5 | 21.5 | 0.0 | | I09 | 739.5 | 731.5 | 8.0 | I09-I01 | -44.0 | -45.5 | 1.5 | | I01 | 783.5 | 777.0 | 6.5 | I01-I05 | 22.5 | 24.0 | -1.5 | 光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 1 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 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 2 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 1 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 p 2 -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 -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 04 05 2105-2109 2205-2209 2305-2309 2405-2409 2505-2509 2605-2609 资料来源：Wind，Mysteel, 光大期货研究所 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 | 769.0 | 757 ...