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].

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 ...