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铁矿石基差及价差

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光期黑色：铁矿石基差及价差监测日报-20250702

Guang Da Qi Huo· 2025-07-02 07:25

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]