Report Summary 1. Report Information - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Report Date: July 4, 2025 - Report Source: Everbright Futures Research Institute [1] 2. Core Viewpoints - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads between different contracts, basis data of various iron ore varieties, and spreads between different iron ore varieties. It also details the adjustments to the deliverable brands and premium/discount rules of iron ore futures on the Dalian Commodity Exchange. 3. Key Points by Section 3.1 Futures Contract Prices and Spreads - The closing prices of I05, I09, and I01 contracts increased by 9.5, 10.5, and 10.5 respectively compared to the previous day. The spreads between I05 - I09, I09 - I01, and I01 - I05 contracts changed by -1.0, 0.0, and 1.0 respectively [3]. 3.2 Basis Data - The prices of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc. showed different degrees of change compared to the previous day. The basis of most varieties also changed, with some increasing and some decreasing [6]. 3.3 Adjustments to Deliverable Brands and Rules - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added, and the brand premium/discounts of all new varieties are 0, effective from the I2202 contract. - The premium/discounts of existing varieties were adjusted according to the new rules. Only PB fines, BRBF, and Carajás fines have a brand premium/discount of 15 yuan/ton, and the rest are 0 yuan/ton. - The allowable ranges of iron grade and other quality indicators were adjusted, and more detailed divisions of quality premium/discounts were made. An X value is introduced to dynamically adjust the premium/discount of iron element indicators [11]. 3.4 Variety Spreads - The spreads between different iron ore varieties such as PB lump - PB fines, Carajás fines - Newman fines, etc. showed different degrees of change compared to the previous day [13].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents daily monitoring data on iron ore basis and spreads, including futures contract prices, basis data of various iron ore varieties, and price spreads between different iron ore products. It also details the adjustments to the deliverable brands and their premium/discounts in the iron ore futures market [2][5][11]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Price and Spread - **Futures Contract Prices**: I05 closed at 765.5 yuan/ton, down 3.5 yuan from the previous day; I09 closed at 711.0 yuan/ton, down 4.5 yuan; I01 closed at 684.5 yuan/ton, down 2.5 yuan [2]. - **Contract Spreads**: The spread of I05 - I09 was 54.5 yuan/ton, up 1.0 yuan; I09 - I01 was 26.5 yuan/ton, down 2.0 yuan; I01 - I05 was -81.0 yuan/ton, up 1.0 yuan [2]. 3.2 Basis Data - **Basis Changes**: The basis of most iron ore varieties increased, such as the basis of Carajás fines increased by 5 yuan, BRBF increased by 1 yuan, and Newman fines increased by 1 yuan. Only the basis of Ultra-low grade fines decreased by 1 yuan, and the basis of Yangdi fines had no data [5]. 3.3 Adjustments to Deliverable Brands and Premium/Discounts - **New Deliverable Brands**: Added Benxi concentrate powder, IOC6, KUMBA, Ukrainian concentrate powder, Taigang concentrate powder, Magang concentrate powder, Minmetals standard powder, and SP10 powder as deliverable brands, with brand premium/discounts of 0 yuan/ton [11]. - **Premium/Discount Adjustments**: Only PB fines, BRBF, and Carajás fines have a brand premium/discount of 15 yuan/ton, and the rest are 0 yuan/ton [11]. - **Quality Difference and Premium/Discount**: Adjusted the allowable range of iron grade and other element indicators, and introduced a dynamic adjustment mechanism for the premium/discount of iron element indicators [11]. 3.4 Variety Price Spreads - **Price Spread Changes**: The spreads between some varieties changed, such as PB lump - PB fines decreased by 1.0 yuan, Carajás fines - Newman fines increased by 3.0 yuan, and FMG mixed fines - Ultra-low grade fines increased by 3.0 yuan [13].