光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 7 月 4 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 | 689.0 | 679.5 | 9.5 | I05-I09 | -44.0 | -43.0 | -1.0 | | I09 | 733.0 | 722.5 | 10.5 | I09-I01 | 26.0 | 26.0 | 0.0 | | I01 | 707.0 | 696.5 | 10.5 | I01-I05 | 18.0 | 17.0 | 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） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 0 ...

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].