1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads, and basis data for various iron ore varieties [3][7]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - The closing prices of I05, I09, and I01 contracts are 813.0, 791.0, and 771.5 respectively, with changes of 1.0, 3.0, and 2.0 compared to the previous day [3]. - The spreads between I05 - I09, I09 - I01, and I01 - I05 are 22.0, 19.5, and -41.5 respectively, with changes of -2.0, 1.0, and 1.0 compared to the previous day [3]. 3.2 Basis Data - The basis data for multiple iron ore varieties are presented, such as the basis of Carajás fines is 97, with no change from the previous day [7]. - Different iron ore varieties have different basis values and changes, including BRBF, Newman fines, PB fines, etc. [7]. 3.3 Adjustment of Deliverable Brands - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added, with brand premiums of 0, effective from the I2202 contract [12]. - The brand premiums of existing varieties are adjusted, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 [12]. - The allowable range of iron grade and other element indicators is adjusted, and the quality premium and discount rules are more detailed [12]. 3.4 Variety Spreads - The spreads between different iron ore varieties are provided, such as the spread between PB lump and PB fines is 109.0, with a change of -3.0 compared to the previous day [14]. - Other spreads include Newman lump - Newman fines, Carajás fines - Newman fines, etc. [14].

Report Information - Report Title: "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: March 30, 2026 [1] 1. Futures Contract Information 1.1 Futures Contract Prices and Changes - I05 closed at 812.0 today, down 5.0 from the previous day's 817.0 [3] - I09 closed at 788.0 today, up 0.5 from the previous day's 787.5 [3] - I01 closed at 769.5 today, up 2.0 from the previous day's 767.5 [3] 1.2 Futures Contract Spreads and Changes - The spread between I05 and I09 was 24.0 today, down 5.5 from the previous day's 29.5 [3] - The spread between I09 and I01 was 18.5 today, down 1.5 from the previous day's 20.0 [3] - The spread between I01 and I05 was -42.5 today, up 7.0 from the previous day's -49.5 [3] 2. Basis Information 2.1 Basis Data - For various iron ore varieties, such as Carajás fines (Kafen), the price today was 945, down 8.0 from the previous day; the basis today was 97, down 4 from the previous day [7] - For BRBF, the price today was 817, down 8.0 from the previous day; the basis today was 32, down 4 from the previous day [7] 2.2 Basis Rule Adjustments - Starting from the I2202 contract, 4 new deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, Ukrainian Iron Concentrate) were added with a brand premium of 0 [16] - The brand premiums of PB fines, BRBF, and Carajás fines were adjusted to 15 yuan/ton, and the premiums of other deliverable brands were set to 0 [16] - The allowable range of iron grade was adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur were set to ≤8.5%, ≤3.5%, ≤0.15%, and ≤0.2% respectively, with more detailed quality premium and discount rules [16] - The premium and discount value of the iron element index is dynamically adjusted by X, which is determined semi - annually. Currently, X = 1.5 [16] - Starting from the I2312 contract, new deliverable brands (Taigang Iron Concentrate, Magang Iron Concentrate, Minmetals Standard Fines, SP10 Fines) were added with a brand premium of 0 [16] 3. Variety Spread Information 3.1 Variety Spread Data - The spread between PB lump and PB fines was 112.0 today, up 3.0 from the previous day [18] - The spread between Newman lump and Newman fines was 140.0 today, down 5.0 from the previous day [18] 3.2 Variety Spread Charts - Charts show various variety spreads, including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [21][22][23] 4. Research Team Information - 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 [27] - Zhang Xiaojin, the director of resource product research at the Guangda Futures Research Institute, has rich experience in futures analysis [27] - Liu Xi, a black researcher at the Guangda Futures Research Institute, is good at fundamental supply - demand analysis based on industrial chain data [27] - Zhang Chunjie, a black researcher at the Guangda Futures Research Institute, has experience in combining financial theory with industrial operations [27]

Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: March 25, 2026 [1] 1. Futures Contract Information 1.1 Futures Contract Prices and Changes - I05 closed at 824.0 today, up 5.0 from the previous day's 819.0 [3] - I09 closed at 790.5 today, up 4.0 from the previous day's 786.5 [3] - I01 closed at 766.5 today, up 4.0 from the previous day's 762.5 [3] 1.2 Contract Spreads and Changes - The spread between I05 and I09 was 33.5 today, up 1.0 from the previous day [3] - The spread between I09 and I01 was 24.0 today, unchanged from the previous day [3] - The spread between I01 and I05 was -57.5 today, down 1.0 from the previous day [3] 2. Basis Information 2.1 Basis Data - For various iron ore varieties, including Carajás fines, BRBF, Newman fines, etc., their prices, changes, delivery costs, basis values, and basis changes are presented in the table. Most basis values decreased, such as Carajás fines' basis decreased by 3 to 101 [7] 2.2 Basis Charts - Charts show the basis of different iron ore types like Brazilian fines, Australian medium - grade fines, etc., over time from 2025 - 06 to 2026 - 02 [10] 3. Policy and Rule Adjustments 3.1 Exchange Rule Adjustments - Since December 2, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Steel concentrate, IOC6, KUMBA, Ukrainian concentrate) are added with a brand premium of 0 starting from the I2202 contract [13] - Brand premiums of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and others are 0 [13] - Quality difference and premium rules for substitutes are modified, including adjusting the allowable range of iron grade and other elements, and introducing a dynamic adjustment mechanism for iron element premium with X determined semi - annually [13] 3.2 New Deliverable Brands - Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added with a brand premium of 0 [13] - The adjusted deliverable brands and premiums apply to contracts from I2312 onwards, and the exchange will handle the registration of standard iron ore futures warehouse receipts according to the new rules starting from the first trading day after the last delivery day of the I2311 contract [14] 4. Variety Spread Information 4.1 Variety Spread Data - The spreads between different iron ore varieties are presented, such as the spread between PB lump and PB fines was 110.0 today, down 1.0 from the previous day [15] 4.2 Variety Spread Charts - Charts show various variety spreads, including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [18][19][20] 5. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their positions, work experience, and relevant qualifications introduced [24]

Group 1: Report Overview - The report is titled "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" dated March 24, 2026 [1] Group 2: Futures Contract Information - For I05, the closing price today is 819.0, up 3.5 from the previous day; for I09, it's 786.5, up 5.5; for I01, it's 762.5, up 3.5 [3] - The I05 - I09 spread is 32.5 today, down 2.0 from the previous day; the I09 - I01 spread is 24.0, up 2.0; the I01 - I05 spread is -56.5, unchanged [3] Group 3: Basis Data - For various iron ore varieties, such as Carajás fines (Kafeng), the price today is 958, up 2.0 from the previous day, with a basis of 104, down 1 [7] - Other varieties like BRBF, Newman fines, etc., also have corresponding price, basis, and change data [7] Group 4: Basis Charts - There are charts showing the basis of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc. [9][11][12] Group 5: Exchange Rule Adjustments - Four new deliverable varieties (Benxi Iron concentrate, IOC6, KUMBA, Ukrainian iron concentrate) are added with a brand premium of 0 starting from the I2202 contract [13] - Brand premiums of existing varieties are adjusted, with only PB fines, BRBF, and Carajás fines having a 15 - yuan/ton premium [13] - Quality difference and premium rules for substitutes are modified, including adjusting the allowable range of iron grade and other elements, and introducing a dynamic adjustment mechanism for iron element premium [13] - Four more deliverable brands (Taigang iron concentrate, Magang iron concentrate, Minmetals standard fines, SP10 fines) are added with a brand premium of 0 [13] - The adjusted deliverable brands and premiums apply to contracts from I2312 onwards [14] Group 6: Variety Spread Information - For example, the PB lump - PB fines spread is 111.0 today, up 1.0 from the previous day; the PB fines - mixed fines spread is 77.0, up 4.0 [15] Group 7: Variety Spread Charts - There are charts showing block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [18][19][20] Group 8: Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional experience and qualifications [24]

Report Overview - The report is a daily monitoring report on the basis and spread of iron ore futures, released by Everbright Futures on March 17, 2026 [1] 1. Futures Contract Price and Spread 1.1 Futures Contract Price - The closing price of I05 contract is 809.0 yuan/ton, down 2.5 yuan from the previous day; the closing price of I09 contract is 777.5 yuan/ton, unchanged from the previous day; the closing price of I01 contract is 758.5 yuan/ton, unchanged from the previous day [3] 1.2 Futures Contract Spread - The spread of I05 - I09 is 31.5 yuan/ton, down 2.5 yuan from the previous day; the spread of I09 - I01 is 19.0 yuan/ton, unchanged from the previous day; the spread of I01 - I05 is -50.5 yuan/ton, up 2.5 yuan from the previous day [3] 2. Basis 2.1 Basis Data - The basis data of various iron ore varieties are presented, including the current price, previous day's price, change, delivery cost, current basis, previous day's basis, and change. For example, the current basis of Carajás fines is 103 yuan/ton, unchanged from the previous day; the current basis of BRBF is 41 yuan/ton, down 3 yuan from the previous day [7] 2.2 Basis Charts - Multiple basis charts are provided, showing the basis trends of different iron ore varieties over time, such as Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [9][10][11] 3. Variety Spread 3.1 Variety Spread Data - The variety spread data of different iron ore products are given, including the current value, previous day's value, and change. For instance, the spread of PB lump - PB fines is 113.0 yuan/ton, down 3.0 yuan from the previous day; the spread of PB fines - mixed fines is 72.0 yuan/ton, up 5.0 yuan from the previous day [16] 3.2 Variety Spread Charts - A series of charts are presented to show the spread trends of different iron ore product combinations, such as lump - fines spread, high - medium grade fines spread, medium - low grade fines spread, etc. [19][20][21] 4. Contract Adjustment - According to relevant regulations of the Dalian Commodity Exchange, 4 new deliverable varieties (Benxi Iron concentrate, IOC6, KUMBA, Ukrainian iron concentrate) are added, and the brand premium and discount of all new varieties are set to 0, effective from the I2202 contract. The brand premium and discount of existing varieties are adjusted, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 yuan/ton. The quality difference and premium - discount rules for substitutes are also modified [14] - Four more deliverable brands (Taigang iron concentrate, Magang iron concentrate, Minmetals standard fines, SP10 fines) are added, and their brand premium and discount are all 0 yuan/ton. The adjusted deliverable brands and their premium - discount apply to contracts starting from I2312 [14][15] 5. Research Team - The black research team of Everbright Futures includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the field of black metal research [25]

Group 1: Report Overview - The report is the Iron Ore Basis and Spread Monitoring Daily Report by Guangda Futures, dated March 12, 2026 [1] Group 2: Futures Contract Information - The closing prices of I05, I09, and I01 contracts are 787.5, 758.5, and 740.5 respectively, with changes of 3.5, 1.5, and 1.5 compared to the previous day [3] - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 29.0, 18.0, and -47.0 respectively, with changes of 2.0, 0.0, and -2.0 compared to the previous day [3] Group 3: Basis Data - The basis data of various iron ore varieties are presented, including prices, changes, and basis values. For example, the basis of Carajás Fines is 83 today, up 2 from the previous day [7] Group 4: Basis Charts - Multiple basis charts are provided, showing the basis trends of different iron ore varieties over time [9][10][11] Group 5: Exchange Rule Adjustments - The Dalian Commodity Exchange has made adjustments to the iron ore futures contract, including adding 4 deliverable varieties, adjusting brand premiums and discounts, and modifying quality differences and premiums [14] - The adjusted deliverable brands and premiums apply to contracts starting from I2312 [15] Group 6: Variety Spread Data - The spread data of various iron ore varieties are presented, such as the spread between PB Lump and PB Fines is 110.0 today, up 2.0 from the previous day [16] Group 7: Variety Spread Charts - Multiple variety spread charts are provided, showing the spread trends of different iron ore varieties over time [17][18][19] Group 8: Research Team Introduction - The black research team members are introduced, including their positions, experiences, and qualifications [24]

Group 1: Report Overview - The report is titled "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" dated March 11, 2026 [1] Group 2: Futures Contract Prices and Spreads - I05 closed at 784.0 today, down 0.5 from the previous day; I09 closed at 757.0, down 1.0; I01 closed at 739.0, down 2.0 [3] - The spread between I05 - I09 is 27.0 today, up 0.5 from the previous day; I09 - I01 is 18.0, up 1.0; I01 - I05 is -45.0, down 1.5 [3] Group 3: Basis Data - The basis data of various iron ore varieties are presented, including prices, changes, delivery costs, and basis values [7] - For example, the basis of Carajás fines is 81 today, unchanged from the previous day; BRBF is 43, up 4 [7] Group 4: Exchange Rule Adjustments - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with a brand premium of 0, effective from the I2202 contract [13] - The brand premiums of existing varieties are adjusted, with only PB fines, BRBF, and Carajás fines having a premium of 15 yuan/ton, and the rest 0 [13] - The allowable ranges of quality indicators and their corresponding quality premiums are modified, and a dynamic adjustment mechanism for iron element premium is introduced [13] - Four more deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) are added with a brand premium of 0 [13] - The adjusted deliverable brands and premiums apply to contracts from I2312 onwards [14] Group 5: Variety Spreads - The spreads between different iron ore varieties are provided, such as PB lump - PB fines, which is 108.0 today, down 6.0 from the previous day [15] - Other spreads like PB fines - mixed fines, PB fines - Super Special fines, etc., are also presented with their daily changes [15] Group 6: Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their respective positions and professional experiences introduced [24]

Group 1: Report Information - Report title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: March 9, 2026 [1] Group 2: Futures Contract Prices and Spreads - I05 contract: Today's closing price is 772.0, up 13.0 from the previous day [2] - I09 contract: Today's closing price is 746.5, up 11.0 from the previous day [2] - I01 contract: Today's closing price is 729.0, up 7.5 from the previous day [2] - I05 - I09 spread: Today's spread is 25.5, up 2.0 from the previous day [2] - I09 - I01 spread: Today's spread is 17.5, up 3.5 from the previous day [2] - I01 - I05 spread: Today's spread is -43.0, down 5.5 from the previous day [2] Group 3: Basis Data - For various iron ore varieties, including Carajás fines, BRBF, Newman fines, etc., the basis values have changed compared to the previous day, with most showing a decrease [6] Group 4: Exchange Rule Adjustments - Four new deliverable varieties (Benxi iron concentrate, IOC6, KUMBA, Ukrainian iron concentrate) are added, with a brand premium of 0 starting from the I2202 contract [13] - The brand premiums of existing varieties are adjusted, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 [13] - The allowable range of iron grade and other element indicators is adjusted, and the quality premium and discount rules are more detailed [13] - Four new deliverable brands (Taigang iron concentrate, Magang iron concentrate, Minmetals standard fines, SP10 fines) are added, with a brand premium of 0 [13] - The adjusted deliverable brands and premiums apply to contracts from I2312 onwards [14] Group 5: Variety Spreads - For various variety spreads such as PB lump - PB fines, Newman lump - Newman fines, etc., the values have changed compared to the previous day [15] Group 6: Research Team Introduction - Qiu Yuecheng: Current assistant director of the research institute and director of black research at Everbright Futures [24] - Zhang Xiaojin: Current director of resource product research at Everbright Futures [24] - Liu Xi: Current black researcher at Everbright Futures [24] - Zhang Chunjie: Current black researcher at Everbright Futures [24]

Report Information - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: March 6, 2026 [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Futures Contract Price and Spread - The closing prices of I05, I09, and I01 contracts increased today compared to the previous day, with increases of 7.0, 4.0, and 4.0 respectively [3]. - The spread of I05 - I09 increased by 3.0, I09 - I01 remained unchanged, and I01 - I05 decreased by 3.0 [3]. Basis - The prices of most iron ore varieties increased today compared to the previous day, with increases generally around 5.0 - 6.0, except for some varieties like鞍钢精粉 and Benxi Iron and Steel concentrate powder which remained unchanged [7]. - The basis of most varieties decreased, with decreases generally around 2 - 7, except for some varieties like super special powder and Karara concentrate powder which remained unchanged [7]. Variety Spread - Most variety spreads remained unchanged today compared to the previous day, such as PB block - PB powder, Newman block - Newman powder, etc. [16]. - Some spreads changed, such as BRBF - PB powder increased by 5.0, PB powder - super special powder decreased by 1.0, etc. [16]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The report is a daily monitoring report on the basis and spread of iron ore futures, presenting the price changes, spreads, and basis data of different iron ore varieties and futures contracts on March 4, 2026 [2][6]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Price and Spread - The closing prices of I05, I09, and I01 contracts decreased by 1.0, 0.5, and 2.0 respectively compared to the previous day [2]. - The spreads of I05 - I09, I09 - I01, and I01 - I05 changed by -0.5, 1.5, and -1.0 respectively compared to the previous day [2]. 3.2 Basis Data - The prices of most iron ore varieties decreased compared to the previous day, with FMG mixed powder decreasing by 5.0 and super special powder decreasing by 3.0 [6]. - The basis of most varieties remained unchanged or changed slightly, with the basis of FMG mixed powder decreasing by 4 and that of super special powder decreasing by 2 [6]. 3.3 Adjustment of Deliverable Brands - Four new deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, and Ukrainian Iron Concentrate) were added, with a brand premium of 0, starting from the I2202 contract [13]. - The brand premiums of PB powder, BRBF, and Carajas powder were adjusted to 15 yuan/ton, and the premiums of other deliverable brands were 0 yuan/ton [13]. - The allowable range of iron grade and the quality premiums and discounts of substitute products were modified, and the dynamic adjustment mechanism of iron element index premiums was introduced [13]. - Four new deliverable brands (Taigang Iron Concentrate, Magang Iron Concentrate, Minmetals Standard Powder, and SP10 Powder) were added, with a brand premium of 0 yuan/ton, applicable to the I2312 and subsequent contracts [13]. 3.4 Variety Spread - The spreads of PB block - PB powder and Newman block - Newman powder increased by 2.0 compared to the previous day [15]. - The spreads of PB powder - mixed powder and PB powder - super special powder increased by 4.0 and 2.0 respectively compared to the previous day [15]. - The spreads of mixed powder - super special powder decreased by 2.0 compared to the previous day [15].