1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a daily monitoring of iron ore basis and price spreads, including contract spreads, basis data and charts, and variety price spreads and charts. It also details the adjustments to the deliverable brands and their premiums/discounts for iron ore futures contracts [3][7][13] 3. Summary by Relevant Catalog 3.1 Contract Spreads - The closing price of I05 is 781.5 yuan/ton, up 4.0 yuan from the previous day; I09 is 764.5 yuan/ton, up 4.5 yuan; I01 is 753.5 yuan/ton, up 4.5 yuan [3] - The spread of I05 - I09 is 17.0 yuan/ton, down 0.5 yuan; I09 - I01 is 11.0 yuan/ton, unchanged; I01 - I05 is -28.0 yuan/ton, up 0.5 yuan [3] 3.2 Basis 3.2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás), BRBF, Newman fines, etc., their prices, delivery costs, basis, and changes are presented. For example, the price of Carajás fines is 881 yuan/ton, up 4.0 yuan, with a basis of 57 yuan, unchanged [7] 3.2.2 Basis Charts - Charts show the basis of different types of iron ore, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc., from May 2025 to January 2026 [10][11][12] 3.3 Adjustment of Deliverable Brands and Premiums/Discounts - Four new deliverable varieties (Benxi Iron concentrate, IOC6, KUMBA, Ukrainian iron concentrate) are added with a brand premium/discount of 0, effective from the I2202 contract [13] - The brand premiums/discounts of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [13] - The quality differences and quality premiums/discounts of substitutes are modified, including the adjustment of the allowable range of iron grade and other element indicators, and the introduction of a dynamic adjustment mechanism for the premium/discount value of iron element indicators [13] - Four more brands (Taigang iron concentrate, Magang iron concentrate, Minmetals standard fines, SP10 fines) are added as deliverable brands with a brand premium/discount of 0 yuan/ton, applicable to the I2312 and subsequent contracts [13] 3.4 Variety Price Spreads 3.4.1 Variety Price Spread Data - The price spreads of different iron ore varieties are presented, such as the spread of PB lump - PB fines is 69.0 yuan/ton, down 3.0 yuan; PB fines - FMG mixed fines is 58.0 yuan/ton, up 2.0 yuan [15] 3.4.2 Variety Price Spread Charts - Charts show different types of price spreads, including lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc [16][17][18]