Report Overview - The report is titled "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" dated August 12, 2025, focusing on iron ore futures and related price data [1] 1. Futures Contract Prices and Spreads 1.1 Futures Contract Prices - The closing price of I05 is 768.0 yuan/ton, up 15.0 yuan from the previous day; I09 is 796.5 yuan/ton, up 6.5 yuan; I01 is 789.0 yuan/ton, up 15.5 yuan [3] 1.2 Futures Contract Spreads - The spread of I05 - I09 is -28.5 yuan/ton, up 8.5 yuan; I09 - I01 is 7.5 yuan/ton, down 9.0 yuan; I01 - I05 is 21.0 yuan/ton, up 0.5 yuan [3] 2. Basis Data 2.1 Basis Data Table - For various iron ore varieties, such as Carajás fines (Kafen), its price is 879 yuan/ton today, up 6.0 yuan from the previous day, with a basis of 40 yuan/ton, unchanged from the previous day. Other varieties like BRBF, Newman fines also have corresponding price and basis changes [6] 2.2 Basis Policy Changes - Since December 2, the main iron ore contract is I2205. The number of deliverable varieties has increased by 4, including Bengang concentrate, IOC6, KUMBA, and Ukrainian concentrate, with brand premiums of 0. The brand premiums of existing varieties have been adjusted, and the quality differences and premiums of substitutes have been modified [11] 3. Variety Spreads 3.1 Variety Spread Data - The spread of PB lump - PB fines is 142.0 yuan/ton, down 6.0 yuan; PB fines - FMG mixed fines is 70.0 yuan/ton, down 3.0 yuan. There are also spreads and changes for other variety combinations [13] 4. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional titles in the iron ore and related industries [24]

Report Summary 1. Report Information - Report Title: "Guangda Futures Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: July 31, 2025 [2] 2. Core Views - The report provides daily monitoring data on iron ore futures contract prices, spreads, and basis, as well as information on contract rule changes and the composition of the research team. 3. Key Points by Section 3.1 Futures Contract Prices and Spreads - **Contract Prices**: The closing prices of I05, I09, and I01 contracts decreased compared to the previous day, with changes of -3.5, -9.0, and -4.5 respectively [4]. - **Contract Spreads**: The spreads of I05 - I09, I09 - I01, and I01 - I05 contracts changed by 5.5, -4.5, and -1.0 respectively [4]. 3.2 Basis - **Basis Data**: The basis of various iron ore varieties changed, with some increasing and some decreasing. For example, the basis of BRBF increased by 8, while the basis of Carajás fines decreased by 1 [7]. - **Basis Charts**: Multiple charts show the basis trends of different iron ore varieties over time [9][10][11]. 3.3 Contract Rule Changes - **New Deliverable Varieties**: Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) were added, and four more (Taigang Concentrate, Magang Concentrate, Wugang Standard Fines, and SP10 Fines) were also added later [12]. - **Brand Premium Adjustment**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [12]. - **Quality Premium Adjustment**: The allowable range of iron grade and other element indicators was adjusted, and a dynamic adjustment mechanism for the iron element premium was introduced [12]. 3.4 Variety Spreads - **Spread Data**: The spreads between different iron ore varieties changed. For example, the spread of PB lump - PB fines increased by 2, while the spread of PB fines - mixed fines decreased by 2 [14]. - **Spread Charts**: Multiple charts show the spread trends between different iron ore varieties over time [16][17][19][20][21]. 3.5 Research Team Introduction - The black research team consists of Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [24].

Report Summary 1. Report Information - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated July 15, 2025, from Guangqi Research [1] 2. Core Viewpoints - The report provides comprehensive data on iron ore futures contracts, including prices, spreads, and basis, along with relevant contract adjustment information and graphical analysis [3][6][11] 3. Key Points by Content 3.1 Futures Contracts - I05 closed at 717.5 yuan/ton, up 0.5 yuan from the previous day; I09 closed at 766.5 yuan/ton, up 2.5 yuan; I01 remained unchanged at 736.5 yuan/ton [3] - The spread of I05 - I09 was -49.0 yuan/ton, down 2.0 yuan; I09 - I01 was 30.0 yuan/ton, up 2.5 yuan; I01 - I05 was 19.0 yuan/ton, down 0.5 yuan [3] 3.2 Basis - For various iron ore varieties, the basis values and their changes are presented. For example, the basis of Carajás fines was 40 yuan/ton, unchanged from the previous day [6] 3.3 Contract Adjustments - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) were added with a brand premium of 0 yuan/ton, effective from the I2202 contract [11] - The brand premiums of some existing varieties were adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while others are 0 yuan/ton [11] - The allowable range of iron grade and other element indicators was adjusted, and a more detailed quality premium system was introduced [11] - Four more varieties (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) were added as deliverable brands with a brand premium of 0 yuan/ton [11] 3.4 Variety Spreads - The spreads between different iron ore varieties are provided, such as the spread of PB lump - PB fines was 145.0 yuan/ton, down 7.0 yuan from the previous day [13] 3.5 Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and relevant qualifications [26]

光期黑色：铁矿石基差及价差监测日报 光期研究 2025 年 7 月 9 日 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 09 2009-2101 2109-2201 2209-2301 2309-2401 2409-2501 2509-2601 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201-2205 2301-2305 2401-2405 2501-2505 2601-2605 资料来源：Wind，Mysteel, 光大期货研究所 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 | | --- | --- | --- | --- | --- | --- | ...

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 ...

光期黑色：铁矿石基差及价差监测日报 2025 年 4 月 3 0 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 | 764.0 | 763.0 | 1.0 | I05-I09 | 55.0 | 52.5 | 2.5 | | I09 | 709.0 | 710.5 | -1.5 | I09-I01 | 24.5 | 26.5 | -2.0 | | I01 | 684.5 | 684.0 | 0.5 | I01-I05 | -79.5 | -79.0 | -0.5 | 光期研究 图表1：09-01合约价差（单位：元/吨） 图表2：05-09合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 0 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 4 月 2 3 日 资料来源：Wind，Mysteel, 光大期货研究所 p 2 2.1 基差：数据 | 品种 | 今日价格 | 上日价格 | 变化 | 交割成本 | 今日基差 | 上日基差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卡粉 | 859 | 859 | 0.0 | 815 | 104 | 99 | 5 | | BRBF | 780 | 783 | -3.0 | 804 | 93 | 92 | 1 | | 纽曼粉 | 758 | 761 | -3.0 | 793 | 82 | 81 | 1 | | PB 粉 | 767 | 770 | -3.0 | 814 | 103 | 101 | 1 | | 麦克粉 | 748 | 751 | -3.0 | 807 | 96 | 94 | 1 | | 罗伊山粉 | 737 | 740 | -3.0 | 806 | 95 | 94 | 1 | | 金布巴粉61% | 724 | 728 | -4.0 | 802 | 91 | 9 ...