1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Related Catalogs Futures Market Data - DCE01 remained unchanged at 733.5, DCE05 decreased by 0.5 to 762.0, and DCE09 remained at 745.0 [2] - The spread I01 - I05 increased by 0.5 to -28.5, I05 - I09 decreased by 0.5 to 17.0, and I09 - I01 remained at 11.5 [2] Spot Market Data - Prices of most iron ore spot varieties remained stable, with some minor changes like FMG increasing by 1, SP10 increasing by 4, and Ukrainian concentrate increasing by 8 [2] - The optimal deliverable was BRBF(63%) with a price of 803, 01 - contract basis of 62, 05 - contract basis of 33, and 09 - contract basis of 50 [2] Spot Variety Spread and Import Profit - Some spreads remained stable (e.g., Carajás - PB powder at 97), while others changed slightly (e.g., Newman lump - Newman powder increased by 2) [2] - Import profits also had minor changes: Carajás increased by 1 to 0, Newman powder decreased by 1 to 48, etc. [2] Index Data - The Platts 61% iron ore price decreased by 0.3 to 100.0, 65% remained at 116.5, and 58% decreased by 0.3 to 92.0 [2] - The SGX - DCE spreads remained mostly unchanged (e.g., SGX main - DCE01 at 4.1) [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No relevant content provided 3. Summary by Related Catalog Futures Prices - DCE01 decreased from 753.5 to 741.0, a drop of 12.5 [2] - DCE05 decreased from 781.5 to 768.5, a drop of 13.0 [2] - DCE09 decreased from 764.5 to 751.0, a drop of 13.5 [2] Spread between Futures Contracts - I01 - I05 increased from -28.0 to -27.5, an increase of 0.5 [2] - I05 - I09 increased from 17.0 to 17.5, an increase of 0.5 [2] - I09 - I01 decreased from 11.0 to 10.0, a decrease of 1.0 [2] Spot Prices - PB powder (60.8%) increased from 777 to 780, an increase of 3 [2] - Newman powder increased from 777 to 780, an increase of 3 [2] - Mac powder increased from 773 to 775, an increase of 2 [2] Spot Variety Spreads - The spread between Carajás fines and PB powder decreased from 93 to 92, a decrease of 1 [2] - The spread between Newman powder and Jinbuba powder decreased from 47 to 46, a decrease of 1 [2] - The spread between Carajás fines and Jinbuba powder decreased from 144 to 142, a decrease of 2 [2] Import Profits - The import profit of Carajás fines decreased from -7 to -8, a decrease of 1 [2] - The import profit of Newman powder decreased from 50 to 49, a decrease of 1 [2] - The import profit of PB powder increased from 20 to 22, an increase of 2 [2] Platts Index - Platts iron ore 61% price increased from 102.0 to 102.3, an increase of 0.3 [2] - Platts iron ore 65% price increased from 118.0 to 118.5, an increase of 0.5 [2] - Platts iron ore 58% price increased from 93.4 to 94.0, an increase of 0.7 [2] USD Spread between Domestic and Overseas Markets - The spread between SGX main contract and DCE01 decreased from 4.7 to 4.2, a decrease of 0.5 [2] - The spread between SGX main contract and DCE05 decreased from 1.0 to 0.6, a decrease of 0.4 [2] - The spread between SGX main contract and DCE09 decreased from 3.3 to 2.8, a decrease of 0.5 [2]

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]

研究所 黑色研发报告 铁矿石日报 2026 年 02 月 03 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 749.0 | 753.5 | -4.5 | I01-I05 | -28.5 | -29.5 | 1.0 | | DCE05 | 777.5 | 783.0 | -5.5 | I05-I09 | 17.5 | 17.0 | 0.5 | | DCE09 | 760.0 | 766.0 | -6.0 | I09-I01 | 11.0 | 12.5 | -1.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 783 | 790 | -7 | 850 | 89 | 59 | 76 | | 纽曼粉 | 783 | 790 | -7 | 856 | 95 | 65 | 82 | | 麦克粉 | 778 | 790 | -12 | 859 | 98 | 68 | 85 ...

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: December 08, 2025 [2] Group 2: Futures Market Data - DCE01 Price: 778.5, down 7.0 from yesterday [2] - DCE05 Price: 760.5, down 8.5 from yesterday [2] - DCE09 Price: 737.0, down 7.0 from yesterday [2] - I01 - I05 Spread: 18.0, up 1.5 from yesterday [2] - I05 - I09 Spread: 23.5, down 1.5 from yesterday [2] - I09 - I01 Spread: -41.5, unchanged from yesterday [2] Group 3: Spot Market Data - PB粉 (60.8%) Price: 780, down 8 from the day before yesterday [2] - Newman Powder Price: 785, down 6 from the day before yesterday [2] - Macfarlane Powder Price: 777, down 8 from the day before yesterday [2] - Jinbuba Powder (60.5%) Price: 740, down 6 from the day before yesterday [2] - Roy Hill Powder Price: 773, down 6 from the day before yesterday [2] - Super Special Powder Price: 675, down 5 from the day before yesterday [2] - BRBF (62.5%) Price: 826, down 3 from the day before yesterday [2] - BRBF (63%) Price: 832, down 3 from the day before yesterday [2] - FMG Price: 732, unchanged from the day before yesterday [2] - Carajás Powder Price: 870, down 8 from the day before yesterday [2] - Karara Concentrate Price: 877, down 5 from the day before yesterday [2] - Ukrainian Concentrate Price: 875, down 5 from the day before yesterday [2] - IOC6 Price: 757, down 6 from the day before yesterday [2] - KUMBA Price: 864, down 7 from the day before yesterday [2] - SP10 Price: 724, down 6 from the day before yesterday [2] - Minmetals Standard Powder Price: 791, down 11 from the day before yesterday [2] - Optimal Delivery Product: Carajás Powder [2] Group 4: Spot Variety Spread and Import Profit - Carajás Powder - PB Powder Spread: 83, down 2 from the day before yesterday [2] - Newman Powder - Jinbuba Powder Spread: 45, unchanged from the day before yesterday [2] - Carajás Powder - Jinbuba Powder Spread: 130, down 2 from the day before yesterday [2] - PB - Jinbuba Powder Spread: 47, unchanged from the day before yesterday [2] - Newman Lump - Newman Powder Spread: 71, up 1 from the day before yesterday [2] - Roy Hill Lump - Roy Hill Powder Spread: 13, up 1 from the day before yesterday [2] - Macfarlane Powder - Super Special Powder Spread: 102, down 3 from the day before yesterday [2] - PB Powder - Super Special Powder Spread: 112, down 1 from the day before yesterday [2] - PB Lump - PB Powder Spread: 78, unchanged from the day before yesterday [2] - Carajás Powder Import Profit: -22, down 4 from the day before yesterday [2] - Newman Powder Import Profit: 10, down 2 from the day before yesterday [2] - PB Powder Import Profit: -10, down 4 from the day before yesterday [2] - Jinbuba Powder Import Profit: 17, unchanged from the day before yesterday [2] - Super Special Powder Import Profit: -10, down 1 from the day before yesterday [2] - PB Lump Import Profit: 76, up 1 from the day before yesterday [2] - BRBF Import Profit: 6, unchanged from the day before yesterday [2] - Macfarlane Powder Import Profit: 9, down 3 from the day before yesterday [2] - FMG Import Profit: 1, up 4 from the day before yesterday [2] Group 5: Platts Index and Internal - External US Dollar Spread - Platts Iron Ore 62% Price: 107.1, down 0.9 from the day before yesterday [2] - Platts Iron Ore 65% Price: 119.1, down 0.9 from the day before yesterday [2] - Platts Iron Ore 58% Price: 95.4, down 0.7 from the day before yesterday [2] - SGX Main - DCE01 Spread: 2.6, up 0.3 from the day before yesterday [2] - SGX Main - DCE05 Spread: 4.7, up 0.2 from the day before yesterday [2] - SGX Main - DCE09 Spread: 7.8, up 0.3 from the day before yesterday [2]

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Date: December 04, 2025 [2] Group 2: Futures Market - DCE01 price: 794.5, down 5.0 from yesterday [2] - DCE05 price: 777.0, unchanged from yesterday [2] - DCE09 price: 753.0, unchanged from yesterday [2] - I01 - I05 spread: 17.5, down 5.0 from yesterday [2] - I05 - I09 spread: 24.0, unchanged from yesterday [2] - I09 - I01 spread: -41.5, up 5.0 from yesterday [2] Group 3: Spot Market - PB powder (60.8%) price: 792, down 1 from yesterday [2] - Newman powder price: 795, up 1 from yesterday [2] - Mac powder price: 786, down 4 from yesterday [2] - Jinbuba powder (60.5%) price: 749, down 1 from yesterday [2] - Roy Hill powder price: 783, unchanged from yesterday [2] - Super Special powder price: 688, down 2 from yesterday [2] - BRBF (62.5%) price: 832, down 4 from yesterday [2] - BRBF (63%) price: 838, down 4 from yesterday [2] - FMG price: 738, up 2 from yesterday [2] - Carajás powder price: 885, down 3 from yesterday [2] - Karara concentrate price: 887, down 3 from yesterday [2] - Ukrainian concentrate price: 885, down 3 from yesterday [2] - IOC6 price: 770, down 4 from yesterday [2] - KUMBA price: 878, down 1 from yesterday [2] - SP10 price: 733, down 1 from yesterday [2] - Minmetals standard powder price: 805, unchanged from yesterday [2] - Optimal delivery product: Carajás powder [2] Group 4: Spot Price Spread - Carajás powder - PB powder spread: 88, down 3 from yesterday [2] - Newman powder - Jinbuba powder spread: 46, up 2 from yesterday [2] - Carajás powder - Jinbuba powder spread: 136, down 2 from yesterday [2] - PB powder - Jinbuba powder spread: 48, up 1 from yesterday [2] - Newman lump - Newman powder spread: 72, down 3 from yesterday [2] - Roy Hill lump - Roy Hill powder spread: 14, down 2 from yesterday [2] - Mac powder - Super Special powder spread: 98, down 2 from yesterday [2] - PB powder - Super Special powder spread: 109, up 2 from yesterday [2] - PB lump - PB powder spread: 78, down 1 from yesterday [2] Group 5: Import Profit - Carajás powder import profit: -11, unchanged from yesterday [2] - Newman powder import profit: 18, up 3 from yesterday [2] - PB powder import profit: -2, up 2 from yesterday [2] - Jinbuba powder import profit: 21, up 1 from yesterday [2] - Super Special powder import profit: -1, up 1 from yesterday [2] - PB lump import profit: 78, up 2 from yesterday [2] - BRBF import profit: 8, unchanged from yesterday [2] - Mac powder import profit: 13, down 3 from yesterday [2] - FMG import profit: 4, up 5 from yesterday [2] Group 6: Platts Index - Platts 62% iron ore price: 108.0, up 0.2 from yesterday [2] - Platts 65% iron ore price: 120.0, up 0.2 from yesterday [2] - Platts 58% iron ore price: 96.1, up 0.4 from yesterday [2] Group 7: Domestic and Foreign Dollar Spread - SGX main - DCE01 spread: 1.9, up 0.1 from yesterday [2] - SGX main - DCE05 spread: 4.7, down 0.3 from yesterday [2] - SGX main - DCE09 spread: 7.8, down 0.3 from yesterday [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report presents the daily data of iron ore futures and spot markets on November 3, 2025, including price changes, basis, spreads, import profits, and other information. 3. Summary by Relevant Catalogs Futures Market - **Futures Prices**: DCE01 was 782.5, down 17.5 from yesterday; DCE05 was 760.5, down 16.0; DCE09 was 740.5, down 14.5 [2]. - **Inter - month Spreads**: I01 - I05 was 22.0, down 1.5; I05 - I09 was 20.0, down 1.5; I09 - I01 was - 42.0, up 3.0 [2]. Spot Market - **Spot Prices**: PB powder (60.8%) was 797, down 1; Newman powder was 800, down 2; etc. [2]. - **Basis**: The basis of the optimal delivery product (McFadden powder) for 01 contract was 56, 79 for 05 contract, and 101 for 09 contract [2]. - **Spot Spreads**: The spread of Carajás powder - PB powder was 110, down 5; Newman powder - Jinbuba powder was 48, up 1; etc. [2]. - **Import Profits**: The import profit of Carajás powder was 9, up 1; Newman powder was 6, down 2; etc. [2]. Indexes - **Platts Indexes**: The price of Platts 62% iron ore was 107.4, down 0.3; 65% was 120.7, down 0.5; 58% was 95.7, down 0.6 [2]. - **Internal - External US Dollar Spreads**: SGX main - DCE01 was 8.0, up 0.2; SGX main - DCE05 was 10.9, up 0.2; SGX main - DCE09 was 13.7, up 0.3 [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Market - DCE01 decreased from 787.0 to 776.5, a drop of 10.5; DCE05 decreased from 763.0 to 754.0, a drop of 9.0; DCE09 decreased from 806.5 to 797.0, a drop of 9.5 [2] - I01 - I05 decreased from 24.0 to 22.5, a drop of 1.5; I05 - I09 increased from -43.5 to -43.0, an increase of 0.5; I09 - I01 increased from 19.5 to 20.5, an increase of 1.0 [2] Spot Market - Most iron ore spot prices increased, such as PB powder rising from 767 to 780, an increase of 13; Newman powder rising from 764 to 776, an increase of 12 [2] - The optimal delivery product is PB powder, with a standard - product price of 822, 01 - factory - warehouse basis of 27, 05 - factory - warehouse basis of 51, and 09 - factory - warehouse basis of 8 [2] Spot Variety Spread and Import Profit - Some spot variety spreads remained stable, like the card - powder - PB - powder spread at 110, unchanged; the card - powder - Jinbuba spread at 137, unchanged [2] - Import profits of most varieties decreased, such as card powder's import profit dropping from -19 to -23, a decrease of 4; Newman powder's import profit dropping from 4 to -1, a decrease of 6 [2] Index and Spread - The Platts 62% iron ore price increased from 100.4 to 103.0, an increase of 2.7; the Platts 65% iron ore price increased from 117.9 to 120.5, an increase of 2.7; the Platts 58% iron ore price increased from 88.5 to 91.0, an increase of 2.5 [2] - SGX - DCE01 decreased from 7.7 to 7.5, a decrease of 0.2; SGX - DCE05 remained unchanged at 10.5; SGX - DCE09 decreased from 5.3 to 5.0, a decrease of 0.2 [2]

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].