【中信期货】铁矿石“61%时代”正在开启-251222（21页）.pdf

1、重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。相关人员为客户。This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do n

2、ot constitute investment advice to anyone.CITIC Futures will not consider relevant personnel as customers due to their attention,receipt,or reading of this report.Investment consulting business qualification：CSRC License 2012 No.669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究中信期货国际化研究|CITIC Futures Internati

3、onal Research 2025-12-22 The Dawn of the 61%Era for Iron Ore 铁矿石“铁矿石“61%时代”正在开启时代”正在开启 Abstract 摘要摘要 Since the early 21st century,as a basic industrial raw material,the pricing mechanism of iron ore has undergone several key evolutions.From the withdrawal of the early annual long-term agreement nego

4、tiation mechanism to the spot index pricing model becoming the mainstream,each transformation has profoundly affected the profit distribution of the industrial chain.Today,the global iron ore market is ushering in a new round of adjustment to the pricing system:the long-dominant 62%iron grade benchm

5、ark is gradually transitioning to the 61%iron grade standard,marking the dawn of the 61%era in the iron ore market.The long-dominant 62%iron grade benchmark in the global iron ore market is gradually shifting to 61%.As mining advances in key Pilbara mines,PBFs iron grade has trended downward,leaving

6、 the existing 62%benchmark prone to deviations in reflecting mainstream spot.To adapt to such changes,Platts and SGX have rolled out adjustment plans,potentially pushing down far-month contract prices(starting Jan 2026)due to the lower underlying benchmark grade.Market participants should focus on P