铁矿石：短期估值仍有来自宏微观的支撑

1. Report Industry Investment Rating - The trend strength of iron ore is 2, indicating a strong bullish view. The range of trend strength is [-2, 2], where -2 means the most bearish and 2 means the most bullish [3] 2. Core View of the Report - The short - term valuation of iron ore still has support from macro and micro aspects [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Futures Data: The closing price of futures contract 12601 was 770.0 yuan/ton, down 2.5 yuan/ton or -0.32% from the previous day. The previous day's position was 452,625 hands, with an increase of 1,051 hands [1] - Spot Price Data: Imported ore prices generally declined. For example, the price of Carajás fines (65%) dropped from 881.0 to 877.0 yuan/ton, PB fines (61.5%) from 769.0 to 767.0 yuan/ton, and Jinbuba (61%) from 745.0 to 740.0 yuan/ton. The price of Super Special (56.5%) remained unchanged at 650.0 yuan/ton. Domestic ore prices of Youbang (66%) and Laiwu (65%) remained at 922.0 and 840.0 yuan/ton respectively [1] - Spread Data: The basis of 12601 against Super Special increased by 2.5 yuan/ton to 88.3 yuan/ton, while the basis of 12601 against Jinbuba decreased by 2.9 yuan/ton to 50.9 yuan/ton. The spread of 12509 - 12601 increased by 0.5 yuan/ton to 19.0 yuan/ton, and the spread of 12601 - 12605 decreased by 2.0 yuan/ton to 22.5 yuan/ton. The spread of Carajás fines - PB fines decreased by 2.0 yuan/ton to 110.0 yuan/ton, PB fines - Jinbuba increased by 3.0 yuan/ton to 27.0 yuan/ton, and PB fines - Super Special decreased by 2.0 yuan/ton to 117.0 yuan/ton [1] 3.2 Macro and Industry News - All activities at the SimFer mine site are currently suspended due to a fatal incident. Rio Tinto reported an employee of a contracting company died at the SimFer mine in Guinea on August 22 [2] - On August 23, Fed Chairman Powell said at the Jackson Hole Annual Meeting that although inflation remains a concern, rising risks in the job market may lead the Fed to cut interest rates in September [2]