Report Summary 1. Core View - The report focuses on iron ore, suggesting that carbon elements transfer profits and the ore price will fluctuate at a high level [1]. 2. Fundamental Tracking Futures - The closing price of iron ore futures was 791.5 yuan/ton, up 14.5 yuan/ton or 1.87% [1]. - The position of contract 12601 was 506,983 lots, with an increase of 41,053 lots [1]. Spot Prices - Imported ore: The price of Carajás fines (65%) was 900 yuan/ton, up 10 yuan/ton; PB fines (61.5%) was 785 yuan/ton, up 10 yuan/ton; Jinbuba fines (61%) was 752 yuan/ton, up 13 yuan/ton; Super Special fines (56.5%) was 685 yuan/ton, up 10 yuan/ton [1]. - Domestic ore: The price of Langna ore (66%) was 931 yuan/ton, unchanged; Laiwu ore (65%) was 849 yuan/ton, unchanged [1]. Spreads - The basis of contract 12601 against Super Special fines was 105.2 yuan/ton, down 3.5 yuan/ton; against Jinbuba fines was 42.4 yuan/ton, down 0.5 yuan/ton [1]. - The spread between 12509 - 12601 was 39.5 yuan/ton, up 3.5 yuan/ton; between 12601 - 12605 was 24 yuan/ton, up 1.5 yuan/ton [1]. - The price difference between Carajás fines - PB fines was 115 yuan/ton, unchanged; PB fines - Jinbuba fines was 33 yuan/ton, down 3 yuan/ton; PB fines - Super Special fines was 100 yuan/ton, unchanged [1]. 3. Macro and Industry News - According to the National Bureau of Statistics, China's Manufacturing Purchasing Managers' Index in August was 49.4%, up 0.1 percentage points from the previous month [1]. 4. Trend Intensity - The trend intensity of iron ore is -1, indicating a relatively bearish outlook [1].