Group 1: Report Title and Date - The report is titled "Iron Ore: Macro Risk Appetite Has Not Significantly Corrected, Support Remains" and was released on August 18, 2025 [1][2] Group 2: Investment Rating - No industry investment rating is provided in the report Group 3: Core View - The macro risk appetite for iron ore has not significantly corrected, and there is still support [2] Group 4: Fundamental Tracking Futures - The closing price of I 2601 was 776.0 yuan/ton, up 1.0 yuan/ton with a daily increase of 0.13%. The position was 447,326 lots, down 4,631 lots [3] Spot Prices - Imported ores: The price of Carajás fines (65%) was 884.0 yuan/ton, up 1.0 yuan/ton; PB fines (61.5%) was 772.0 yuan/ton, up 1.0 yuan/ton; Jinbuba fines (61%) was 745.0 yuan/ton, up 1.0 yuan/ton; Super Special fines (56.5%) was 645.0 yuan/ton, unchanged. Domestic ores: The price of Handan ore (66%) was 912.0 yuan/ton, unchanged; Laiwu ore (65%) was 830.0 yuan/ton, unchanged [3] Spreads - The basis of I 2601 against Super Special fines was 76.8 yuan/ton, down 1.0 yuan/ton; the basis of I 2601 against Jinbuba fines was 50.3 yuan/ton, unchanged. The spread between I 2509 - I 2601 was 16.0 yuan/ton, unchanged; the spread between I 2601 - I 2605 was 20.5 yuan/ton, down 1.5 yuan/ton. The spread between Carajás fines - PB fines was 112.0 yuan/ton, unchanged; the spread between PB fines - Jinbuba fines was 27.0 yuan/ton, unchanged; the spread between PB fines - Super Special fines was 127.0 yuan/ton, up 1.0 yuan/ton [3] Group 5: Macro and Industry News - On August 15, 2025 (local time), the Trump administration in the United States announced an expansion of the scope of the 50% tariff on steel and aluminum imports, including hundreds of derivative products in the tariff list [3] Group 6: Trend Intensity - The trend intensity of iron ore is 1, with a range of [-2, 2]. The strength levels are classified as weak, moderately weak, neutral, moderately strong, and strong, where -2 indicates the most bearish and 2 indicates the most bullish [3]