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Does the settlement price of a futures contract refer to the price of the subject matter or the price stipulated in the contract?
The futures contract itself does not stipulate how much something must cost, so the settlement price refers to the price of the subject matter.

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4. Closing price

For example, the settlement price of crude oil futures obviously refers to the crude oil price, price, settlement price, delivery price and liquidation price represented by futures. These prices come from the fluctuation of the subject matter price and tend to be consistent with the subject matter price, rather than the price agreed in the contract, and futures contracts will never agree on any price. The settlement price is generally used as the basis for settlement and carry-forward of profits and losses on the same day. If the contract stipulates the price, it is not called futures.