[Brief Commentary on Domestic Iron Ore Market] Iron ore concentrates prices in the Tangshan region may have some room to rise.

Prices of iron ore concentrates in the Tangshan region have slightly increased by 5-10 yuan, with the dry-basis, tax-inclusive delivery-to-factory prices of Fe66% iron ore concentrates ranging from 945-950 yuan/mt. Currently, mines and beneficiation plants have a strong sentiment to stand firm on quotes, and there is a strong bullish sentiment in the short term, with no rush to sell. According to SMM tracking, there have been no maintenance operations at blast furnaces in local steel mills recently, and pig iron production remains at a relatively high level, providing certain support for the demand for local iron ore concentrates. Local steel mill profits are moderate, and it is expected that there will be no production restrictions in the short term. Coupled with the continued tight supply of local iron ore concentrate resources, it is anticipated that there will still be some room for prices to rise in the short term. [SMM Steel]