[Brief Review of Domestic Iron Ore Market] The price of iron ore concentrates in the Tangshan area may be in the doldrums.

The market price of iron ore concentrates in the Tangshan region has remained relatively stable. Mines and beneficiation plants have shown a strong reluctance to budge on prices. Recently, environmental protection supervision and mine safety inspections in the local area have hindered the operation of some beneficiation plants. Despite the pressure of losses in the beneficiation process, there were already many shutdowns for maintenance, so the actual impact on beneficiation production has been limited. The overall production of iron ore concentrates in the region remains tight. On the demand side, most local steel mills are operating normally as planned. A few steel mills have formulated annual maintenance plans. However, given the relatively weak cost-effectiveness of domestically produced iron ore concentrates at present, steel mills are mainly purchasing as needed. Overall, it is expected that the price of local iron ore concentrates will remain in the doldrums in the short term. [SMM Steel]