Core Viewpoint - Recent fluctuations in black metal prices are influenced by multiple factors including macroeconomic conditions, supply and demand dynamics, and industry chain interactions, with expectations of continued volatility in the short term [1] Macroeconomic Factors - Domestic growth stabilization is gaining traction, with a marginal recovery in the manufacturing PMI in June, leading to increased expectations for infrastructure investment and manufacturing equipment updates in the second half of the year [1] - In the U.S., May CPI data fell below expectations, raising interest rate cut expectations and causing a decline in the dollar index; however, significant policy divergence within the Federal Reserve and ongoing tariff concerns keep investors cautious [1] - Despite the Fed's liquidity release through potential rate cuts, corporate expansion intentions remain low, limiting actual demand growth [1] Supply Side Analysis - Raw material prices are stable, providing cost support; global iron ore supply is concentrated, with a tightening of high-grade ore at ports and high reliance on imports [1] - Coking coal prices are affected by domestic safety regulations, import country policies, and transportation issues, while coking enterprises are limiting production to maintain prices, reducing supply elasticity [1] Demand Side Analysis - Weakness in the real estate sector has significantly reduced demand for construction steel, although affordable housing projects provide some buffer [1] - Infrastructure project construction supports demand for rebar and other steel products, but is constrained by funding and seasonal factors [1] - Industrial manufacturing shows resilience in high-end steel demand, but global slowdown and trade tensions lead to order fluctuations, limiting substantial demand growth [1] Industry Chain Dynamics - The industry chain is tightly interconnected, with upstream raw material price fluctuations squeezing steel enterprise profits [1] - Midstream steel production is constrained by both cost and demand factors, leading to intensified homogeneous competition [1] - Downstream construction and manufacturing sectors are sensitive to steel prices, with cautious procurement leading to inventory accumulation risks; real estate debt risks are transmitted upstream, exacerbating industry chain instability [1] Conclusion - In summary, black metal prices are likely to remain volatile in the short term due to stable supply but high inventory levels, weak construction demand, limited industrial resilience, and the need for effective macroeconomic policies [1]

Group 1 - The city of Qingtongxia is focusing on ecological priority and green development, emphasizing new construction, renovation, and industrial extension to inject new momentum into high-quality development [1][5] - The Helan Mountain Wind Farm project by Ningxia Yinxing Energy Co., Ltd. has successfully upgraded its capacity by 254% through the replacement of old wind turbines with 18 new 5.0 MW units, achieving a total power generation of 32,851.92 million kWh [3] - Qingtongxia has implemented several major renewable energy projects, including pumped storage power stations and wind power, with a total installed capacity of 1.8562 million kW and an annual power generation of 3.076 billion kWh [3] Group 2 - Ningxia Dinghui Technology Co., Ltd. specializes in the development and recycling of zinc-containing industrial solid waste, utilizing a new technology that significantly improves energy efficiency and metal recovery rates [4] - The company can process 180,000 tons of zinc-containing waste annually, producing 20,000 tons of regenerated zinc ingots and achieving an industry-leading resource utilization rate [4] - The company holds over 80% market share in regenerated zinc products in Ningxia and has extended its technology to extract precious metals like gold and silver [4] Group 3 - Qingtongxia is actively implementing the "dual carbon" and "dual control" policies, focusing on technological upgrades to transition traditional industries from scale-speed models to quality-efficiency models [5] - From January to April, the energy consumption per unit of industrial added value decreased by 9.6%, and water consumption per unit of industrial added value dropped by 12.1% compared to 2020 [5] - The city has established four national-level green factories and three autonomous region-level green factories, continuously enhancing the "green content" of its industry [5]

Paris, 26 May 2025, 6:15 p.m. PRESS RELEASE Ordinary and Extraordinary General Meeting on May 26th, 2025; appointment of Paulo Castellari as Chief Executive Officer Separation of roles of Chair of the Board and Chief Executive Officer Renewal of Ms. Christel Bories as Chair of the BoardAppointment of Mr. Paulo Castellari as Chief Executive Officer, effective from todayApproval by the shareholders of all the resolutions proposed at the General Meeting The Ordinary and Extraordinary General Meeting of Eram ...

Paris, May 5th, 2025, 5:45 pm PRESS RELEASE Availability of the documents of the Ordinary and Extraordinary Shareholders’ General Meeting to be held on May 26th, 2025 Eramet’s shareholders are invited to participate in the Ordinary and Extraordinary Shareholder’s General Meeting, which will take place on: Monday, May 26th, 2025, at 10:00 a.m. (Paris time), at Eramet’s head office, 10 boulevard de Grenelle 75015 Paris. Detailed participation procedures are outlined in the Notice of Meeting Brochure and will ...