[SMM Hot Topic: Summary of Q1 Reports from 44 Steel Enterprises: Nearly 70% Achieved YoY Net Profit Growth] In Q1, the supply-demand imbalance in China's domestic steel market remained prominent. According to data from the National Bureau of Statistics (NBS), in Q1 2025, China's crude steel production reached 259 million mt, up 0.6% YoY. The domestic steel price index in Q1 decreased by 9.9% YoY, while the Platts 62% iron ore index increased by 1.0% YoY, and the price of coking coal in Lvliang, Shanxi, decreased by 36.1% YoY. Although the cost of raw materials and fuels for steel enterprises improved somewhat, the profit margins in the steel industry remained limited due to weak demand in the steel market, and operational pressures persisted.