I can only give you a reference on this question. First of all, let me tell you that the price of vanadium ore shipped from the mine is not the same as the price that has not been shipped in the storage yard near the large transportation site. Generally speaking, the price of vanadium ore refers to the price that has not been shipped, and the freight is calculated separately. Moreover, at present, vanadium ore only refers to stone coal (clay) vanadium ore, excluding vanadium-titanium magnetite (vanadium-titanium magnetite contains relatively low vanadium, and its price is mainly determined by iron grade and comprehensive recovery rate of vanadium and titanium). Generally speaking, the demand for vanadium in downstream industries is insufficient, and the production capacity of large state-owned enterprises such as Panzhihua Iron and Steel Co., Ltd. and Chenggang Iron and Steel Co., Ltd. has also increased, and the supply of vanadium products in the market exceeds demand (at least from the first half of this year to today), resulting in the low price of vanadium ore. The following are the prices of different grades of vanadium ore in major regions today for your reference: