This Steelworks Spring Circuit is a Mixed-surface Circuit Race of 4-Laps, and is worth 110 Points to the next Wristband, plus $8K in prize money (not including bonuses.
It is restricted to cars manufactured in Asia, that are D-Class or below, which means you will be heading for the Auto Show to buy a new ride for your garage...
This track setup is short-spaced with a lot of extreme turns, so it is not one of those races where you can just push the go peddle and twist the wheels - you have to brake and prepare for the approach to each of the curves (at least for the more severe ones).

The final set of turns tends to be loose and the cars in this race tend to pack together, so you may find that you have no choice but to force your way through the tightly packed group at the front - but once you do it is clear and clean sailing thereafter, so don't be afraid to force your way through.
At this point you should have noticed that the Street Racing Icon is available at the Festival Hub, so if you want to take a break from the Wristband Racing Series you can head there and start working your way through the (illegal) Street Races that are on offer there.
When you complete and win the 10th race that is part of that segment of the game you will unlock the Achievement "WARNING!!! DANGER TO MANIFOLD" (15G) You've won 10 Street Races. Ali would be proud. These will be available once the icon is added to your map.