The domestic steel market has experienced an overall shock and decline, with long products experiencing a significant decline. The steel market has entered the off-season for demand. Project construction has been hindered by high temperatures and rainy weather, and the manufacturing industry has increased its summer break, resulting in a significant reduction in demand. Steel futures have been weak and difficult to change, hitting a new low since their listing in 2009. The price of imported iron ore has fallen sharply, and the cost support of steel mills has weakened. Prices continued to fall; in the middle and late half of the year, as the central bank successively introduced reserve requirement ratio cuts and fine-tuned stimulus policies, good macro news boosted steel prices, and the decline in the spot market slowed down. As of the 24th, the price of third-grade rebar in the market in Shandong Province was 3,040-3,060 yuan/ton, down 160 yuan/ton from the end of last month; the price of thick-sized hot coil was 3,300-3,350 yuan/ton, down 10 yuan/ton from the end of last month; The price of medium plate is 3340-3400 yuan/ton, down 40-50 yuan/ton from the end of last month; the price of small and medium-sized H-shaped steel is 3080-3110 yuan/ton, and the price of ordinary large size is 3030-3060 yuan/ton, down 70-50 yuan/ton from the end of last month. 100 yuan/ton; the price of 45# steel is 3360-3380 yuan/ton, down 90 yuan/ton from the end of last month.

Leading indicators of economic performance: Industrial added value and PMI rebounded slightly in May, and the year-on-year decline in PPI narrowed, but the real economy has yet to be confirmed to have truly bottomed out; real estate is facing greater downward pressure, and steel demand The growth rate is slowing down, and it is difficult to improve in the later period; the improvement in steel mill profits has prompted an increase in production resumption. In early June, crude steel output hit a new high, and supply pressure remains severe. Social steel inventories have declined for the 16th consecutive week, but the destocking speed has slowed down. ;Imported mines fell below the previous low, fluctuating slightly around US$90/ton; leading steel mills are cautious about the market outlook, with prices stable and declining; it is expected that the domestic steel market will form a bottom in July.