According to a report from China Iron and Steel Association (CISA), the production of domestic crude steel dropped sharply month on month in July, the steel price turned from falling to rising in the first week, and the next three weeks continued to rise from the previous month, showing that Chinese steel prices tended to stabilize in August.

At present, the global market environment became severe, and the Chinese domestic economic growth slowed down. Some market participants forecasted that the domestic steel demand has weakened due to the impact of production restriction measures, and the market pressure of steel industries was expected to rise.