During the weekend, the ex-works price of common carbon billet in Tangshan market rose by 40 yuan to 3,040-3,050 yuan/t. Spot resources was 3,100 yuan/t.

Market transactions were good, with downstream finished steel products seeing increased trading volumes at low prices.

Rolling mills are actively purchasing billets. In the short term, billet market prices are expected to maintain a relatively strong upward trend.

During the weekend, the ex-works price of section steel in Tangshan market rose by 30 yuan/t. At present, Zhengfeng Steel quoted offers for 50 angle steel and 16# channel steel separately at 3,290 yuan/t and 3,290 yuan/t; Xinyiyuan Steel quoted offers for 16# I-beam at 3,310 yuan/t. The steel strip price rose by 30-50 yuan/t, of which the narrow strip was 3,270 yuan/t, the medium strip was 3,250 yuan/t, and wide strip was 3,270-3,300 yuan/t.

On Friday, China’s Ministry of Industry and Information Technology (MIIT) announced that it will promote the elimination of outdated production capacity in key industries such as steel. Following the news, steel futures prices surged sharply in the evening, and spot steel prices also rose over the weekend.

Manufacturers reported that order volumes have improved significantly compared to previous days, and in-plant inventories have decreased noticeably. Some are now planning to resume production.

At present, the macroeconomic outlook is positive, supporting optimistic market expectations. Steel prices are on an upward trend, and it is expected that medium and large steel section prices in the Tangshan market will rise by 30 yuan/t this week.

It is expected that this week (July 21-25), China’s domestic steel prices will see a modest increase. Imported iron ore prices are likely to remain firm, while scrap steel and steel billet prices are expected to rise slightly. Coking coal prices will trend stronger, and mainstream coke prices are projected to rise.