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Steel traders in the Beijing market said that the overall shipments dropped sharply in June, with the highest drop even reaching 70%. This year, the market has encountered many uncertain factors, and negative factors affecting the market the most.

Some traders mentioned that the overall shipments declined significantly in the second quarter. In June, the shipments were only about half of the same period in 2021.

According to the survey data, the total daily average shipment volume of the 10 major players in the Beijing building materials market in June was 5,933 tons, with a year-on-year decrease of 30.86%.

Demand was bleak in the first half of June, steel prices rebounded slightly at the end of the month, and steel traders began to be reluctant to sell. The main reason was that the price was still not good enough to cover their costs, and traders are still losing money for every ton of goods.

Therefore, steel traders chose to wait for a further recovery in steel prices. However, the market continued to fall after one or two days of rebound.

At present, the pressure on Chinese steel prices is mainly concentrated on sluggish demand, high production, and high inventory, and these pressures were expected to ease in the second half of the year.