In June, China's construction steel market experienced fluctuations influenced by reduced demand during the Gaokao and Dragon Boat Festival holidays, compounded by hot weather in the north and persistent rain in the south. These factors slowed construction activities to some extent, but the overall impact was tempered by improved weather conditions in certain regions, maintaining relatively stable terminal purchase volumes.

Moving into July, there are signs of improvement in the real estate sector, supported by ongoing policy adjustments and the issuance of special bonds, which could potentially lead to a modest increase of about 3.3% in construction material consumption.

Comparing June 2024 with the same period last year, apparent consumption of rebar showed a decline. Early July continued to see stable consumption levels, averaging around 2.35 million tons per week. Surveys conducted among construction firms in June revealed actual steel purchases amounting to 6.34 million tons, marking a 2.9% decrease from the previous month.

Looking ahead, July's anticipated purchases are projected at 6.72 million tons, reflecting cautious optimism based on current market conditions. Overall market stability persisted amidst improved financial conditions and adjusted weather patterns, suggesting a moderate recovery in steel demand for July.