The changes in the square tube inventory end of the market. Recently, the square tube inventory in Shanghai has shifted from decline to increase, with the wire rod inventory down by 10.3 thousand tons to 47.5 thousand tons, the rebars inventory up by 7.4 thousand tons to 257.8 thousand tons, the coil inventory up by 5.1 thousand tons to 71.2 thousand tons, totaling 376.5 thousand tons, an increase of 2.2 thousand tons. As the square tube inventory continued to decrease in the early period, the market inventory in various regions is generally maintained at a low level, with some specifications experiencing shortages. Across the national steel market, the inventory has decreased by 3.69 million tons, with steel mill inventory down by 2.11 million tons. The combined market and steel mill inventory is down by 5.8 million tons compared to last year, while last month it was a decrease of 5.61 million tons. Currently, the national steel market inventory is nearly 30% lower than last year, and the overall supply pressure is not significant. The year-on-year decrease in the industrial chain inventory has slightly expanded compared to last month, indicating that despite the weak demand performance in June, the supply-demand矛盾 has not intensified, and the market supply-demand is basically balanced.

3 reflects changes in the market demand for square steel tubes. In July, as the off-season for steel demand, adverse weather conditions such as high temperatures, heavy rains, and typhoons affected the progress of outdoor construction projects, leading to a decrease in demand for rebars and wire rods. From the perspective of domestic economic operation, the growth rate of fixed asset investment from January to May this year fell below expectations, reaching a new low in the past 16 years. Among them, the growth rate of infrastructure investment remained relatively stable, while the growth rate of real estate investment significantly declined. The sales area and sales volume of commercial housing from January to May saw a decline of 3.3 and 5.2 percentage points year-on-year compared to January to April, respectively. The growth rate of newly started housing area year-on-year decreased by 3.1 percentage points compared to January to April. The decline in sales and start-up growth rates of real estate has significantly reduced the demand for square steel tubes, and it is expected that the market demand for square steel tubes will continue to weaken on a month-on-month basis.

July's specific square tube market situation is still pending, let's hope for the better, shall we?