Macro expectations are strengthening, and steel prices are now resonant

Gold Ten Futures, July 16th, the proportion of building materials production continued to shrink, and the arrival of scrap steel fell again, still maintaining a low level. Although consumption is insufficient, the overall supply of building materials is low, and the supply and demand of building materials are in a relatively balanced state. This week's conference was held. The domestic market is expected to be warmer, steel exports remain high, and downstream consumption resilience remains. Later, we will continue to pay attention to the changes in macro data and the improvement of local debt on infrastructure in the third quarter. We will track off-season consumption resilience and inventory changes. In the short term, it is expected that steel prices will remain volatile.