Data from the National Bureau of Statistics show that from January to July 2023, the cumulative production of crude steel was 626.51 million tons, an increase of 2.5 percent . Excluding the import and export of billets, from January to July 2023, the apparent consumption of crude steel in China was 577.59 million tons, an increase of 0.3 percent ."This year, the steel industry shows a strong and weak pattern, by shipbuilding, new energy vehicles, home appliances and other manufacturing improved and high exports, plate consumption demand is better; The downturn in the real estate industry and the decline in infrastructure investment have greatly affected consumer demand for rebar." Nishimoto Shinkansen senior analyst Sun Hui told reporters.

As of the close of August 17, the settlement price of the main rebar futures in the previous period closed at 3704 yuan/ton, which was more than 500 yuan/ton lower than the price in mid-March. In the spot market, the "My steel network" Myspic rebar absolute price index trend shows that the index reached the highest point of the year on March 13, at 4400.8, and the index closed at 3772.32 on August 17.

"Precisely because the market is not good, steel traders are difficult to make profits, resulting in some enterprises to see inquiries or orders will swarm, reducing risk awareness." Some peers easily believe that illegal middlemen, paid the money but did not meet the delivery of the situation. When it is found that the situation is not right, it is too late, and the other party has lost the money. Some steel traders lost more than 50 million yuan because of this scam. Some steel traders will even hide the situation of being cheated in order to continue to do business smoothly." Ms Sun said.