China’s macro policies worked in coordination, keeping the national economy running steadily while industrial transformation and upgrading advanced. Progress had also been made in high-quality development. However, the external environment remained complex and severe, with many unstable and uncertain factors. At the domestic level, supply was strong but demand was weak, leaving some enterprises facing operational difficulties.

In the spot steel market, supply had been rising. Affected by certain product losses and seasonal expectations, steel mills released capacity at a faster pace, with hot metal output increasing, though production of certain varieties declined. On the demand side, the transition from the off-season to the peak season strengthened traders’ willingness to restock, but market transactions remained unstable. On the cost front, iron ore prices showed slight fluctuations, scrap steel prices climbed steadily, and coke prices edged down, keeping production costs resilient.