[SMM Daily Transaction Volume of Hot-rolled Coils] On July 23, the total daily transaction volume of hot-rolled coils of sample enterprises in SMM's three cities (Shanghai, Lecong, and Tianjin) was 10,420 tons, representing a daily decrease of 2,210 tons, or 17.5%.

The futures market weakened significantly, and the downstream terminals had a strong wait-and-see sentiment. There was a lack of speculative demand and market confidence. Even when traders reduced prices for sales, the transaction volume of hot-rolled coils remained poor.