General treasury: this week the total national hot coil inventory of 3.2238 million tons, compared with last week + 1.2%, year-on-year + 3.0%, extended for 6 weeks, the fundamentals are still weak. However, it is worth noting that the factory warehouse has declined. Among them, steel plant inventory: this week's hot rolling plant warehouse 903900 tons, month-on-month ratio of-1.0%, year-on-year-11.6%. Mainly because, at the end of June, under the influence of the Tangshan environmental protection and production restriction news, the spot price followed the futures plate rise, so the current base difference converged sharply and stimulated a wave of speculative demand release, so the steel mill order situation has improved, coupled with the impact of the shipping cycle, resulting in a reduction in steel mill inventory this week. Social inventory: hot rolled this week 2.3199 million tons, month-on-month + 2.1%, year-on-year + 10.1%. Mainly due to, although the early speculative demand has increased, but the overall resources are still in the market, coupled with the increase in the arrival of goods in the mainstream markets this week, so this week the social database continues to accumulate as an inevitable trend. However, it is worth noting that although due to the impact of Tangshan environmental protection and production restrictions, the output of steel mills will be reduced in the later stage, but it is expected to be gradually reflected in the market in the late July, so in the case of normal delivery of pre-orders, it is expected to continue the transfer of the factory warehouse to the social database next week. [SMM Steel]