According to the steel industry PMI surveyed and released by the China Federation of Iron and Steel Logistics Professional Committee, it was 40.4% in August 2024, a decrease of 2.1 percentage points compared to the previous month, indicating that the steel industry continues to weaken. The changes in sub indices show that the off-season characteristics of the steel industry are still quite obvious, the downward trend in market demand has continued, steel production has been reduced, steel mill inventories continue to increase, raw material prices are running at a low level, and steel prices have bottomed out and rebounded. It is expected that in September, driven by the expected peak demand season, market demand will rebound, steel production will increase slightly, and raw material and steel prices will both rise.