Gold Source Futures: Economic Growth in The Second Quarter Less Than Expected, Mining Prices Fell

The iron ore futures index contract closed Monday at 802, down 15 percent. Mysteel announced the imported PB powder CFR price of 114, down 1.5; Qingdao port PB powder price is 875, down 10; Hebei Tangshan 66% fine powder is 1075, up 15; Yesterday, the spot price of steel across the country fell 20-40, and market transactions were reduced; Tangshan billet factory price fell 30 to 3530 yuan/ton. In June, the average daily output of crude steel in China was 3.037 million tons, an increase of 4.5% from the previous month; The average daily output of pig iron was 2.566 million tons, an increase of 3.3%; The average daily output of steel was 4.002 million tons, an increase of 4.7%. From January to June, China's crude steel output was 535 million tons, up 1.3% year-on-year; Pig iron output was 451 million tons, up 2.7% year-on-year; Steel production of 676 million tons, an increase of 4.4%. The latest 45 port iron ore inbound volume continued to surge, and has now reached the highest level of the year, 45 port iron ore inbound volume of 24.725 million tons, an increase of 2.6%, rising for four consecutive weeks. Profits from imported mines fell and transactions weakened. Steel mill profit is still acceptable, pig iron production remains high, steel mills have not taken the initiative to reduce production. In the later stage, we need to pay attention to the landing of the production restriction policy. Therefore, the iron ore market is still stable and slightly stronger.