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Net steel exports in July increased by 3% to 3.16 million tons. In July, China's finished steel exports increased slightly to 4.44 million tons (up 3.5% / 2.4% year-on-year), and imports were 1.24 million tons (up 3.3% / 11.4% year-on-year). Net export volume for the month rose slightly to 3.16 million tons, and net exports from January to July were 19.2 million tons, up 6% year-on-year. We believe that this supports our view that there is concern that the massive outflow of Chinese steel may be over-considered. In the first half of the year, 52% of export steel products entered other Asian countries and regions, and exports to the US and Europe accounted for only 3% and 11%. Domestic steel production fell for the first time in July. China's crude steel output in July was 59.3 million tons (up 15.5% year-on-year), the lowest since March. This shows that the daily output of crude steel for the month was 1.91 million tons (down 4% from the previous month), equivalent to 697 million tons of annual production. We believe that this is because: 1) crude steel production is at an all-time high in the past few months; 2) seasonal factors are not obvious in summer. Total crude steel output increased by 10.3% from January to July, reaching 410.4 million tons; we believe that our 686 million tons of full-year production is expected to face upward risks. Imports of iron ore increased by 7%, domestic production fell by 6% . Imports of iron ore in July were 54.6 million tons, which was 7% in the chain and year-on-year, and the average import price was US$ 173 /ton (up 3% from the previous month ). / 23% year-on-year increase, a record high. In addition, domestic iron ore production was 117 million tons, down 6% from the previous month, as daily production fell from 4.1 million tons in June to 3.8 million tons. We believe that this may mean that there is limited room for domestic iron ore production to continue to rise.