Core Viewpoint - Despite a downturn in the construction industry leading to weakened steel demand, China continues to maintain high production levels and is exporting large quantities to neighboring countries, resulting in increased trade friction surrounding steel products [1][2]. Group 1: Steel Demand and Prices - The circulating price of hot-rolled steel plates in the Tokyo area is approximately 112,500 yen per ton, a decrease of 4% compared to the end of June, marking the lowest level since August 2021 [2]. - Japan's steel demand is low due to factors such as uncertainty related to U.S. tariff policies, labor shortages, and extreme heat, which hinder construction projects [2]. - In June, China's steel exports reached 9.67 million tons, a year-on-year increase of 10.7%, while total exports from January to June amounted to 58.14 million tons, a historical high for the same period [2]. Group 2: Trade Friction and Anti-Dumping Measures - Japan is initiating an anti-dumping tariff investigation on nickel-based stainless steel cold-rolled sheets and cold-rolled steel plates, targeting products from mainland China and Taiwan [3]. - The global number of anti-dumping investigations related to steel reached a historical high of 41 in 2024, with 30 cases specifically targeting China [3]. - Countries are increasingly seeking to exclude low-priced imported steel, leading to an oversupply of Chinese steel in the market [3].