In July, China's stainless steel prices were primarily volatile. The country's economic recovery has slowed, with the June manufacturing PMI at 49.5%, indicating contraction. Production and new orders declined, while exports showed moderate recovery. The real estate market's decline narrowed but remained sluggish, and the construction industry continued to decline. Additionally, the pace of fiscal expenditure lagged, hindering infrastructure investment.

Meanwhile, the likelihood of the Federal Reserve cutting interest rates this year is diminishing, with the possibility of no rate cuts at all. As China gradually implements new policies, there may be a recovery and improvement in its domestic economic situation.