1. Crazy iron ore, the first half of 2020 domestic and foreign mining profits considerable, the platts index closed on August 22,126.65 US dollars, a 14-year high, nearly half a year from 79.8 US dollars to 128.8 US dollars, up 61% . Profits were strong, with the latest results showing a big jump in second-quarter net profit of $995M, compared with $239m in the previous quarter. Vale posted a net profit of 1.234 billion yuan on revenue of US $14.487 billion in the first half of the year, compared with a loss of 1.775 billion yuan in the same period last year. 2. Investment in real estate development was 7.5325 billion yuan from January to July, up 3.4 percent year on year and up 1.5 percentage points from January to June, according to the National Bureau of Statistics of the People's Republic of China. Of this total, 5,568.2 billion yuan was invested in housing, an increase of 4.1 percent and an increase of 1.5 percent. From January to July, real estate developers put in 100625 billion yuan, up 0.8 percent year on year, down 1.9 percent from January to June. Of this total, domestic loans amounted to 1,613 billion yuan, up by 4.9 percent; foreign capital utilized amounted to 8 billion yuan, up by 29.9 percent; self-financing funds totaled 3,204.2 billion yuan, up by 3.3 percent; deposits and advances totaled 3,283 billion yuan, down by 3.4 percent; and personal mortgage loans totaled 1,620 billion yuan, up by 6.6 percent. 3. Under the support of cost and demand, there is room for rebar to break through again. In August, the rebar market experienced a long rainy season and high temperature again. The recovery speed of actual demand is not as fast as the market expectation, and the rebar inventory and output remain high. However, from the point of view of the peak operating rate of blast furnace in the future, the increase in demand from real estate is still expected, the rate of total inventory accumulation has slowed down, coupled with the high cost of raw materials to support. However, in the traditional peak season, when the factors impeding the release of demand gradually receded, the construction site will inevitably lead to demand explosion, rapid destocking, at which time rebar futures prices will once again break through. Steel City summary: This week, steel social total inventory was flat at 15.402 million tons, down 1.8% last week. Of these, 8.668 million tons of thread increased by 1.2 percent, 1.891 million tons of wire rod decreased by 1.6 percent, 2.679 million tons of hot rolled steel decreased by 1.3 percent, 1.101 million tons of cold rolled steel decreased by 2.3 percent, and 1.062 million tons of medium plate decreased by 0.4 percent. We believe that the overhaul of domestic steel enterprises since August compared to July has decreased, but the case of heavy rain terminal demand did not recover, leading to further decline in social inventories. The market transaction cold and hot uneven, Beijing, Tang and other places in China slightly improved, but the main transaction is mostly concentrated in low-level resources, Shagang prices plate to aggravate the market wait-and-see atmosphere, manufacturers adjust prices are more limited. Late supply will remain at a high level, but demand is expected to gradually release, coupled with strong cost support, so next week is expected to be stable after a small rise in steel prices.