Notably, prices for industrial consumer products declined 2.7 percent in June after a 1.7 percent fall in May.

China has announced it will peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

The move is part of China's broader measures to build a modern industrial system backed by the real economy amid mounting external uncertainties.

China PPI for June -5.4% y/y (expected -5.0%)

Steel prices are expected to rise again soon.

North American steel scrap prices could face their third consecutive month of decline across all grades in July as traditional summer production slowdowns hinder demand.

Broken down by districts, here’s production for the week ending July 1, 2023 in thousands of net tons: North East: 137; Great Lakes: 563; Midwest: 215; Southern: 758 and Western: 67 for a total of 1740.

Taking center stage this year were questions over premiums on and standards for green steel, carbon tariffs at the border, the stability of scrap supply in the US and hydrogen’s promising role in decarbonizing steel production.