The tender result slightly exceeded initial expectations, which ranged between ¥49,000-49,500/t fas, but was still in a reasonable range if the buyer needs the volume, a Japanese trader said.

Liberty Steel has won the bidding process for Hungarian steelmaker Dunaferr.

In an interview, Omega said that the awareness of ESG (environmental, social and corporate governance) initiatives is relatively low in Southeast Asia’s steel industry.

“I’m not too worried, but you also can’t kid yourself for too long. The supply story is still there, but there are more and more demand questions emerging,” one trader in the region said.

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%)