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

The hydropower station, considered a backbone of China's electricity system, transmits clean electricity mainly to eastern, central and southern China.

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

Ukraine-focused miner Ferrexpo posted an 18% jump in second-quarter production from the previous quarter, buoyed by stable production from first pelletiser line and initial contribution from second line after resumption in February.

Steelmaker Ternium said on Wednesday it had resumed operations at an iron-ore mine in Mexico after a more than five-month hiatus sparked by clashes between the firm and local community over the disappearance of two environmental activists.

Steel prices are expected to rise again soon.

With the rapid development of ferro-alloys futures trading, Chinese steelmakers are increasingly using the newly-introduced futures-spot basis pricing pattern to hedge risk, according to Hao Zhu.

Inner Mongolia is by far the biggest in terms of market share in the first four months of 2023, with 36.34%, while Ningxia was second on 12.24%.