Hebei's steel PMI fell to 42.0% in July 2026, the second straight month of contraction. Output collapsed 14.6 points to 35.4% as mills cut production amid losses. New orders slipped to 37.8% as weather disrupted construction. Export orders rose to 45.8% on Southeast Asian demand. Raw material prices plunged 24.4 points. The industry remains trapped between strong policy expectations and weak fundamentals.