Morning Bites (part 1) 

🔗China’s net finished steel exports inched up 2% YoY in June, after the 11% YoY growth in May. At the same time, average daily crude steel output was up 1% YoY, according to the CISA data. We also note that China has eased its monetary policy, in order to revive economic growth, e.g. in the real estate segment, which might provide some support for industrial metals demand later in 2023, in our view

🪨China’s coal imports jumped 110% YoY in June (vs. the +93% YoY in May). Although domestic coal output continued to climb, imports stood at historical highs. According to a recent CREA report, most of the growth was due to increased imports from Australia, following the lifting of restrictions, as well as higher shipments from Russia and Indonesia. Some mismatch between the quality of the produced and the required coal could cause a shift towards imported coal, CREA noted

#coal #steel  
https://metals-wire.com:3000/news-reports