Morning Bites (part 1) 

🔗China’s net finished steel exports rose 13% YoY in July, following the 2% YoY increase in June. Despite the Chinese government's stated intention to keep national steel output below the 2022 level, it was up ~2% YoY in 7mo23, according to CISA data. Meanwhile, Beijing is aiming to bolster the country’s economy via new support measures, mainly for the real estate segment: this is likely to support the demand for industrial metals, we believe

🪨China’s coal imports jumped 67% YoY in July (vs. +110% YoY in June). Imports remained at elevated levels last month after overseas purchases almost doubled in 1H23: utilities continued to import cheaper supplies, amid peak summer power demand, Reuters reports. We note that local power loads have hit new peaks since mid-June, as China experienced periods of abnormally high temperatures

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