Morning Bites (part 1)

🔗China’s finished steel net exports continued to grow, being up 16% YoY in May, following the +17% YoY in April. According to Bloomberg, weak domestic demand (amid the prolonged property crisis) has encouraged local producers to find customers abroad. Meanwhile, according to CISA's data (representing >80% of domestic output), Chinese steel supply was down 1.3% YoY in 5mo24

🪨China’s coal imports gained 11% YoY in May, in line with the +11% YoY in April. According to Reuters, safety inspections following local mining accidents weighed on Shanxi’s production (the top coking coal hub) in 2024. As a result, in April, China's coal output fell to its lowest point since October 2022, which has bolstered imports

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