Morning Bites (part 1)

🔗China’s finished steel net exports grew 18% YoY in June, following the +16% YoY in May. To recap, weak domestic demand (amid the prolonged property crisis) has encouraged local producers to find customers abroad, and that led to elevated exports in 1H24. Meanwhile, the new potential economic stimulus, which is expected to be announced after the Third Plenum meeting (15-18 July), might add support to Chinese construction demand, we believe

🪨China’s coal imports rose 12% YoY in June, in line with the +11% YoY in May. According to Reuters, record high temperatures in northwest and east China in June boosted electricity demand (to power air conditioning). Furthermore, China's coal output was down 3% YoY in 5mo23, which has led to increased imports

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