Morning Bites (part 1)

🔗China’s finished steel net exports jumped 18% YoY in August, accelerating from the +10% YoY in July. To recap, weak domestic demand (amid the prolonged property crisis) has encouraged local producers to find customers abroad, leading to elevated exports in 8mo24. We maintain our view that steel demand in China is likely to remain soft in 2H24. However, new support measures for unfinished real estate projects might somewhat bolster sentiment, we believe

🪨China’s coal imports rose 3% YoY in August, decelerating from the +18% YoY in July. According to Reuters, local utilities continued to stock up coal amid the record-breaking hot weather (to power air conditioning)

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