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Morning Bites

🔗China’s finished steel net exports surged 29% YoY in September, after the +18% YoY in August. According to Bloomberg, soft domestic demand (amid the property crisis) has spurred Chinese traders to send steel overseas, leading to elevated net exports in 9mo24 (+22% YoY). Meanwhile, the new monetary support measures announced by Beijing (as well as the additional fiscal stimulus expected in 4Q24) might bolster local construction activity in 2025, we believe

🪨China’s coal imports grew 13% YoY in September, accelerating from the +3% YoY in August. On the 9mo24 basis, the figure was up 12% YoY. According to Reuters, China's thermal power generation returned to YoY growth in August (last seen in April 2024) as heatwaves drove up local power demand, while hydropower output moderated. However, according to the IEA estimates, Chinese coal power generation might start to decline YoY in 2025, amid the country’s rapid shift to renewable energy

#coal #steel
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