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Morning Bites

🔗China’s net finished steel exports rose 3% YoY in September, after being flat YoY in August, and remained at historical highs, amid persistently soft domestic demand. To recap, China aims to lower “excessive” steel output in 2025 (-3% YoY in 8mo25) and strictly prohibit new capacity additions in 2025-26. In our view, this measure could help to normalise unusual Chinese net export volumes (which grew 25% YoY in 2024 and 10% YoY in 9mo25) and support global steel prices in 2026

🪨China’s coal imports dropped 3% YoY in September, vs. the 7% YoY decline in August. According to Reuters, China's coal imports rose to a nine-month high in September, as rising local prices (after some mining outages in Inner Mongolia) made imported coal more attractive for Chinese buyers

#coal #steel
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