Morning Bites (part 1)

🔗China’s net finished steel exports rose 8% YoY in November, reversing from the decrease of 13% YoY in October. We remind readers that China aims to lower “excessive” steel output in 2025 (down 4% YoY in 10mo25) and strictly prohibit new capacity additions in 2025-26. In our view, this measure could help to normalise abnormally high Chinese net export volumes (which grew 25% YoY in 2024 and 7% YoY in 11mo25) and support global steel prices in 2026

🪨China’s coal imports dropped 20% YoY in November, vs. the -10% YoY in October. According to Reuters, the decline was mostly due to heavy rains in Indonesia (the leading thermal coal supplier) that weighed on exports from the country, while some of its mines have also stopped production after reaching their quotas for 2025

#coal #steel