Morning Bites (part 1)

🔗China’s net finished steel exports rose 18% YoY in December, vs. the +8% YoY in November. The exports hit a new record monthly high, likely driven by Beijing's announcement of an export licence requirement for steel shipments from 2026. We remind readers that China aims to further cut “excessive” steel output in 2026 (-4% YoY in 11mo25) and strictly prohibits new capacity additions. In our view, these measures could help to normalise high Chinese net export volumes (which grew 25% YoY in 2024 and 8% YoY in 2025) and support global steel prices in 2026

🪨China’s coal imports rose 12% YoY in December, reversing from the -20% YoY in November. Meanwhile, the volumes were down 10% YoY to 490mnt in 2025. Per Reuters, shipments rebounded in December after supply constraints from major exporters in November, while the recent rise in domestic prices also pushed Chinese buyers to look for less-expensive imported coal

#coal #steel