Morning Bites

🔗China’s net finished steel exports declined 9% YoY in April, vs. the 13% YoY drop in March. On a 4mo26 basis, net exports were also down 9% YoY

Given the ongoing weakness in the global steel market, we believe Beijing might continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge in exports in 2023–25 that weighed on global prices, further gradual supply-side measures from China (>50% of world steel supply) could help rebalance the market and support steel prices in the medium-term

🪨China’s coal imports dropped 13% YoY in April, vs. +1% YoY in March. According to local media, the decline reflected a combination of high seaborne coal prices, lower export supply and solid domestic output

#coal #steel