Morning Bites

🔗China’s net finished steel exports rose 7% YoY in August, accelerating from the 3% YoY gain in July. On a 8mo26 basis, net exports were still down 3% YoY. Although China aims to further reduce “excessive” steel output in 2026 (which was also 4% lower YoY in 2025), net exports remain at historical highs (after the 25% and 8% YoY growth in 2024 and 2025, respectively). The current five-year plan lacks explicit targets for capacity cuts; however, we believe that further gradual supply-side measures could help rebalance the market and support steel prices

🪨China’s coal imports dropped 2% YoY in August, vs. 21% increase in July. The decline was partly driven by elevated coal prices and a high base from August 2025, while import volumes remained elevated compared to historical levels

#coal #steel