Morning Bites

🔗China’s net finished steel exports inched up 1% YoY in September, decelerating from the 8% YoY gain in August. On a 9mo26 basis, net exports were still down 2% YoY. Although China aims to further reduce “excessive” steel output in 2026 (which was also 4% lower YoY in 2025), net exports remain close to 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 global steel prices

🪨China’s coal imports dropped 6% YoY in September, vs. the 2% YoY decrease in August. The decline was partly driven by a high base effect from September 2025, while overall import volumes remained elevated compared with historical levels amid widespread safety inspections, weighing on local coal supply

#coal #steel