Morning Bites (part 1)

🔗China’s net finished steel exports rose 11% YoY in May, after the 83% YoY surge in April. During the last month, average daily steel production contracted on a YoY basis, while inventories also shrank vs. the 2022 levels. Overall, China’s strong liquidity inflows, as well as plans for massive infrastructure projects this year, might bolster domestic construction activity and, hence, steel demand in 2023. In addition, Beijing is considering new support measures for the property sector

🪨China’s coal imports grew 93% YoY in May (vs. the +73% YoY in April). However, the imports shrunk 3% MoM, amid weaker demand from the power and steel sectors, as well as high inventories, according to Reuters. The positive YoY dynamics reflect the low base effect from 2022, as well as the lifting of restrictions on Australian coal imports, in our view

#coal #steel
https://metals-wire.com:3000/news-reports