Morning Bites (part 1)
📈China’s output of aluminium products jumped 12% YoY to 4.8mnt in January-February, the sharpest increase since March 2021, after the +6% YoY in December. Despite strong demand, Al prices remain subdued. On our numbers, ~50% of global non-integrated Al suppliers are breakeven or loss-making at spot, despite persistently strong demand for aluminium in China (~61% of world primary Al consumption in 2023). In our view, were the strong consumption dynamics to persist, this would bolster aluminium prices, in addition to the expected monetary easing in key economies (e.g., the US and EU) in 2024
🥉Chinese output of copper products dropped 8% YoY in January-February, to 1.4mnt, following the -10% YoY in December. As China remains the world's major copper consumer, representing ~58% of global Cu demand in 2023, were a further slowdown in downstream consumption to materialise, that would be an unfavourable factor for copper prices
#aluminium #copper
https://metals-wire.com/news-reports
📈China’s output of aluminium products jumped 12% YoY to 4.8mnt in January-February, the sharpest increase since March 2021, after the +6% YoY in December. Despite strong demand, Al prices remain subdued. On our numbers, ~50% of global non-integrated Al suppliers are breakeven or loss-making at spot, despite persistently strong demand for aluminium in China (~61% of world primary Al consumption in 2023). In our view, were the strong consumption dynamics to persist, this would bolster aluminium prices, in addition to the expected monetary easing in key economies (e.g., the US and EU) in 2024
🥉Chinese output of copper products dropped 8% YoY in January-February, to 1.4mnt, following the -10% YoY in December. As China remains the world's major copper consumer, representing ~58% of global Cu demand in 2023, were a further slowdown in downstream consumption to materialise, that would be an unfavourable factor for copper prices
#aluminium #copper
https://metals-wire.com/news-reports
Morning Bites (part 2)
⛏ Indonesia might further increase nickel output despite subdued prices, the Financial Times reports, citing the country’s deputy minister of investing and mining. Hence, in the next three years, local NPI capacity is expected to grow 15% from current 1.9mnt, while the country's battery-grade capacity might increase 4x by 2030 to 1mnt. Nevertheless, Reuters previously noted the potential for Ni production cuts in Indonesia, amid the unfavorable market environment. According to various estimates, >250kt cuts might be needed in order to balance the Ni market in 2024
To recap, several less efficient Ni mines have recently halted operations amid low Ni prices (-44% vs. early-2023 levels), while Reuters sources note that some Indonesian NPI producers (50% of global Ni supply in 2023E) are already loss-making at current prices
#Nickel
https://metals-wire.com/Nickel
⛏ Indonesia might further increase nickel output despite subdued prices, the Financial Times reports, citing the country’s deputy minister of investing and mining. Hence, in the next three years, local NPI capacity is expected to grow 15% from current 1.9mnt, while the country's battery-grade capacity might increase 4x by 2030 to 1mnt. Nevertheless, Reuters previously noted the potential for Ni production cuts in Indonesia, amid the unfavorable market environment. According to various estimates, >250kt cuts might be needed in order to balance the Ni market in 2024
To recap, several less efficient Ni mines have recently halted operations amid low Ni prices (-44% vs. early-2023 levels), while Reuters sources note that some Indonesian NPI producers (50% of global Ni supply in 2023E) are already loss-making at current prices
#Nickel
https://metals-wire.com/Nickel
Morning Bites
🔋Chile might double its lithium production over the next 10 years, in order to avoid the risk of substitution in batteries, Bloomberg reports. According to the country’s Finance Minister, potential oversupply creates less risks for the Li industry than shortages, which might trigger the development of alternative technologies. As such, the government expects 3-4 new local projects to be under construction by 2026. In our view, the anticipated production gain in Chile (~24% of global Li supply in 2023), reflects the growing consumer interest in EVs globally
Li prices, however, have plunged >80% from their record high late-2022 levels, while potentially weaker EV sales in Europe (due to the cancellation of subsidies) could add some stress to demand for the battery metal in 2024
#lithium
https://metals-wire.com/news-reports
🔋Chile might double its lithium production over the next 10 years, in order to avoid the risk of substitution in batteries, Bloomberg reports. According to the country’s Finance Minister, potential oversupply creates less risks for the Li industry than shortages, which might trigger the development of alternative technologies. As such, the government expects 3-4 new local projects to be under construction by 2026. In our view, the anticipated production gain in Chile (~24% of global Li supply in 2023), reflects the growing consumer interest in EVs globally
Li prices, however, have plunged >80% from their record high late-2022 levels, while potentially weaker EV sales in Europe (due to the cancellation of subsidies) could add some stress to demand for the battery metal in 2024
#lithium
https://metals-wire.com/news-reports
Morning Bites (part 1)
🌏Global manufacturing PMIs showed mixed dynamics in March. The Eurozone Markit Manufacturing PMI fell further to 45.7 (3-month low), well below the consensus estimate of 47.0. The US ISM manufacturing PMI, however, recovered to 50.3 ahead of the consensus, marking the first >50.0 since October 2022
🇨🇳The official NBS Manufacturing PMI in China jumped to 50.8 in March (vs. 49.1 in February), beating market estimates of 49.9. Meanwhile, the Caixin China Manufacturing PMI was at 51.1 in March -- broadly in-line with the forecasts of 51.0
🇮🇳 Indian manufacturing PMI jumped to a record high 59.1, but came in slightly short of the consensus estimates (59.4)
❗️Although EU PMI remained depressed in March (staying below 50.0), Chinese, Indian and US PMIs dynamics were solid. Overall, this reflects improving sentiment in the local manufacturing sectors -- a positive factor for the industrial metals demand (e.g. steel, aluminum and copper)
#PMIs
https://metals-wire.com/news-reports
🌏Global manufacturing PMIs showed mixed dynamics in March. The Eurozone Markit Manufacturing PMI fell further to 45.7 (3-month low), well below the consensus estimate of 47.0. The US ISM manufacturing PMI, however, recovered to 50.3 ahead of the consensus, marking the first >50.0 since October 2022
🇨🇳The official NBS Manufacturing PMI in China jumped to 50.8 in March (vs. 49.1 in February), beating market estimates of 49.9. Meanwhile, the Caixin China Manufacturing PMI was at 51.1 in March -- broadly in-line with the forecasts of 51.0
🇮🇳 Indian manufacturing PMI jumped to a record high 59.1, but came in slightly short of the consensus estimates (59.4)
❗️Although EU PMI remained depressed in March (staying below 50.0), Chinese, Indian and US PMIs dynamics were solid. Overall, this reflects improving sentiment in the local manufacturing sectors -- a positive factor for the industrial metals demand (e.g. steel, aluminum and copper)
#PMIs
https://metals-wire.com/news-reports
Morning Bites (part 2)
🏢China's new residential home sales from leading real estate companies slid 46% YoY in March, following the -60% YoY in February, Bloomberg reports, citing preliminary data from CRIC (China's real estate data provider). Furthermore, the agency claims that the domestic new-home market is unlikely to recover soon, despite recently announced new economic stimulus by Beijing
Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
🏢China's new residential home sales from leading real estate companies slid 46% YoY in March, following the -60% YoY in February, Bloomberg reports, citing preliminary data from CRIC (China's real estate data provider). Furthermore, the agency claims that the domestic new-home market is unlikely to recover soon, despite recently announced new economic stimulus by Beijing
Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
Morning Bites
🇨🇱Chile’s copper output recovered to climb 10% YoY in February, after the flat dynamics in January, according to INE data. Meanwhile, according to Bloomberg, citing the country’s Finance minister, Codelco’s copper output (top Chilean miner) might increase up to 5% YoY in 2024 for the first time in several years, following the gradual ramp up of underground operations at its Chuquicamata mine (~1% of global Cu supply in 2023). Therefore, were the recovery in the world's top copper producing country to persist, this might partially unwind the pressure on global supply, as Chile accounted for ~24% of global copper supply in 2023
#copper
https://metals-wire.com/sector/Copper
🇨🇱Chile’s copper output recovered to climb 10% YoY in February, after the flat dynamics in January, according to INE data. Meanwhile, according to Bloomberg, citing the country’s Finance minister, Codelco’s copper output (top Chilean miner) might increase up to 5% YoY in 2024 for the first time in several years, following the gradual ramp up of underground operations at its Chuquicamata mine (~1% of global Cu supply in 2023). Therefore, were the recovery in the world's top copper producing country to persist, this might partially unwind the pressure on global supply, as Chile accounted for ~24% of global copper supply in 2023
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 1)
🏦 Global central banks purchased net 19t of gold in February, vs. the revised +45t in January, marking the 9th consecutive increase in holdings, the World Gold Council (WGC) reports. The major contributors were China (+12t), India and Kazakhstan (+6t both). On the sellers' side were Uzbekistan and Jordan, which sold 12t and 4t, respectively. In our view, the spot gold price has approached its fundamentally reasonable level, amid persistently strong demand from global central banks and market expectations of potential US Fed funds rate cut in 2024
#gold
https://metals-wire.com/sector/Gold
🏦 Global central banks purchased net 19t of gold in February, vs. the revised +45t in January, marking the 9th consecutive increase in holdings, the World Gold Council (WGC) reports. The major contributors were China (+12t), India and Kazakhstan (+6t both). On the sellers' side were Uzbekistan and Jordan, which sold 12t and 4t, respectively. In our view, the spot gold price has approached its fundamentally reasonable level, amid persistently strong demand from global central banks and market expectations of potential US Fed funds rate cut in 2024
#gold
https://metals-wire.com/sector/Gold
❤1
Morning Bites (part 2)
💍Hong Kong jewellery and watch sales fell 3% YoY in February, after the revised +22% YoY in January, marking the first drop since December 2022, according to the government data. The sales were also 33% below the 2019 level. As we have previously noted, HK’s border with the Mainland fully reopened in February 2023, which limited the YoY recovery this February. However, according to Rapaport, citing a HK official, local inbound tourism is expected to revive further, while rising household income and the government’s initiatives are likely to support the sentiment in retail
Overall, the gradual improvement in consumer sentiment on the US and Chinese markets (~53% and ~12% of the world's gem-set jewellery trade, respectively) might add support to the stressed diamond sector, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
💍Hong Kong jewellery and watch sales fell 3% YoY in February, after the revised +22% YoY in January, marking the first drop since December 2022, according to the government data. The sales were also 33% below the 2019 level. As we have previously noted, HK’s border with the Mainland fully reopened in February 2023, which limited the YoY recovery this February. However, according to Rapaport, citing a HK official, local inbound tourism is expected to revive further, while rising household income and the government’s initiatives are likely to support the sentiment in retail
Overall, the gradual improvement in consumer sentiment on the US and Chinese markets (~53% and ~12% of the world's gem-set jewellery trade, respectively) might add support to the stressed diamond sector, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘US light vehicle sales gained 4% YoY in March, after the 10% YoY growth in February. The figure, though, was still 12% lower vs. the pre-Covid 2019 level. Seasonally adjusted sales volumes increased 4% YoY last month, but were also 10% below the 2019 level. Although US car sales might accelerate their recovery in 2024, bolstered by the widely expected US Fed rate cuts, the positive effect on automotive demand for PGMs might be limited, in our view, amid the growing appetite for EVs globally
On our numbers, North America accounted for ~22% and ~16% of world autocatalyst Pd and Pt consumption, respectively, in 2022
#cars
https://metals-wire.com/news-reports
🚘US light vehicle sales gained 4% YoY in March, after the 10% YoY growth in February. The figure, though, was still 12% lower vs. the pre-Covid 2019 level. Seasonally adjusted sales volumes increased 4% YoY last month, but were also 10% below the 2019 level. Although US car sales might accelerate their recovery in 2024, bolstered by the widely expected US Fed rate cuts, the positive effect on automotive demand for PGMs might be limited, in our view, amid the growing appetite for EVs globally
On our numbers, North America accounted for ~22% and ~16% of world autocatalyst Pd and Pt consumption, respectively, in 2022
#cars
https://metals-wire.com/news-reports
Morning Bites (part 1)
🚘New car registrations in France, the UK, Spain, Italy and Germany were flat YoY in March, after the +10% YoY in February. The figure remained well below the pre-COVID level (-24% vs. March 2019). In particular, in Germany and Spain, car sales were 24% and 23% lower, respectively, than in the same month in 2019, while registrations in France were 20% lower. Sales in Italy were 16% below the 2019 figures, while UK sales were 31% weaker
Given these five countries represented >70% of new vehicle registrations in Europe in 2023, overall EU car sales have likely remained subdued in March
#cars
https://metals-wire.com/sector/PGM
🚘New car registrations in France, the UK, Spain, Italy and Germany were flat YoY in March, after the +10% YoY in February. The figure remained well below the pre-COVID level (-24% vs. March 2019). In particular, in Germany and Spain, car sales were 24% and 23% lower, respectively, than in the same month in 2019, while registrations in France were 20% lower. Sales in Italy were 16% below the 2019 figures, while UK sales were 31% weaker
Given these five countries represented >70% of new vehicle registrations in Europe in 2023, overall EU car sales have likely remained subdued in March
#cars
https://metals-wire.com/sector/PGM
Morning Bites (part 2)
💎US jewellery sales grew 6% YoY in February, accelerating from the modest <1% YoY increase in January, IDEX reports, citing the US Department of Commerce. Despite some YoY gain, US retail sales remained seasonally quiet in February, according to Rapaport. In our view, a further recovery in local demand, supported by the widely expected US Fed funds rate cut in 2024, would accelerate the release of the industry's inventories and underpin improving sentiment in the global diamond market
We remind readers that the US accounts for ~53% of global gem-set jewellery demand
#diamonds
https://metals-wire.com/sector/Diamonds
💎US jewellery sales grew 6% YoY in February, accelerating from the modest <1% YoY increase in January, IDEX reports, citing the US Department of Commerce. Despite some YoY gain, US retail sales remained seasonally quiet in February, according to Rapaport. In our view, a further recovery in local demand, supported by the widely expected US Fed funds rate cut in 2024, would accelerate the release of the industry's inventories and underpin improving sentiment in the global diamond market
We remind readers that the US accounts for ~53% of global gem-set jewellery demand
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
🏦 The PBoC has added 5t of gold to its reserves in March (~1% of 2023 gold demand, in annualised terms), after the +12t in February, marking the 17th consecutive month of reserves accumulation. The China’s central bank gold holdings now stand at 2,262t, with ~314t added since November 2022 (~5% of annualised demand). On our numbers, spot gold price has exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), supported by persistently strong demand from global central banks and market expectations of upcoming US Fed funds rate cut in 2024
#gold
https://metals-wire.com/sector/Gold
🏦 The PBoC has added 5t of gold to its reserves in March (~1% of 2023 gold demand, in annualised terms), after the +12t in February, marking the 17th consecutive month of reserves accumulation. The China’s central bank gold holdings now stand at 2,262t, with ~314t added since November 2022 (~5% of annualised demand). On our numbers, spot gold price has exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), supported by persistently strong demand from global central banks and market expectations of upcoming US Fed funds rate cut in 2024
#gold
https://metals-wire.com/sector/Gold
Morning Bites (part 2)
🔗CISA mills' daily crude steel production in late March was reported at 2.12mnt, up 3.6% from the previous ten days, but down 6.1% YoY. On the 3mo24 basis, output was unchanged YoY, which might reflect Beijing’s stated intention to limit national steel production further in 2024, as announced by the National Development and Reform Commission (NDRC). Meanwhile, local steel inventories were 5.7% lower vs. the previous ten days (but +6.8% YoY). In our view, the record high liquidity injections in early 2024 and Beijing's efforts to support the local economy via the real estate sector could bolster domestic construction activity this year
To recap, China represents ~57% of world steel supply
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production in late March was reported at 2.12mnt, up 3.6% from the previous ten days, but down 6.1% YoY. On the 3mo24 basis, output was unchanged YoY, which might reflect Beijing’s stated intention to limit national steel production further in 2024, as announced by the National Development and Reform Commission (NDRC). Meanwhile, local steel inventories were 5.7% lower vs. the previous ten days (but +6.8% YoY). In our view, the record high liquidity injections in early 2024 and Beijing's efforts to support the local economy via the real estate sector could bolster domestic construction activity this year
To recap, China represents ~57% of world steel supply
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
📉Gold-backed ETFs sold net 14t of gold in March, following the -49t in February, the World Gold Council reports. This marked the 10th consecutive month of declines in holdings. Specifically, European funds outflow totalled 22t, while American funds returned to purchases, having raised 5t. Asian funds have also increased holdings (+3t). Overall, since June 2023, global ETFs gold reserves shrank 364t (~9% of physical gold demand in 2023 in annualised terms). Although the widely expected US Fed funds rate cut in 2024 might limit further ETFs gold sales, we believe that the precious metal’s price has already exceeded its fundamentally reasonable level (USD 2,200-2,300 for 2024)
#ETF #gold
https://metals-wire.com/sector/Gold
📉Gold-backed ETFs sold net 14t of gold in March, following the -49t in February, the World Gold Council reports. This marked the 10th consecutive month of declines in holdings. Specifically, European funds outflow totalled 22t, while American funds returned to purchases, having raised 5t. Asian funds have also increased holdings (+3t). Overall, since June 2023, global ETFs gold reserves shrank 364t (~9% of physical gold demand in 2023 in annualised terms). Although the widely expected US Fed funds rate cut in 2024 might limit further ETFs gold sales, we believe that the precious metal’s price has already exceeded its fundamentally reasonable level (USD 2,200-2,300 for 2024)
#ETF #gold
https://metals-wire.com/sector/Gold
Morning Bites (part 2)
🏗China’s excavator sales fell 2% YoY in March (domestic + export), after the 41% YoY decline in February, according to the CCMA data. The figure was broadly in line with the CME estimates, with domestic sales still materially below the 2021 level (-79% vs. March 2021). Meanwhile, record high liquidity inflows in China in early 2024, in addition to various new economic stimuli recently announced by Beijing, might add support to the country’s depressed construction sector and, hence, boost the demand for industrial metals in 2024
To recap, China accounts for 52% of global steel consumption, and for 57% and 61% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s excavator sales fell 2% YoY in March (domestic + export), after the 41% YoY decline in February, according to the CCMA data. The figure was broadly in line with the CME estimates, with domestic sales still materially below the 2021 level (-79% vs. March 2021). Meanwhile, record high liquidity inflows in China in early 2024, in addition to various new economic stimuli recently announced by Beijing, might add support to the country’s depressed construction sector and, hence, boost the demand for industrial metals in 2024
To recap, China accounts for 52% of global steel consumption, and for 57% and 61% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites
🔗Global steel demand is set to grow 1.7% YoY in 2024 and 1.2% YoY in 2025, after the -1.1% YoY in 2023, according to the April outlook from World Steel Association (WSA). The main contributor is set to be India, with the growth rate in consumption expected to stabilise at 8.2% YoY in 2024-25, after the robust increase in 2023 (+14.8% YoY). Chinese demand is seen staying unchanged in 2024, with a 1% YoY decline in 2025, mainly due to weak real estate investments. Meanwhile, EU + UK demand is set to recover gradually, at 2.9% YoY and 5.3% YoY in 2024 and 2025, respectively, after the 10.0% YoY drop last year
Overall, the recovery in global steel demand, were it to materialise, would be a favourable factor for the prices of coking coal and steel products in 2024-25. We also reiterate our view that China’s record high liquidity injections in January might boost local construction activity this year
#steel
https://metals-wire.com/sector/Steel
🔗Global steel demand is set to grow 1.7% YoY in 2024 and 1.2% YoY in 2025, after the -1.1% YoY in 2023, according to the April outlook from World Steel Association (WSA). The main contributor is set to be India, with the growth rate in consumption expected to stabilise at 8.2% YoY in 2024-25, after the robust increase in 2023 (+14.8% YoY). Chinese demand is seen staying unchanged in 2024, with a 1% YoY decline in 2025, mainly due to weak real estate investments. Meanwhile, EU + UK demand is set to recover gradually, at 2.9% YoY and 5.3% YoY in 2024 and 2025, respectively, after the 10.0% YoY drop last year
Overall, the recovery in global steel demand, were it to materialise, would be a favourable factor for the prices of coking coal and steel products in 2024-25. We also reiterate our view that China’s record high liquidity injections in January might boost local construction activity this year
#steel
https://metals-wire.com/sector/Steel
Morning Bites
🇿🇦South Africa’s PGM mining output inched up 1% YoY in February, after January's 4% YoY gain. Meanwhile, local gold production declined 4% YoY (vs. -13% YoY in January). Overall, demand for PGMs (mainly from the automotive sector) remains sluggish, due to the growing appetite for EVs globally and inflationary pressures, which are weighing on the metals’ prices. We note, however, that major SA PGM miners (e.g. Amplats and Impala) have announced job cuts, which might result in a greater supply response in 2024. On this matter, Sibanye recently revealed plans to make over 4,000 employees redundant at its SA Gold operations (13% of its workforce). This step is in-line with previous cost-cutting measures at US PGMs operations
We also remind readers that SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of world gold production
#PGMs #gold
https://metals-wire.com/news-reports
🇿🇦South Africa’s PGM mining output inched up 1% YoY in February, after January's 4% YoY gain. Meanwhile, local gold production declined 4% YoY (vs. -13% YoY in January). Overall, demand for PGMs (mainly from the automotive sector) remains sluggish, due to the growing appetite for EVs globally and inflationary pressures, which are weighing on the metals’ prices. We note, however, that major SA PGM miners (e.g. Amplats and Impala) have announced job cuts, which might result in a greater supply response in 2024. On this matter, Sibanye recently revealed plans to make over 4,000 employees redundant at its SA Gold operations (13% of its workforce). This step is in-line with previous cost-cutting measures at US PGMs operations
We also remind readers that SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of world gold production
#PGMs #gold
https://metals-wire.com/news-reports
Week ahead data releases in M&M
As the reporting season begins, we commence a series of posts devoted to the forthcoming data releases. This week, among major M&M names, Alcoa is to release its 1Q24 earnings. On the EBITDA side, we are more bullish than the consensus
This week is also set to see Chinese industrial production, De Beers sales results at Cycle 3 in 2024, and EU car registrations data
#reporting_season
https://metals-wire.com/events
As the reporting season begins, we commence a series of posts devoted to the forthcoming data releases. This week, among major M&M names, Alcoa is to release its 1Q24 earnings. On the EBITDA side, we are more bullish than the consensus
This week is also set to see Chinese industrial production, De Beers sales results at Cycle 3 in 2024, and EU car registrations data
#reporting_season
https://metals-wire.com/events
🗞On Friday, China published its preliminary import/export statistics for March (see table above)
#statistics #China
https://metals-wire.com/news-reports
#statistics #China
https://metals-wire.com/news-reports
Morning Bites (part 1)
🔗China’s net finished steel exports jumped 29% YoY in March, vs. the 35% YoY increase in January-February. According to Bloomberg, China’s steel exports posted the strongest month since 2016, amid sluggish domestic demand. Meanwhile, based on CISA's data, (CISA members account for >80% of domestic output), output was down ~7% YoY in March
🪨China’s coal imports inched up 1% YoY in March, decelerating from the 23% YoY growth in January-February. According to local media, low Chinese coal prices suggest that imported coal is losing its attractiveness, while high domestic stockpiles also limit foreign shipments. Overall, in 1Q24 coal imports were up 14% YoY to 116mnt, mostly due to the strong dynamics in January-February
#coal #steel
https://metals-wire.com/news-reports
🔗China’s net finished steel exports jumped 29% YoY in March, vs. the 35% YoY increase in January-February. According to Bloomberg, China’s steel exports posted the strongest month since 2016, amid sluggish domestic demand. Meanwhile, based on CISA's data, (CISA members account for >80% of domestic output), output was down ~7% YoY in March
🪨China’s coal imports inched up 1% YoY in March, decelerating from the 23% YoY growth in January-February. According to local media, low Chinese coal prices suggest that imported coal is losing its attractiveness, while high domestic stockpiles also limit foreign shipments. Overall, in 1Q24 coal imports were up 14% YoY to 116mnt, mostly due to the strong dynamics in January-February
#coal #steel
https://metals-wire.com/news-reports