Summary of the Conference Call on Steel Inventory and Consumption Data Industry Overview - The report focuses on the **steel industry in China**, analyzing high-frequency demand trends and production data [1][1]. Key Points and Arguments Production Data - Total steel production in China from October 31 to November 6 was **8.6 million tons (mt)**, reflecting a **2.1% decrease week-over-week (WoW)** and a **0.6% decrease year-over-year (YoY)** [1][1]. - Year-to-date total steel production reached **386.5 mt**, which is a **0.7% increase YoY** [1][1]. - Breakdown of production includes: - Rebar: **2.1 mt**, -1.9% WoW, -10.8% YoY - Hot Rolled Coil (HRC): **3.2 mt**, -1.7% WoW, +2.1% YoY - Cold Rolled Coil (CRC): **0.8 mt**, -2.5% WoW, -0.3% YoY [1][1]. Inventory Levels - As of November 6, China's steel inventory was **15.0 mt**, down **0.7% WoW** but up **23.4% YoY** [1][1]. - Inventory composition: - Steel mills: **4.3 mt**, -1.9% WoW, +7.4% YoY - Traders: **10.8 mt**, -0.2% WoW, +31.1% YoY [1][1]. - Specific inventory levels for rebar, HRC, and CRC: - Rebar: **5.9 mt**, -1.7% WoW, +33.9% YoY - HRC: **4.1 mt**, +0.9% WoW, +23.9% YoY - CRC: **1.5 mt**, +0.6% WoW, -4.1% YoY [1][1]. Apparent Consumption - During the week of October 31 to November 6, apparent steel consumption was **8.7 mt**, down **5.4% WoW** and **1.2% YoY** [1][1]. - Year-to-date apparent consumption totaled **382.1 mt**, reflecting a **1.5% increase YoY** [1][1]. - Breakdown of apparent consumption: - Rebar: **2.2 mt**, -5.9% WoW, -4.4% YoY - HRC: **3.1 mt**, -5.3% WoW, -1.5% YoY - CRC: **0.8 mt**, -6.1% WoW, -4.5% YoY [1][1]. Additional Insights - Market expectations for a demand recovery in the steel sector remain cautious, with a ranking of demand recovery potential indicating copper, battery materials, and gold as leading sectors, followed by aluminum, cement, steel, lithium, and thermal coal [1][1]. - The data suggests a mixed outlook for the steel industry, with production and consumption showing signs of decline in the short term, while inventory levels are significantly higher YoY, indicating potential oversupply issues [1][1].

Summary of Thermal Coal Production and Inventory in China Industry Overview - The report focuses on the thermal coal industry in China, specifically analyzing high-frequency on-ground demand trends and production data from 100 sample thermal coal mines during the week of August 7 to August 13, 2025 [1] Key Points Production Data - Total thermal coal output from the 100 sample mines was **12,153 kt**, reflecting a **0.1% increase week-over-week (WoW)**, a **3.6% increase year-over-year (YoY)**, and a **3.7% increase YoY on the lunar calendar** [2] - Breakdown of output by region: - Shanxi: **2,967 kt** (+0.6% WoW, +12.0% YoY, +11.9% YoY on lunar calendar) - Shaanxi: **3,700 kt** (+2.2% WoW, +2.7% YoY, +2.7% YoY on lunar calendar) - Inner Mongolia: **5,486 kt** (-1.4% WoW, +0.1% YoY, +0.4% YoY on lunar calendar) - Year-to-date (YTD) output for the sample mines reached **400 million tonnes (mnt)**, representing a **3.7% increase YoY** [2] Utilization Ratio - The overall utilization ratio of the sample mines was **90.0%**, which is a **0.1 percentage point (ppt) increase WoW** and a **3.1 ppt increase YoY** [3] - Regional utilization ratios: - Shanxi: **86.2%** (+0.5 ppt WoW, +9.2 ppt YoY) - Shaanxi: **94.4%** (+2.0 ppt WoW, +2.5 ppt YoY) - Inner Mongolia: **89.3%** (-1.3 ppt WoW, +0.1 ppt YoY) [3] Inventory Levels - Total coal inventory in the sample mines was **3,179 kt** as of August 13, 2025, showing a **0.8% decrease WoW** but a **1.1% increase YoY** [4] - Regional inventory levels: - Shanxi: **880 kt** (-1.3% WoW, +4.9% YoY) - Shaanxi: **705 kt** (+0.9% WoW, -10.5% YoY) - Inner Mongolia: **1,594 kt** (-1.3% WoW, +5.1% YoY) [4] Market Sentiment - The overall market expectation regarding demand recovery in the thermal coal sector remains cautious, despite the positive production and utilization trends observed [1] Comparative Industry Ranking - The current pecking order of industries based on demand is as follows: aluminum > steel > copper > thermal coal > battery > gold > lithium > cement [1] Additional Insights - The report emphasizes the importance of monitoring these trends as they can indicate potential investment opportunities or risks within the thermal coal sector in China [1][2][3][4]