Exports of finished steel products from China decreased by 13% YoY in October, replacing the 3% increase in September. Although this indicator is below the historical maximum, it remains at a high level.

Coal imports to China decreased by 10% year-on-year in October, compared with -3% year-on-year in September. The decrease was mainly due to public holidays (there were fewer working days in October 2025). Although some market representatives expect that imports will be supported by winter replenishment in November-December 2025, we already note high coal reserves in China, which account for 15% of China's annual demand (as of mid-2025).