On the demand side, China cut its coal imports by -7.9% YoY in Jan–May’25, amid strong domestic output, high inventories, and growing renewable power generation.
On the supply side, exports from key producers declined sharply, with Indonesia down -16% YoY to 300Mt and Australia down -14% YoY to 170.9Mt. Last week, weekly Capesize volumes dropped to 4.1Mt, hovering near their five-year low.
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