Average daily production eased more sharply -5.7%MoM to 1.96Mt/day.
For Cal’25, output totalled 836Mt, down -3% YoY and the lowest since 2020, reflecting weak domestic steel demand in China. Looking ahead, record coking coal imports (13.8Mt) and iron ore inflows (119.7Mt) in Dec’25, combined with steel export front-loading ahead of 2026 licensing, point to a widening mismatch between raw material supply and structurally soft steel consumption.
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