Yesterday saw 5,046 new daily coronavirus cases reported in China which has marked the largest number of cases seen during the current surge and the second largest all year (the record stands at 5,659 reported on April 29th).  An additional 4,409 cases were reported today.  As we have continued to stress in our work, the ongoing surge is not resulting in new lockdowns or restrictions.  This remains in stark contrast to actions taken during previous surges.

Also of note is that November’s import data was released.  China imported 32.2 MMT of coal in November.  This is up month-on-month by 3 MMT (10%) but is down year-on-year by 2.3 MMT (-8%). 

Iron ore imports totaled 98.9 MMT.  This is up month-on-month by 3.9 MMT (4%) but is down year-on-year by 6.1 MMT (-6%). 

Soybean imports totaled 7.4 MMT.  This is up month-on-month by 3.3 MMT (80%) but is down year-on-year by 1.2 MMT (-14%). 

Collectively, China’s imports of coal, iron ore, and soybeans totaled 138.5 MMT last month.  This has marked the second largest total seen all year.