Global Research ab 21 July 2026 China Steel Sector Ferrous rebalancing underway; met coal near- term peak, steel margins to recover Met coal peaks near Rmb2,000/t; mills slip into losses, coke cuts begin Ferrous value chain rebalancing to drive steel margin recovery in 2H26 We think steel mills' margins should slowly recover from current nationwide losses: 1) Met coal supply remains tight against strict Shanxi safety inspections, but mine supply slowly recovered from early-July lows WoW. Entering into Sep-O ...