Historically, crude oil and iron ore prices are strongly correlated, which is unsurprising given they are both commodities tied to the state of the global economy. But in recent weeks the link has largely been severed.

The Australian government's plans to cap the price of natural gas and thermal coal for domestic consumers has provoked the predictable howls of protest from the industry and warnings of dire consequences.

Kazakhstan's GDP expanded 2.7% y/y in Jan-Nov, PM says

U.S. steel mills shipped 7,210,301 net tons, a 12.2 percent decrease from the 8,215,071 net tons shipped in October 2021.

In order to ensure security of energy supply during winter, the German government has decided to temporarily return to coal-fired power plants. The first plant was already reactivated in early August.

Inner Mongolia Autonomous Region, China's leading coal production base, has kicked its production into high gear to meet heating needs as cold waves send temperatures plunging in the country.

Broken down by districts, here’s production for the week ending December 3, 2022 in thousands of net tons: North East: 139; Great Lakes: 541; Midwest: 196; Southern: 684 and Western: 70 for a total of 1630.

In November, the largest steel import permit applications were for Canada (561,000 NT, down 11% from October final), Mexico (422,000 NT, down 38%).