COAL: JSW Plans Steady Increase in Coking Coal Output in 2025
Poland’s JSW plans for a steady increase in coking coal production throughout 2025, with output expected to rise each quarter this year, the firm said, cited by ISB News.
- The company's Strategic Transformation Plan is set to boost production by 1.43 mn/t in 2025 compared to 2024 and aiming for a target of 14-14.5 mn/t by 2026.
- President Ryszard Janta emphasised that the plan will drive lasting organisational change, enabling JSW to operate efficiently in the coming years.
- The Strategic Transformation Plan is projected to generate about PLN8.5bn (€1.98bn) by the end of 2027.
- Coking coal or metallurgical coal is typically used for steelmaking.
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US TSY FUTURES: CFTC CoT Shows Exposure Building
The latest CFTC CoT report revealed a deepening of existing exposure across the major investor groups that we track.
- Leveraged funds added to net shorts in all contracts outside of TU & UXY futures, where they trimmed net shorts. They added a net ~$22.4mln DV01 equivalent in fresh shorts across the curve, with 5s presenting the most meaningful positioning swing. They remain net short across the curve.
- Asset managers added to net longs in all contracts outside of WN futures, with a net $12.2mln DV01 equivalent of longs added across the curve. They remain net long across the curve.
- Non-commercial net positioning saw net shorts added across the curve, flipping the only net long position seen in the prior week (US futures). See table below for greater details.
Source: MNI - Market News/CFTC/Bloomberg
MNI EXCLUSIVE: MNI looks at the BOJ's view of surging bond yields
MNI looks at the BOJ's view of surging bond yields -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
SWEDEN: Consumption Falls In Jan, Weak Sentiment Adds Downside Risks For Q1
This morning’s January activity data has not been a material driver of upside in SEK crosses intraday. More weight will be placed on the firmer-than-expected Norwegian February CPI report (for NOKSEK) and the pullback in European equities (for EURSEK). However, the dip in household consumption will be worth monitoring in the months ahead. When taken alongside the weak February Economic Tendency Indicator consumer confidence reading, there are some downside risks to Q1 consumption after a solid Q4.
- Household consumption (which we consider the most important component of the monthly release), fell 0.7% M/M (vs +0.1% prior). On a 3m/3m basis, consumption was 0.6%, so momentum is not yet as weak as the monthly figure suggests.
- Private sector production fell 0.8% M/M, but this followed two solid prints in the month prior. Annual growth was 1.9% (vs 2.5% prior). An uptick in services production was outweighed by sharp falls in industry and construction.
- Meanwhile, industrial orders rose 2.0% M/M and 16.7% Y/Y (vs 5.8% prior), driven by the intermediate goods industry.
- The monthly GDP indicator fell 0.5% M/M (vs +0.5% prior), though 3m/3m growth actually ticked up to 0.9% (vs 0.7% prior). We don’t place too much weight on the GDP indicator, which is often heavily revised. In the latest data, there were upward revisions in every month going back to August 2024 (Dec ’24 index was revised to 126.7 vs 125.7 initial, which is why January’s 126.1 was a negative sequential print).
