JPM: Gold Dashboard, China Aluminum Overproduction, CATL Weakness, Coal Output Depressed, EU Gas to Coal Switching Accelerates, FOMC Today, Steel Outperformance

JPM Specialist Sales daily commodities roundup. Crude was steady overnight but with several developments: Saudi's Yanbu Port has stopped loadings, hitting Europe particularly, with European buyers paying $18/bbl premiums above Dated Brent (already $131/bbl), further fueled by uncertainty over Libyan output due to protests at NOC; Ukraine kept attacking Russian energy infrastructure; and Chinese fuel inventories have fallen to the lowest since 2022, with teapot utilization set to fall further. Steel equities outperformed yesterday — Hyundai Steel +7%, Posco +2%, Baosteel +2%, Salzgitter +5% — driven by China's CISA calling on mills to rein in production, plus price hikes from Nucor ($1200/st) and Baosteel ($30/t), though we would not chase the equities as coking coal, energy and freight costs stay elevated and should keep margins constrained. The worst performer was CATL (-6%) on local social media chatter that it may cut production plans and profit forecasts, dragging spodumene 3% lowe