25/08/2026
China's share of North America's service volumes with QIMA reached 35% in Q2 2026, the highest since 2024.
The cause? As South and Southeast Asia’s factory capacity got squeezed by the fuel crisis, some Western buyers shifted orders back to China, where manufacturing runs largely on domestic coal and renewables.
Q2 data suggests this is tactical capacity management, not a strategic reversal. Q3 will tell us more.
Q3 2026 Barometer: https://zurl.co/7klDI