Morning Bites (part 2)

🔗Global crude steel output was down 5% YoY to 162mnt in May, accelerating from the 2% YoY decline in April, according to the World Steel Association. Meanwhile, China’s production dropped 7% YoY, reflecting CISA’s call to lower supply amid stressed steel prices, as well as the government's intention to cap national output (56% of the global steel supply in May) at its 2022 levels, in our view. Ex-China steel production shrank 2% YoY. Specifically, EU production dropped 11% YoY (similar to the -12% YoY in April), following the local energy crisis. US steel production declined 2% YoY. However, Russia’s steel output rose 9% YoY in May, after the 2% YoY increase in April

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https://metals-wire.com:3000/sector/Steel