Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-June was 2.26mnt, a 1.4% increase from the previous ten days, but almost flat YoY (+0.2%). Meanwhile, local steel inventories grew 2.6% over the same period (-21.0% YoY). The recent output declines have likely followed CISA’s call to cut production (in order to bolster local steel prices) and Beijing’s stated intention not to exceed the 2022 production levels. We reiterate our view that these factors, along with potentially new support measures for the property sector, are likely to have a positive effect on the sentiment on steel

#steel   
https://metals-wire.com/sector/Steel