Morning Bites (part 1)

🔗CISA mills' daily crude steel production during late June was 2.25mnt, a 0.7% drop from the previous ten days. However, output rose 7.0% YoY due to the low comparison base from 2022. At the same time, local steel inventories fell 8.9% (-12.8% YoY). Although output grew YoY in June, we note Beijing’s stated intention not to exceed the 2022 production level. Furthermore, the potential new stimulus for China’s property sector might favourably affect steel demand later in 2023

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