Morning Bites (part 2)

🔗Global crude steel output was roughly flat YoY (159mnt) in June, after the 5% YoY drop in May, according to the World Steel Association. Meanwhile, China’s production also remained unchanged YoY (vs. -7% YoY in May), while ex-China steel output shrank <1% YoY. Specifically, EU supply dropped 11% YoY (in line May's dynamics), following the local energy crisis. US steel production inched up 1% YoY, while Russia’s steel output rose 4% YoY in June, after the 9% YoY increase in May. Noteworthy, Beijing has recently signaled more stimulus for the domestic economy. Although there are no details on the potential measures yet, this might add some support to China’s depressed property segment — the main positive trigger for global steel prices

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