Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-July was 2.25mnt, a 0.3% increase from the previous ten days, and growth of over 10% YoY. In the meantime, local steel inventories declined 1.5% over the same period (-17.7% YoY). Despite the 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, Chinese steel output in 5mo23 was still up a slight 1.3% YoY, according to the WSA (World Steel Association). To recap, China’s government has signalled more stimulus for the domestic economy. Although there are no details yet, the potential measures might add some support to China’s stressed property segment, which is the main positive trigger for steel prices

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