Morning Bites (part 1)

🔗CISA mills' daily crude steel production during late July was 2.14mnt, a 5.0% drop from the previous ten days. However, the output rose 13.0% YoY - mostly due to the low base effect from 2022. Local steel inventories declined 7.5% (-12.7% YoY). Although the YTD steel output grew 1.8% YoY, we note that Beijing’s stated intention is not to exceed the 2022 production level. Furthermore, the potential for new stimulus for China’s property sector could favourably affect construction activity and, thus, the demand for industrial metals (e.g. steel aluminium and copper) later in 2H23

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