Morning Bites

🔗China’s steel mills are set to lower production in 2H23, SteelOrbis reports, citing market sources. For instance, producers in the Jiangsu (~11% of local steel output) and Shandong provinces (~8%) might cut utilisation rates by 20-30% and 10-15%, respectively, vs. 1H23. The city of Tangshan (13% of domestic steel supply) has also recently tightened production controls. Overall, these measures are likely to help China to keep steel production below the 2022 level: in 7mo23 it was still +3% YoY. We remind readers that the country accounts for ~57% of global crude steel supply

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