Morning Bites (part 1)

🔗Global crude steel output rose 7% YoY in July to 159mnt, after being unchanged YoY in June, according to the World Steel Association. Meanwhile, China’s production jumped 12% YoY (vs. the flat dynamics seen in June), while ex-China steel output rose 1% YoY. Specifically, EU supply dropped 7% YoY (vs. -11% YoY in June), following the local energy crisis. US steel production inched up 1% YoY, while Russia’s steel output rose 6% YoY in July, after the 4% YoY increase in June. We note that China’s mills in the key steel making provinces (such as Hebei, Jiangsu and Shandong) might lower output in 2H23 in order to keep national steel production below the 2022 level: in 7mo23 it was still +3% YoY. To recap, the country represents ~57% of world crude steel supply

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