Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-August was 2.22mnt, a 2.9% increase from the previous ten days (also an 11.0% jump YoY). Meanwhile, local steel inventories grew 3.6% over the same period (-4.0% YoY). Although production is still growing YoY, Chinese mills in the top steel making provinces (such as Hebei, Jiangsu and Shandong) might lower their utilisation rates in 2H23, in order to keep output below the 2022 level: in 7mo23 it was still +3% YoY. To recap, China represents ~57% of global steel supply

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