Morning Bites (part 2)
🔗CISA mills' daily crude steel production during late-August was 2.01mnt, a 7.7% drop from the previous ten days (+0.7% YoY). Meanwhile, local steel inventories fell 11.4% over the same period (-7.6% YoY). We note that Tangshan has announced new steel production restrictions for September, in addition to the recent measures aimed at producers in the top steelmaking provinces (Jiangsu, Shandong). Although China’s crude steel supply was stronger YoY in 2023 (+3% YoY in 7mo23), we keep in mind Beijing’s intention not to exceed the 2022 production levels
#steel
https://metals-wire.com/sector/Steel
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