Morning Bites (part 1)

🔗CISA mills' daily crude steel production during early September was 2.16mnt, growth of 5.5% from the previous ten days (also a 2.9% increase YoY). Meanwhile, local steel inventories grew 7.3% over the same period (-7.4% YoY). Overall, in 7mo23, Chinese production was still +3% YoY, despite Beijing’s stated call to cap national steel output below the 2022 levels: we might see tighter supply later in 2H23, especially amid new measures aimed at mills in the top steelmaking provinces (e.g., Jiangsu, Shandong). To recap, China represents ~57% of global steel output

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