Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-September was 2.13mnt, a 1.2% drop from the previous ten days (and -0.5% YoY). At the same time, local steel inventories inched down 0.3% (-10.8% YoY). Despite some decline in China’s output, the figure remains at elevated levels: it was still up 3.1% YoY in 8mo23 (vs. the Beijing’s plan to keep national steel production not higher 2022 levels), which might result in more restrictions in 2H23. In addition, steel prices might benefit from the new potential stimulus in the Chinese real estate segment: this would, if it materialised, bolster construction activity and thus the demand for industrial metals (steel, aluminium and copper) later this year

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