Morning Bites (part 1)

🔗CISA mills' daily crude steel production during late-September was 2.07mnt, a 3.2% decline from the previous ten days (also -3.1% YoY). Meanwhile, local steel inventories also shrank 3.2% over the period (-4.0% YoY). According to CISA data, in 9mo23, Chinese production remained firm (still +2.9% YoY), despite Beijing’s stated intention to cap national steel output below the 2022 levels. In our view, this might trigger more production restrictions later in 2H23 and, therefore, bolster steel prices. To recap, China represents ~57% of global steel supply

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