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Morning Bites

🔗CISA mills' daily crude steel production during mid-October was 2.04mnt, a 2.1% drop from the previous ten days (and -1.3% YoY). At the same time, local steel inventories rose 0.9% (-6.8% YoY). Despite some declines in China’s output, the figure was still up 1.7% YoY in 9mo23, while Beijing aims to keep national steel production not higher than the 2022 levels. Hence, we might see more production restrictions for local steel mills later in 4Q23. That would be a positive factor for steel prices, if it materialised, we believe

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