Morning Bites

🔗CISA mills' daily crude steel production during early November was 1.97mnt, growth of 2.4% from the previous ten days, but -0.8% YoY. At the same time, local steel inventories gained 6.7% (-12.2% YoY). Overall, output was still up 1.4% YoY in 10mo23: despite recent production cuts, Beijing’s plan to keep national steel output below its 2022 levels looks rather ambitious to us, and there might be a slight increase YoY, we estimate

🏗China is set to inject USD 137bn to support the new housing market, Bloomberg reports. The People’s Bank of China (PBoC) aims to provide low-cost funds to the developers of shantytown renovation projects. Although the measure is unlikely to trigger a substantial recovery in the Chinese property sector, this might bring some long-term support to the demand for industrial metals, we believe. China represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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