Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-November was 1.97mnt, a 0.1% decline from the previous ten days and a 1.6% drop YoY. Meanwhile, local steel inventories rose 4.4% over the same period (-11.4% YoY). Output declined for the 7th consecutive 10-day period, however Chinese steel production on a YTD basis was still up 2.1% YoY, per the CISA data. Overall, as of now, Beijing’s stated intention to cap national steel output below the 2022 levels looks rather unrealistic to us, given that the output for the rest of the year would have to be on average ~18% YoY lower to meet the supply target. To recap, China represents ~57% of global steel output

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