Morning Bites (part 2)

🔗CISA mills' daily crude steel production during late November was reported at 2.02mnt, up 2.4% from the previous ten days but down 0.6% YoY. Meanwhile, local steel inventories decreased 15.4% over the same period (-15.3% YoY). Although output declined for the 8th consecutive 10-day period, Chinese steel production on a YTD basis was still up 2.0% YoY, per the CISA data, despite plans to keep national steel output no higher than the 2022 level. However, Beijing's efforts to bolster the economy via the real estate sector might boost local steel consumption in 2024, supporting the metal’s prices, in our view. To recap, China represents ~57% of global steel production

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