Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-December was reported at 1.93mnt, in line with the previous ten days and down 1.8% YoY, marking the tenth consecutive 10-day period of declines. Meanwhile, local steel inventories grew 6.5% over the period (-6.1% YoY). Overall, China’s YTD steel output remained up 1.8% YoY, according to the CISA data, despite Beijing’s efforts to keep national output below its 2022 levels. The Chinese government’s stated intention to bolster the economy via the property sector might, however, boost local steel demand in 2024, supporting steel products prices, in our view

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