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Morning Bites (part 1)

🔗CISA mills daily crude steel production during mid-January was reported at 2.09mnt, up 3.7% from the previous ten days, and +8.1% YoY. Meanwhile, local steel inventories rose 6.7% over the period (-4.5% YoY). In our view, Beijing's efforts to support the local economy via the real estate sector could bolster domestic construction activity in 2024 and, hence, steel products prices

We also note that CISA expects local steel production to decrease to 950mnt in 2025 (-7% vs. 2023), which might also add support to global prices, if it materialises, given that China represents ~57% of world steel supply

#steel 
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