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Post #1409 187
Morning Bites (part 1)

🔗CISA mills daily crude steel production during late January was reported at 2.02mnt, down 3.7% vs. the previous ten days, and 1.5% higher YoY. Local steel inventories fell sharply 20.6% over the period (-26.0% YoY), due to the approaching Chinese New Year holiday. Meanwhile, Beijing’s further efforts to bolster domestic construction activity might support steel products prices in 2024, in addition to the overall declining steel output, we believe

We recap, that Chinese steel production is set to decline 7% vs. 2023 in 2025, per CISA estimates, which could affect ~4% of global steel supply. China represents ~57% of world steel output

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