Morning Bites

🔗CISA mills' daily crude steel production during early February was reported at 2.07mnt, up 2.6% from the previous ten days, and +0.4% YoY. On a YTD basis, per the CISA data, output rose 3.6% YoY. Meanwhile, local steel inventories jumped 23.8% over the period (-16.3% YoY), likely amid seasonally soft demand during the Lunar New Year holidays (10-17 February 2024). In our view, record high liquidity injections in China and the recently announced new support measures for the property sector might bolster domestic construction activity in 2024 and, hence, support the prices of steel products

To recap, China represents ~57% of world steel supply

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