Morning Bites (part 1)

🔗CISA mills' daily crude steel production during mid-March was reported at 2.05mnt, down 0.5% vs. the previous ten days, and -9.1% YoY. Local steel inventories remained broadly flat over the period (but were +3.0% YoY). We remind readers that China’s record high liquidity injections in early 2024 and the recently announced new economic support measures by Beijing might bolster domestic construction activity and steel products prices this year

Furthermore, according to CISA estimates, Chinese steel production (~57% of global output) is set to decline 7% vs. 2023 in 2025, which could result in a ~4% drop in the world's steel supply, bolstering prices in the medium term

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