Morning Bites (part 2)

🔗CISA mills' daily crude steel production in late March was reported at 2.12mnt, up 3.6% from the previous ten days, but down 6.1% YoY. On the 3mo24 basis, output was unchanged YoY, which might reflect Beijing’s stated intention to limit national steel production further in 2024, as announced by the National Development and Reform Commission (NDRC). Meanwhile, local steel inventories were 5.7% lower vs. the previous ten days (but +6.8% YoY). In our view, the record high liquidity injections in early 2024 and Beijing's efforts to support the local economy via the real estate sector could bolster domestic construction activity this year

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

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