Morning Bites (part 1)

🔗CISA mills daily crude steel production in early-April was reported at 2.11mnt, down 0.5% from the previous ten days, and -9.1% YoY. Meanwhile, local steel inventories were 0.9% lower over the period (and -0.4% YoY). In our view, China’s subdued production (based on CISA data, -1.0% YoY since January 2024) reflects sluggish domestic steel demand, which has also triggered growth in exports. Record high liquidity inflows in early 2024, however, might bolster China’s construction recovery this year (and, hence, steel demand), in our view

China represents ~57% of world steel supply

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