Morning Bites (part 1)

🔗CISA mills' daily crude steel production in mid-April was reported at 2.12mnt, up 0.3% from the previous ten days, but down 7.5% YoY. On a YTD basis, output was -1.7% YoY, which might reflect Beijing’s plans to limit national steel production further in 2024, per the National Development and Reform Commission (NDRC). Meanwhile, local steel inventories were 0.8% lower vs. the previous ten days (-2.3% YoY). Despite the currently sluggish domestic steel demand, China's record high liquidity injections in early 2024 and the new economic support measures are likely to bolster its construction activity this year, we believe

We remind readers that China accounts for ~57% of global steel supply

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