Morning Bites (part 1)

🔗CISA mills' daily crude steel production in late April was reported at 2.20mnt, up 3.8% from the previous ten days, but -0.5% YoY. Meanwhile, local steel inventories were 12.3% lower over the period (and also -12.3% YoY). In our view, China’s subdued production (based on the CISA data, -1.6% YTD) reflects overall sluggish domestic steel demand, which has also triggered exports growth. Record high liquidity inflows in early 2024, however, might bolster China’s construction recovery this year (and, hence, local steel demand), in our view

China accounts for ~57% of world steel supply

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