Morning Bites (part 1)

🔗CISA mills daily crude steel production in early-May was reported at 2.19mnt, down 0.4% from the previous ten days, and -2.6% YoY. Meanwhile, local steel inventories were 2.5% higher over the period (and -7.6% YoY). In our view, China’s subdued production (based on CISA data, -1.7% YoY since January 2024) is due to overall sluggish domestic steel consumption, which has also led to growth in exports

China represents ~57% of world steel supply

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