Morning Bites

🔗CISA mills' daily crude steel production in mid-May was reported at 2.21mnt, up 0.8% from the previous ten days, but -1.6% YoY. Local steel inventories were 3.4% higher over the period (and +3.5% YoY). In our view, China’s subdued production (based on the CISA data, -1.7% YTD until 20 May) is due to rather soft domestic steel demand, which has also led to some growth in exports. We reiterate our view that the recently announced new support measures for China’s property sector are not enough to trigger a recovery in local construction activity

We recap that China represents ~57% of world steel supply

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