Morning Bites (part 2)

🔗CISA mills' daily crude steel production in late-May was reported at 2.18mnt, down 1.5% from the previous ten days, but +3.9% YoY. Meanwhile, local steel inventories decreased 13.4% over the period (also being -6.8% YoY). In our view, sluggish domestic steel demand, which has triggered export growth, might keep weighing on China’s steel production (based on the CISA data, -1.3% YoY in 5mo24)

To recap, China accounts for ~57% of world steel supply

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