Morning Bites (part 2)

🔗CISA mills daily crude steel production in early-June was reported at 2.24mnt, up 3.1% from the previous ten days, and +0.5% YoY. Meanwhile, local steel inventories were 10.4% higher over the period (and +1.8% YoY). In our view, China’s subdued production (based on CISA data, -1.1% YTD until June 10) is due to overall sluggish domestic steel demand, which has also led to growth in exports

China represents ~57% of world steel supply

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