Morning Bites (part 1)

🔗CISA mills' daily crude steel production in mid-June was reported at 2.19mnt, down 2.6% from the previous ten days, and 3.4% lower YoY. Local steel inventories were 2.1% higher over the period (+1.3% YoY). In our view, China’s subdued production (based on the CISA data, -1.3% YTD to 20 June) is due to overall soft domestic steel demand, which has also bolstered exports growth. Meanwhile, the recently announced new support measures for China’s property sector are unlikely to trigger a full-scale recovery in local construction activity in 2024, we believe

China represents ~57% of world steel supply

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