Morning Bites (part 1)

🔗CISA mills' daily crude steel production in late-June was reported at 2.17mnt, down 0.8% from the previous ten days and -3.5% YoY. Meanwhile, local steel inventories decreased 10.5% over the period (and were also down 0.6% YoY). In our view, the overall sluggish domestic steel demand, which has triggered exports growth, might keep weighing on China’s steel production (based on the CISA data, -1.4% YoY in 6mo24)

China accounts for ~57% of global steel supply

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