Morning Bites (part 1)

🔗CISA mills' daily crude steel production in early-July was reported at 2.15mnt, down 0.7% from the previous ten days and 4.0% lower than in the same period a year earlier. Meanwhile, local steel inventories grew 4.8% over the period (but were down 3.1% YoY). In our view, soft domestic steel demand, which was driving export growth, might continue to weigh on China’s steel output in the short term (-1.1% YoY in 1H24)

China accounts for ~57% of global steel supply

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