Morning Bites

🔗Global crude steel output was broadly flat YoY at 161mnt in June, after the +2% YoY in May, per World Steel Association data. Meanwhile, China’s production (~57% of global crude steel supply) was unchanged YoY, after the 3% YoY gain in May. Ex-China steel output inched up 1% YoY in June. Specifically, last month, Russian and US production declined 4% YoY and 2% YoY, respectively, while EU supply added 5% YoY (after the +2% YoY in May). The increase in Indian output (~8% of global steel supply) was 6% YoY (vs. +4% YoY in May)

We reiterate our view that China’s steel demand will likely remain soft in 2H24 amid the lack of significant new economic support measures (especially for its property sector), which are not enough to revive consumption, we believe

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