Morning Bites (part 2)

🔗CISA mills' daily crude steel production in mid-July was reported at 2.15mnt, in-line with the previous ten days and 4.4% lower than the same period a year earlier. At the same time, local steel inventories grew 5.8% over the period (and were also up 4.0% YoY). We reiterate our view that soft domestic steel demand, which has triggered export growth, might keep weighing 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