Morning Bites (part 1)

🔗CISA mills' daily crude steel production in late-July was reported at 1.97mnt, the lowest point this year (-8.1% vs. previous ten days and 7.6% lower YoY). Meanwhile, for 7mo24, the output was down 2.0% YoY. At the same time, local steel inventories slid 1.5% over the period (but were up 10.8% 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 near term

China accounts for ~57% of global steel supply

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