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🔗CISA mills' daily crude steel production in early August was reported at 2.00mnt, +1.5% vs. the previous ten days, but 6.9% lower YoY. YTD output (up to 10 August) was down 2.2% YoY. At the same time, local steel inventories slid 0.9% over the period (also being down 0.9% 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, unless new material economic support measures are announced by Beijing

China accounts for ~57% of global steel supply

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