Morning Bites

🔗Global crude steel output dropped 5% YoY to 153mnt in July, after the <1% YoY growth seen in June, according to the World Steel Association data. China’s production (~54% of global crude steel supply in July) was down 9% YoY, after the flat dynamics in June. Ex-China steel output inched up 1% YoY in July, the same as in June. Specifically, last month, Russian production declined 3% YoY, while US and EU output grew 2% and 6% YoY, respectively. Indian output (~8% of global steel supply) rose another 7% YoY (vs. +6% YoY in June)

Although steel market sentiment has been depressed in recent months, the recently announced new support package for China’s unfinished real estate projects might bolster local construction activity, we believe

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