Morning Bites

🔗CISA mills' daily crude steel production in mid-August was reported at 1.99mnt, 0.5% lower than in the previous ten days and down 10.0% YoY (mostly due to the high base effect). At the same time, local steel inventories grew 3.5% over the period (but were -1.1% YoY). According to the CISA data, China’s steel output was down 2.6% YTD through 20 August. Despite the soft steel market sentiment in recent months, the recently announced new support package for China’s unfinished real estate projects might bolster local construction activity, we believe

China accounts for ~57% of global steel supply

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