Morning Bites (part 2)

🔗CISA mills daily crude steel production in late-August was reported at 1.89mnt, the lowest point this year (-5.4% vs. the previous ten days and -7.8% YoY). Meanwhile, for 8mo24, output was down 2.8% YoY. At the same time, local steel inventories slid 11.6% over the period (but were up 1.2% YoY). We reiterate our view that soft domestic steel demand might continue to weigh on China’s steel output in the near term, unless new material economic support measures are announced

China accounts for ~57% of global steel supply

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