Morning Bites (part 1)

🔗Global crude steel output declined 6% YoY to 145mnt in August, accelerating from the -5% YoY seen in July, according to the World Steel Association data. China’s production (54% of global crude steel supply in August) was down 10% YoY, after the -9% YoY in July. Ex-China steel output was also down, slipping 2% YoY. According to the WSA numbers, last month, Russia’s production dropped 12% YoY, while US and EU output inched up 1% YoY and 2% YoY, respectively. Indian output (~8% of global steel supply) rose 3% YoY (vs. +7% YoY in July)

Although global steel market sentiment has been depressed in recent months, the new support package for China’s property sector might add some support to local construction activity in 4Q24-2025, we believe

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