Morning Bites (part 1)

🔗CISA mills daily crude steel production in late-September was reported at 2.01mnt, up 1.3% vs. the previous ten days, but still down 2.5% YoY. Meanwhile, on a 9mo24 basis, the surveyed mills’ output shrank 3.2% YoY. Local steel inventories declined 8.8% over late-September (but were up 6.3% YoY). We reiterate our view that the new monetary support measures announced by Beijing (as well as the additional fiscal stimulus expected in 4Q24) might add some support to local construction activity in 2025

China accounts for ~57% of global steel supply

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