Morning Bites

🔗CISA mills' daily crude steel production in early October was reported at 2.05mnt, up 1.7% vs. the previous ten days, but still -1.6% YoY. On a YTD basis (until 10 October), output shrank 3.1% YoY, according to the CISA data. Meanwhile, local steel inventories rose 3.2% in early October (but were down 10.0% 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, which has already started to bottom out gradually, per Chinese officials

China accounts for ~57% of global steel supply

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