Morning Bites (part 1)

🔗Global crude steel output declined 5% YoY to 144mnt in September, after the 6% YoY drop seen in August, according to the World Steel Association data. China’s production (54% of global crude steel supply in September) was down 6% YoY (per the WSA data), after the -10% YoY in August. Ex-China steel output slipped 3% YoY. Specifically, the WSA numbers show that last month, Russia’s production dropped 10% YoY, while EU and US output was broadly flat YoY. Indian output (~8% of global steel supply) also stood flat YoY in September, being +6% YoY on 9mo24 basis

In our view, the recently announced monetary easing measures in China (along with the new fiscal stimulus expected in 4Q24) might add some support to local construction activity, which has already started to bottom out gradually, according to Chinese officials

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