Morning Bites (part 1)

🔗CISA mills' daily crude steel production in mid-October was reported at 2.07mnt, +1.1% vs. the previous ten days, and up 1.6% YoY. YTD output (until 20 October) was down 3.2% YoY. Local steel inventories rose 5.0% over the period (but were down 6.4% YoY)

We maintain our view that the new monetary support measures announced by Beijing (as well as the upcoming fiscal stimulus expected in 4Q24) might add some support to local construction activity in 2025, which has already started to bottom out gradually, according to Chinese officials

China accounts for ~57% of global steel supply

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