Morning Bites (part 1)

🔗CISA mills' daily crude steel production in late-October was reported at 2.09mnt, +1.0% vs. the previous ten days, and up 8.8% YoY (implying some 3% YoY growth in October). Meanwhile, on the 10mo24 basis, output was still down 2.6% YoY, according to the CISA data. Local steel inventories fell 11.8% over the period (they were also down 1.0% YoY)

We reiterate our view that the new monetary support measures announced by Beijing (as well as the additional fiscal stimulus expected to be disclosed soon) might bolster local construction activity in 2025

China accounts for ~57% of global steel supply

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