Morning Bites (part 1)

🔗CISA mills' daily crude steel production in early-November was reported at 2.10mnt, roughly in line with the previous ten days, and up 6.4% YoY. Meanwhile, on the YTD basis (through 10 November), output was down 2.3% YoY, per the CISA data. Local steel inventories were also flat over the period (but -7.0% YoY). According to Bloomberg, CISA has recently warned mills to maintain production discipline after the rebound in export prices, as local steel market conditions have not materially improved yet.

We reiterate our view that the new economic support measures announced by Beijing might bolster the local property sector in 2025, but more actions are required for a full-scale recovery in construction activity

China accounts for ~57% of global steel supply

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