Morning Bites (part 1)

🔗CISA mills' daily crude steel production in mid-November was reported at 2.08mnt, down 0.8% vs. the previous ten days but up 5.6% YoY. The YTD output (through 20 November) was down 2.1% YoY. Local steel inventories jumped 13.8% over the period (+1.4% YoY)

In our view, the positive effect from the new economic support measures recently announced by Beijing has yet to materialise, and more actions are still required to trigger a full-scale recovery in local construction activity in 2025

China accounts for ~57% of global steel supply

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