Morning Bites

🔗Global crude steel output rose 1% YoY to 147mnt in November, after the flat YoY dynamics in October, according to the World Steel Association data. China’s production (53% of global crude steel supply) rose 3% YoY, broadly in line with October, while ex-China steel output slipped 2% YoY. The WSA numbers show that Russian and US production dropped 9% YoY and 3% YoY, respectively, last month, while EU supply gained 4% YoY. Indian output (~8% of global steel supply) grew 5% YoY in November, and was up 6% YoY on the 11mo24 basis

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

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