Morning Bites

🔗Global crude steel output rose 3% YoY to 166mnt in March, after the 3% YoY drop seen in February, according to the World Steel Association data. China’s production (56% of global crude steel supply in March) grew 5% YoY (per the WSA data), after the -3% YoY in February. Ex-China steel output rose 1% YoY. Specifically, last month Russia’s and US production dropped 3% and 2% YoY, respectively, while EU output was broadly flat YoY. Indian output (~9% of global steel supply) gained 7% YoY, also being +7% YoY in 1Q25

We reiterate our view that additional Chinese stimulus expected in 2025 (in addition to the recently announced package) could bolster the recovery in China's real estate sector, which started to gradually bottom out in 2H24. Furthermore, Beijing plans to cut 'excessive' steel output in 2025 (2-5% YoY, per market estimates), which is likely to cool down surging Chinese steel exports, and support global prices in 2025

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