Morning Bites

🔗Global crude steel output was flat YoY, standing at 156mnt in April, after the 3% YoY gain seen in March, according to World Steel Association data. China’s production (55% of global crude steel supply in April) was also unchanged, per WSA data. Meanwhile, Russia’s production dropped 5% YoY last month, while EU output shrank 3% YoY. Indian output (~8% of global steel supply) gained 6% YoY, also being up 7% YoY in 4mo25

We remind our readers that 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, we believe

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