Morning Bites

🔗Global crude steel output dropped 4% YoY, to 159mnt in May, after being flat YoY in April, according to World Steel Association data. China’s production (55% of global crude steel supply in May) dropped 7% YoY (-2% YoY in 5mo25), while world ex-China output was flat YoY, per WSA data. Meanwhile, Russia’s production also dropped 7% YoY last month; EU output shrank 3% YoY. US production inched up 2% YoY, while Indian output (~8% of global steel supply) gained 10% YoY, also increasing 8% YoY in 5mo25

We remind readers that Beijing plans to cut 'excessive' steel output in 2025 (which might mean a decline 2-5% YoY, per market estimates), which is likely to cool down surging Chinese steel exports, and support global prices in 2H25, we believe

#steel