Morning Bites (part 3)

🔗Global crude steel output dropped 6% YoY, to 151mnt in June, accelerating from the -4% YoY seen in May, according to World Steel Association data. China’s production (55% of global crude steel supply in June) dropped 9% YoY (-3% YoY in 1H25), while world ex-China output slid 1% YoY, per WSA data. Meanwhile, Russia’s production dropped 7% YoY last month; EU output also shrank 8% YoY. US production rose 5% YoY, while Indian output (~9% of global steel supply) gained 13% YoY, also being up 9% YoY in 1H25

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 surging Chinese steel exports and support global prices in late-2025 or 2026, we believe

#steel