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Post #2301 151
Morning Bites

🔗Global crude steel output fell 2% YoY in September to 142mnt, vs. the flat YoY dynamics seen in August, according to World Steel Association data. China’s production (52% of global crude steel supply) dropped 5% YoY (being -3% YoY in 9mo25), while world ex-China output rose 2% YoY, per WSA data. Specifically, Russian and EU supply dropped 4% YoY and 5% YoY, respectively, last month. Meanwhile, US production rose 7% YoY, while Indian output (~10% of global steel supply) gained 13% YoY, also being up 11% YoY on 9mo25 basis

To recap, China aims to lower “excessive” steel output and strictly prohibit new capacity additions in 2025-26. In our view, this measure could help to normalise anomaly high Chinese net export volumes (which grew 25% YoY in 2024 and 10% YoY in 9mo25) and support global steel prices in 2026

#steel
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