Morning Bites

🔗CISA mills daily crude steel production in mid-March was 2.03mnt, up 0.8% from the previous ten days, but 6.4% lower YoY. Per CISA data, local production slid 6.6% YTD (through March-20). Meanwhile, local steel inventories rose 0.6% over the period, and were 5.9% higher YoY

Given the ongoing crisis on the global steel market, Beijing might introduce additional strict supply-control measures, similar to the 2016-17 reform (when >100mnt steelmaking capacities were removed), we think. New reform, if announced, could trigger a recovery in global steel prices in 2026

China accounts for >50% of global steel supply

#steel