Morning Bites (part 2)

🏗️ Several Iranian steel plants were damaged by air strikes on 27 March, including 2 largest sites: Mobarakeh Steel (~7.1 mntpa) and Khouzestan Steel (~4.2 mntpa), which jointly account for ~35% of local steel output, Argus reports. However, the strikes reportedly hit non-core infrastructure (power stations, warehouses, etc.), while blast furnaces and production units largely remained intact, suggesting overall limited impact on operations

On our numbers, Iran accounts for ~2% of global steel output (and 3–4% of exports), so further escalation of the conflict or sustained supply disruptions might weigh on local exports and, hence, provide marginal support to global steel prices, we think

#steel