Morning Bites (part 2)

🔗CISA mills daily crude steel production in late-March was 1.99mnt, down 1.7% from the previous ten days, and also 6.3% lower YoY. Per CISA data, local production slid 6.5% YTD (through March-31). Meanwhile, local steel inventories slid 7.6% over the period, but were 8.7% higher YoY

Given the ongoing weakness in the global steel market, we believe Beijing might continue to tighten supply on a gradual basis, even though the current five-year plan lacks explicit targets for capacity cuts. After a surge in exports in 2023–25 that weighed on global prices, further gradual supply-side measures could help rebalance the market and support steel prices in 2026

China accounts for >50% of global steel supply

#steel