Morning Bites

🔗CISA mills daily crude steel output was up 0.8% to 2.00mnt in mid-November from the first ten days of the month. The dynamics show a 13.6% YoY increase (vs. +10.4% YoY in the previous ten days). In turn, steel inventories rose a further slight 3% over the period (+24.2% above the 2021 level, as of 20 November). Overall, the continuous YoY stock build-up (since end-1Q22) might indicate rather soft demand from the midstream

📈Russian gold output jumped 19.1% YoY in October, accelerating from the 1.9% YoY growth in September, Rosstat reports. Furthermore, on the 10mo22 basis, Russia's production of the yellow metal ticked up 1.1% YoY. In our view, the production recovery is an adverse factor for global gold prices, since in 2021 Russia accounted for ~9% of the world's gold mine output

#steel #gold
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