Morning Bites (part 2)

🔗CISA mills daily crude steel production was up 0.5% to 1.93mnt in early January, from the last ten days of December. However, this was down 2.1% YoY, vs. the -8.4% YoY in the previous ten days. In turn, the steel stock grew 14.2% over the period (15.2% above the 2022 level, as of 10 January). Hence, we reiterate our view that the YoY inventories growth (since end-1Q22) might indicate soft demand for steel in China

💎De Beers cut the prices of larger rough diamonds by 10% at its 1st sales cycle in 2023, the company declined to comment. However, prices of small stones grew by the same percentage, while in-between sizes (0.75-2ct) also faced a modest drop. In our view, the difference in price dynamics might be due to inflationary pressure and economic slowdown, which adversely affected demand for the most expensive large stones. Overall, De Beers’ rough prices were up 3% YoY on its first sales cycle in 2023, on our numbers

#steel #diamonds
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