Morning Bites (part 1)

🔗CISA mills daily crude steel production grew 2.6% to 1.99mnt in late-January, from the second ten days of the month. This was 1.3% lower YoY, vs. the 2.6% YoY decline in the previous ten days. The local steel stock rose 2.6% over the period (20.5% above the 2022 level, as of 31 January), which implies soft domestic demand for steel. We note that China’s upcoming aggregate financing data for January (historically the most important month) might determine the steel sector’s prospects in 2023

💍China’s jewellery and watch retail sales were up 2% YoY in December, after the 1% YoY growth in November. However, the sales were down 9% YoY in FY22 (vs +31% in 2021), affected by city-wide lockdowns and employment issues. Although easing Covid-19 measures might bolster future gem-set jewellery sales in China (some 15% of the world market), this is unlikely to trigger a global recovery in the stressed diamond sector, in our view

#steel #diamonds
https://metals-wire.com:3000/news-reports