Morning Bites (part 2)

🔗CISA mills daily crude steel production declined 3.1% to 2.15mnt in early-March from late-Feruary. This represented a 9.8% YoY growth. At the same time, local steel inventories increased 1.6% over the period. Recently, China's authorities announced possible measures to curb inflation in key commodities, which could lead to lower inventories; however, there has been no significant effect yet

🪨China will lift all restrictions on Australian coal imports. To recap, historically, Australia accounted ~30% of Chinese imports. As abovementioned, one of China's goals at present is to stabilise increasing steel prices, which we believe could be the reason behind lifting the restrictions imposed in late 2020

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