Morning Bites (part 1)

🔗Global crude steel output was up 2% YoY to 165mnt in March, after the 1% YoY decline in February, according to the World Steel Association. China’s production grew 7% YoY, but this was likely due to the low base effect from 2022 and the local economic recovery. Nevertheless, Beijing might soon announce a limit on national steel output (58% of the global steel supply in March) at its 2022 levels. Ex-China steel production shrank 5% YoY. In particular, EU production dropped 6% YoY (after the -13% YoY in February), following the local energy crisis. US steel production also declined, down 2% YoY (-5% YoY). Russia’s steel output was flat YoY in March, after the 9% YoY drop in February

#steel
https://metals-wire.com:3000/sector/Steel