Morning Bites (part 1) 
     
🔗CISA mills' daily crude steel production decreased 1.4% to 2.29mnt in mid-April from the first ten days of the month (YoY growth of 2.7%). Meanwhile, local steel inventories increased 1.2% over the same period (-5.7% YoY). Although production (on an annual basis) has been growing continuously since early February, Beijing might soon announce a limit on national output at the level of 2022. Furthermore, CISA is urging steelmakers to cut production amid low domestic steel prices (on our numbers, they shrank over 20% YoY, but are still 8% higher YTD), that are posing challenges to the mills. Overall, these two factors are likely to be supportive for the sentiment on the steel segment globally

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