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Post #923 203
Morning Bites (part 2) 
     
🔗CISA mills' daily crude steel production decreased 3.5% to 2.21mnt in late-April from mid-April (a YoY drop of 6.3%). Meanwhile, local steel inventories fell 2.3% over the same period (flat YoY). The figures likely reflect the CISA’s call to cut production amid low domestic steel prices. Furthermore, according to SteelOrbis, some mills in Tangshan (~13% of China’s steel output) have received an official municipal notice to keep their 2023 crude steel production no higher than the 2022 level. Overall, the news is in line with the recent indications and is likely to bolster local steel prices

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