Morning Bites (part 2)

🔗CISA mills daily crude steel production during early May was 2.25mnt, a 2.0% increase from the previous ten days (but a YoY drop of 2.4%). Meanwhile, local steel inventories declined 2.8% over the same period (-6% YoY). We also remind our readers of CISA’s recent call to cut production amid low domestic steel prices: some Tangshan mills (~13% of China’s steel output) have already received a municipal notice not to exceed the 2022 production level. Hence, we reiterate our view that such restrictions are likely to be favorable for domestic steel prices

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