Morning Bites

🔗Global crude steel output declined 2% YoY to 161mnt in April, reversing from the 2% YoY growth in March, according to the World Steel Association. Specifically, China’s production fell 2% YoY (vs. the 7% YoY growth in March), which likely reflected Beijing's plan to limit national steel output, as well as the similar call from CISA amid low domestic realised prices. China represented 57% of the global steel supply in April. Overall, ex-China steel production shrank 4% YoY. In particular, EU production dropped 12% YoY (after -6% YoY in March), while US steel production also declined by 5% YoY. Russia’s steel output was up 2% YoY after the flat YoY dynamics in March

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