Morning Bites

🔗CISA mills' daily crude steel production during mid-May was 2.25mnt, a 0.2% decrease compared with the first ten days of May (YoY drop of 2.3%). Meanwhile, local steel inventories declined 7.6% over the same period (-18.6% YoY). To recap, according to the WSA, China‘s steel output was down 2% YoY in April, which likely reflected CISA’s recent call to cut production amid low domestic steel prices. Overall, Chinese steel output fell YoY for the third consecutive 10-day period (from 20 April): hence, were the dynamics to persist, this could add support to steel prices

💎India’s midstream producers in Surat are extending their summer holidays, amid recession risks and soft US/EU demand, IDEX reports. According to the local diamond workers’ union, there have been 10,000 layoffs in Surat (90% of world polished stones supply) in the last two months to avoid overproduction. Hence, the news underpins our cautious view on the diamond market

#steel #diamonds
https://metals-wire.com:3000/news-reports