Morning Bites (part 2)

🔗CISA mills' daily crude steel production during early June was 2.23mnt, a 6.5% increase from the previous ten days (-2.5% YoY). At the same time, local steel inventories rose 1.2% (-14.8% YoY). Output saw a YoY decline for the fifth consecutive ten-day period (starting from 20 April), likely amid CISA’s call to cut production amid low domestic steel prices. Such dynamics, were they to persist, would support the sentiment on steel, we think. Furthermore, the potential new stimulus for China’s property sector might also favourably affect demand for the metal in 2023

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