In early April, CISA steel output data fell away as the Q2 peak season was supposed to ramp it up. There is no trend to suggest increases, either:
![](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/13-5.png)
Nor did steel stockpiles move much, down a meager 0.9%. This is flat year on year, despite output being 9% lower.
This continues the rate of descent in March data in which steel output was down 8% year on year:
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![](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/df.png)