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Morning Bites (part 2)

🏗China’s preliminary excavator sales dropped 23% YoY in June (domestic + export), vs. the 19% YoY decline in May, according to CME estimates. Meanwhile, domestic excavator sales are set to be 50% lower YoY, following the 46% YoY drop in May. Export sales are expected to grow a further 8% YoY (vs. +21% YoY in May). The continuous decline in excavator sales (since May 2021) indicates that there is still no recovery in construction activity. However, Beijing is working on support measures for the real estate segment. In addition, China’s strong liquidity inflows in early-2023, as well as the plans for massive infrastructure projects, might bolster the demand for steel and industrial metals (e.g. aluminium and copper) later in 2023

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