Morning Bites (part 1)

🏗China’s excavator sales dropped 24% YoY in June (domestic + export), after the 19% YoY fall in May. The decline was roughly in line with preliminary CME estimates (-23% YoY). Specifically, domestic excavator sales were down 45% YoY, vs. the 46% YoY fall in May. As a leading indicator of construction activity, sluggish domestic excavator sales show that China’s property sector remains weak (sales have been showing negative YoY dynamics since May 2021), which is a negative factor for China’s demand for industrial metals. The country represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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