Morning Bites (part 1)

🔗China’s crude steel output was flat YoY in June, rebounding from the 7% YoY drop in May. According to Reuters, mills (both EAF and BF) were encouraged to ramp up production, as the pricing environment had improved amid the recent measures. To recap, China represents ~57% of global crude steel supply

🏢China's property sales dropped further, being down 28% YoY in June (vs. -20% YoY in May) and 41% below the historical highs of 2021. Floor space starts were down 31% YoY last month (-28% YoY in May), while personal mortgage loans also shrank 13% YoY (+22% YoY in May). At the same time, property completions grew 15% YoY in June. Although China’s property sector remains stressed, we note that strong liquidity inflows in early 2023, together with the new support policies, might trigger a recovery in construction activity later this year

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