Morning Bites 

🔗China’s crude steel output was up 12% YoY in July, after the flat dynamics in June. Tangshan (~13% of domestic steel supply) tightened production controls, requiring some plants to shut down at least one blast furnace until the end of July. Although China aims to keep steel production below 2022 level, it remains above last year’s figures (+3% YTD). We note that China represents ~57% of global crude steel supply

🏢China's property sales dropped a further 24% YoY in July (vs. -28% YoY in June) to 7-year lows, and now 50% below the historical highs of 2020. Floor space starts were down 26% YoY in July (-31% YoY in June), while personal mortgage loans also shrank 24% YoY (-13% YoY in June). At the same time, property completions grew 33% YoY in July. Despite the stagnating dynamic, China is aiming to introduce more support for its property sector, which could bolster the demand for industrial metals later in 2H23

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