Morning Bites (part 1) 

🔗China’s crude steel output was up 3% YoY in August, decelerating from the 12% YoY growth in July. According to MySteel, only half of Chinese steel mills were operating at profit at the end of August (vs. ~66% in late July), which could result in further output cuts MoM, we believe. We note that China represents ~57% of global crude steel supply

🏢China's property sales dropped further, being down 24% YoY in August (also -24% YoY in July) and 50% below the levels of 2020. Floor space starts were down 23% YoY last month (-26% YoY in July), while personal mortgage loans also shrank 28% YoY (-24% YoY in July). At the same time, property completions grew 10% YoY in August. Despite the stagnant situation in China’s property sector, the mooted support policies, were they to materialise, might bolster construction activity later in 2H23

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