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Post #1214 192
Morning Bites (part 1)

🔗China’s crude steel output dropped 6% YoY in September, reversing from the 3% YoY growth in August. According to Reuters, more local steel mills cut production after heavy losses, given high raw materials prices and soft demand. Meanwhile, the figure was still +1.7% YoY in 9mo23, which could result in further output cuts MoM in order to keep production below 2022 levels. To recap, China represents ~57% of global crude steel supply

🏢China's property sales dropped a further 20% YoY in September (-24% YoY in August), leaving them 42% below the levels of 2020. Floor space starts were down 15% YoY last month (-23% YoY in August), while personal mortgage loans also shrank 27% YoY (-28% YoY in August). However, property completions grew 24% YoY in September. Despite the stagnation in China’s property sector, new economic stimulus, aimed at infrastructure projects, might add support to local construction activity in 4Q23-2024

#steel #property
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