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Post #1270 198
Morning Bites (part 1)

🔗China’s crude steel output was down 2% YoY in October, after the -6% YoY in September. According to Reuters, more local mills started furnace maintenance amid low margins and soft demand. Meanwhile, the figure was still +1.4% YoY in 10mo23: despite recent production cuts, Beijing’s stated plan to keep output below 2022 levels looks rather ambitious to us, and there might be a slight increase YoY. China represents ~57% of global crude steel supply

🏢China's property sales dropped 20% YoY in October (in line with September), being 52% below the levels of 2020. Floor space starts shrank 21% YoY last month (-15% YoY in September), while personal mortgage loans were also down 16% YoY (-27% YoY in September). However, property completions grew 13% YoY in October. Despite the stagnation in China’s real estate sector, new economic stimulus, aimed at infrastructure projects, might bolster local construction activity in 4Q23-2024

#steel #property
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