Morning Bites (part 1)

🔗China’s crude steel output was broadly flat YoY in November, vs. the -2% YoY in October. On the 11mo23 basis, the figure was still up 1.5% YoY. According to Bloomberg, Chinese steel production will likely show positive dynamics for the first time in three years, as economic concerns are prioritised over emissions targets. China represents ~57% of global steel supply

🏢Property sales in China were down 21% YoY in November (in line with September and October), being 55% below the levels of 2020. Floor space starts, however, rose 5% YoY last month (-21% YoY in October), while personal mortgage loans were down 14% YoY (-16% YoY in October). Meanwhile, property completions grew 10% YoY. Despite the ongoing stagnation in China's real estate sector, Beijing’s efforts to bolster the economy via construction activity might add support to the demand for industrial metals in 2024, we believe

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