Morning Bites

🏗China’s excavator sales were down 37% YoY in November (domestic + export), after the 29% YoY fall in October, according to the CCMA data. The decline was slightly more dramatic than the initial estimates (-34% YoY). Specifically, the local market’s sales plunged 48% YoY (vs. -40% YoY in October). In our view, the continuously weak domestic excavator sales (which is one of the key indicators of construction activity) underpins the ongoing stagnation in China’s property sector. That might further weigh on the demand for industrial metals. However, Beijing’s efforts to bolster the economy via construction activity could add support to the demand for these metals in 2024, we believe

To recap, China accounts for 52% of global steel consumption, as well as 55% and 58% of world Cu and Al demand, respectively

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