Morning Bites (part 2)

🏗China’s excavator sales dropped 1% YoY in December (domestic + export), decelerating from the 37% YoY decline in November amid the low base effect (sales fell 30% YoY in Dec-22), per CCMA data. The figure was in-line with the preliminary estimates. Overall, during 2023, the sales dropped 25% YoY (-41% YoY in the domestic market), reflecting the ongoing stagnation in the country’s property sector. The new local economy support measures recently announced by Beijing, however, are likely to bolster domestic construction activity and thus raise the demand for industrial metals in 2024, we believe

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

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