Morning Bites (part 1)

🔗China’s crude steel output fell 15% YoY in December, after the flat dynamics seen in November, materially lower YoY on the back of Beijing's plan to keep national output no higher than the 2022 levels, we believe. Meanwhile, local steel production might decrease to 950mnt in 2025 (-7% vs. 2023), per the CISA estimates. To recap, China represents ~57% of global steel supply

🏢Property sales in China declined 23% YoY in December vs. -21% YoY in November, and were also 55% below the 2020 levels. Meanwhile, floor space starts fell 12% YoY last month (+5% YoY in November), while personal mortgage loans were also down 23% YoY (-14% YoY in November). At the same time, property completions rose 13% YoY. Despite Beijing’s efforts to support the property sector, it remained broadly weak in 2023. However, new economic stimulus might bolster construction activity this year

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