Morning Bites

🏗China’s preliminary excavator sales numbers for January showed a 7% YoY increase (domestic + export), vs. the 1% YoY decline in December, per CME estimates. The positive dynamics, however, were mostly due to the low base effect (the figure was 43% below the January 2021 level). Meanwhile, domestic excavator sales are to grow 66% YoY from the low base (still -64% vs. January 2021). Hence, continuously weak domestic sales suggest ongoing stagnation in the Chinese real estate sector. At the same time, the new economic support measures recently announced by Beijing might bolster domestic construction activity and thus lift demand for industrial metals in 2024, we believe

We also remind readers that 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