Morning Bites (part 1)

🏗China’s excavator sales rose 19% YoY in January (domestic + export), after the 1% YoY decline in December (mostly due to the low base effect), according to the CCMA data. Although the figure was materially above the consensus estimates (+7% YoY), sales were still ~40% below the January 2021 level. Meanwhile, the growth was fully driven by domestic sales (+58% YoY from the low base, but -66% vs. January 2021), while exports inched down 1% YoY. In our view, record high liquidity inflows in China, in addition to various new economic stimuli, might support the country’s depressed construction sector and, hence, raise the demand for industrial metals in 2024

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