Morning Bites

🏗China’s preliminary excavator sales figures were down 36% YoY in February (domestic + export), after the one-off 19% YoY gain in January, per CME estimates. The figure was also 52% below the 2021 level. In particular, domestic excavator sales are set to decline 53% YoY (-78% vs. February 2021), remaining broadly flat MoM. The still subdued domestic sales suggest there is still no recovery in the stressed Chinese real estate sector -- and that there will not be in the near future. However, record high liquidity injections in early-2024 and Beijing’s recently announced new support measures for the economy might bolster domestic construction activity this year, 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