Morning Bites (part 2)

🏗China’s excavator sales declined 41% YoY in February (domestic + export), after the +19% YoY in January, according to the CCMA data. Meanwhile, the figure came in slightly below the CME estimates (-36% YoY). The sales also remained 55% weaker vs. the January 2021 level. In particular, domestic sales were down 49% YoY in February (-76% vs. Feb-21), reversing from the 58% YoY low base growth in January. However, record high liquidity inflows in China in early-2024, in addition to various new economic stimulus announced, might add support to the country’s depressed construction sector and, hence, raise the demand for industrial metals 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