Morning Bites (part 1)

🔗China’s crude steel output grew 2% YoY in January-February, after the 15% YoY drop in December. According to Reuters, the data came in above market expectations, as production had been assumed to decline during the low-demand period when many steelmakers carry out maintenance work. To recap, China represents ~57% of global steel supply

🏢China's property sales dropped 25% YoY in January-February (vs. -23% YoY in December), and were 35% below the 2021 level. Floor space starts were down 31% YoY (-45% vs. 2021) in the last two months, after the 12% YoY decline in December. Personal mortgage loans also came in 37% lower YoY (vs. -23% in December), while property completions fell 21% YoY (vs. +13% YoY in December). Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe

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