Morning Bites (part 2)

🏗China’s preliminary excavator sales were down 2% YoY in March (domestic + export), decelerating from the -41% YoY in February, but remaining near historical lows, according to the CME estimates. The figure was also 68% below the 2021 level. We note that domestic excavator sales are expected to grow 6% YoY from the low base (-80% vs. 2021 level). In our view, the persistently weak local excavator demand indicates that there has been no change in the depressed Chinese real estate sector. At the same time, record high liquidity injections in early-2024 and Beijing’s recently announced 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