Morning Bites (part 2)

🏗China’s excavator sales fell 2% YoY in March (domestic + export), after the 41% YoY decline in February, according to the CCMA data. The figure was broadly in line with the CME estimates, with domestic sales still materially below the 2021 level (-79% vs. March 2021). Meanwhile, record high liquidity inflows in China in early 2024, in addition to various new economic stimuli recently announced by Beijing, might add support to the country’s depressed construction sector and, hence, boost the demand for industrial metals in 2024

To recap, China accounts for 52% of global steel consumption, and for 57% and 61% of world Cu and Al demand, respectively

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