Morning Bites (part 1)

🏗China’s preliminary excavator sales were down 1% YoY in April (domestic + export), broadly in line with the -2% YoY dynamics in March, per the CME estimates. The figure is also 60% below the 2021 level. Domestic excavator sales are likely to remain flat YoY in April (-77% vs. April 2021), suggesting there is still no recovery in the depressed Chinese real estate sector. 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

We recap that 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