Morning Bites

🔗China’s crude steel output dropped 7% YoY in April, following the -8% YoY in March. Output remained weak YoY, following the subdued domestic demand, which has also resulted in high Chinese steel exports. To recap, China represents ~57% of global steel supply

🏢China's property sales fell 14% YoY in April (after the -24% YoY in March), being 54% below the 2021 level. Floor space starts were down 12% YoY in April (after the 26% YoY decline in March), and were -65% vs. 2021. Personal mortgage loans also came in 36% lower YoY (vs. -47% in March), while property completions dropped 15% YoY (vs. -22% YoY in March). Despite the ongoing slowdown in China’s property sector, possible state buying of unsold real estate might add support to local construction activity, we believe

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