Morning Bites

🏗China’s preliminary excavator sales were up 5% YoY in May (domestic + export), vs. the flat dynamics in April, per CME estimates. However, the figure was still 40% below the 2021 level. Specifically, domestic excavator sales are likely to gain 17% YoY, but remain -65% vs. May 2021, suggesting there is still no improvement in the depressed Chinese real estate sector. We also note that the recently announced new support measures for China’s property sector came in materially below expectations and are therefore unlikely to trigger a recovery in local construction activity, in our view

We recap that China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively

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