Morning Bites

🏗China’s excavator sales rose 6% YoY in May (domestic + export), after the flat YoY dynamic in April, according to the CCMA data. The figure was broadly in line with CME estimates. Specifically, domestic sales were up 29% YoY (although still 61% lower than May 2021), which might indicate that local construction activity has bottomed out. We believe, however, that some material government input is required to trigger a recovery in the Chinese property sector

The recently announced CNY 300bn of new support measures for China’s real estate sector was substantially below expectations (CNY 1-2tn) and is therefore unlikely to boost the demand for industrial metals, we believe

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