Morning Bites (part 1)

🔗China’s crude steel output rose 3% YoY in May, reversing from the -7% YoY in April. However, production remained 1% lower YoY in 5mo24, amid sluggish domestic demand. China represents ~57% of global steel supply

🏢China's property sales fell 16% YoY in May (after the -14% YoY in April), and were 54% below the 2021 level. Floor space starts were down 23% YoY in May (vs. -12% YoY in April), and were -68% vs. 2021. Personal mortgage loans came in 42% lower YoY (vs. -36% in April), while property completions dropped 18% YoY (vs. -15% YoY). As we have noted previously, the recently announced support measures are not enough to revive the local property sector. Hence, the demand for industrial metals from China's construction is likely to remain subdued in 2024

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