Morning Bites (part 2)

🏗China’s preliminary excavator sales inched up 1% YoY in June (domestic + export), vs. the +6% YoY seen in May, per CME estimates. The figure was 31% below the 2021 level. Specifically, domestic excavator sales are likely to gain 20% YoY (but remain -57% vs. June 2021), which might indicate that local construction activity has bottomed out. The recently announced new support measures for China’s property sector, however, are not enough to trigger a full-scale recovery in local construction activity, 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