Morning Bites (part 1)

🏗China’s excavator sales rose 5% YoY in June (domestic + export), in line with the +6% YoY in May, according to the CCMA data. The figure was also above CME estimates. Specifically, domestic sales were up 26% YoY (although still 55% lower than June 2021), which might indicate that local construction activity is bottoming out. Although the latest government incentives are in our view insufficient for a full-scale recovery in China's property sector, we believe that additional measures, which might be announced after the Third Plenum meeting (15-18 July), would offer reason to be upbeat

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