Morning Bites (part 1)

🔗China’s crude steel output was broadly flat YoY in June, after the 3% YoY gain in May. Meanwhile, the production remained 1% lower YoY in 1H24, amid slow domestic demand and subdued steel margins, per Reuters. China represents ~57% of global steel supply

🏢China's property sales decreased 14% YoY in June (after the -16% YoY in May), and were 49% below the 2021 level. Floor space starts declined 22% YoY in June (vs. -23% YoY in May), and were -71% vs. 2021. Personal mortgage loans were 25% lower YoY (vs. -42% in May), while property completions dropped 30% YoY (vs. -18% YoY). Although China’s property sector remains depressed, new potential economic stimulus - an announcement on which is broadly expected after the Third Plenum meeting (15-18 July) - might add support to construction demand, we believe

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