Morning Bites (part 1)

🏗China’s preliminary excavator sales jumped 11% YoY in July (domestic + export), accelerating from the +5% YoY dynamics in June, according to the CME estimates. The figure, however, remained 19% below the 2021 level. Meanwhile, domestic excavator sales are set to grow 17% YoY in July (but could still be -51% vs. July 2021), which might indicate that local construction activity is bottoming out, though more government support measures are needed for a full-scale recovery, we believe

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