Morning Bites (part 2)

🏗China’s excavator sales rose 9% YoY in July (domestic + export), accelerating from the +5% YoY in June, according to the CCMA data. The figure was marginally below the CME estimates. Specifically, domestic sales were up 22% YoY (although still 49% lower than July 2021). Although the dynamics of recent months have been positive, the major sales volumes usually take place in 1Q, making the summer period less representative. We reiterate our view that more government support measures are required for a full-scale recovery in China’s property sector

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