Morning Bites (part 1)

🔗China’s crude steel output dropped 9% YoY in July, after the flat YoY dynamics seen in June. Meanwhile, production remained 2% lower YoY in 7mo24, amid slow domestic demand and subdued steel margins, according to the world’s largest steelmaker, Baowu. China represents ~57% of global steel supply

🏢China's property sales decreased 12% YoY in July (after the -14% YoY in June), and were 52% below the 2021 level. Floor space starts declined 19% YoY in July (after the -22% YoY), and were -68% vs. 2021. Personal mortgage loans were 34% lower YoY (vs. -25%), while property completions dropped 22% YoY (vs. -33% YoY). We reiterate our view that more government support measures are needed for a full-scale recovery in the stressed property sector

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