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Post #1734 237
Morning Bites (part 1)

🏗 China has approved a CNY 1.4tn (USD 196bn) support package for 5.4k real estate projects, Xinhua reports, citing National Financial Regulatory Administration officials. The announced measures exceed market expectations, as in late-March commercial banks reached a preliminary agreement to fund CNY ~520bn (USD 72bn) for 2.1k projects. Meanwhile, some local mills also noted improved demand for rebar

In our view, the announced package for 'frozen projects' might add support to the weakened sentiment in the steel market

However, we recap that China’s unsold housing stock remains large, at approximately 3.6bn sqf, with an estimated cost of some CNY 7tn

#steel  
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