Morning Bites

🏗China’s preliminary excavator sales grew 9% YoY in August (domestic + export), in line with the dynamics in July, according to the CME estimates. The figure, however, is likely to remain 21% below the 2021 level. Specifically, domestic excavator sales are set to grow 16% YoY in August (although that would still be -47% vs. August 2021), which might indicate that local construction activity is gradually bottoming out. Meanwhile, the recently announced support package for China’s unfinished real estate projects could accelerate this 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