Morning Bites (part 1)

🔗China’s crude steel output dropped another 10% YoY in August, after the 9% YoY decline in July. Meanwhile, production remained 3% lower YoY on an 8mo24 basis, in response to weak demand, driven by the ongoing slump in construction activity and soft consumer confidence, according to Bloomberg, which also led to elevated exports (+18% YoY in August). China represents ~57% of global steel supply

🏢China's property sales decreased 13% YoY in August (after the 12% YoY decline in July), and were 49% below the 2021 level. Floor space starts declined 17% YoY in August (after the 19% YoY contraction in July), and were 65% lower than in 2021. Personal mortgage loans were 22% lower YoY (vs. the 34% YoY decrease a month ago), while property completions fell 37% YoY (vs. the 22% YoY decrease in July). We reiterate our view that more state support measures are needed for a full-scale recovery in the stressed property sector

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