Morning Bites

🏗China’s preliminary excavator sales grew 12% YoY in September (domestic + export), in line with the August dynamics, according to the CME estimates. The final figure, however, is likely to remain 20% below the 2021 level. Specifically, domestic excavator sales are set to grow 17% YoY this month (but still be -48% vs. September 2021), which might indicate that local construction activity is gradually bottoming out. Meanwhile, the recently announced support package for China’s property sector could add some support to 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