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Morning Bites

🏗China’s excavator sales increased 11% YoY in September (domestic + export), in line with the 12% YoY gain in August, according to the CCMA data. The domestic sales were above CME estimates, being 22% higher YoY (albeit still 45% lower than the August 2021 level). According to China’s Housing Minister Ni Hong, the local property sector is gradually bottoming out, a statement underpinned by positive excavator sales dynamics.

Overall, the new economic support stimulus (which are not fully disclosed yet) announced by Beijing, as well as plans to double credit quotas for “white-list” unfinished property projects to CNY 4tn (USD 562bn) will likely add support local construction activity in 2025, we believe

China accounts for 52% of global steel consumption, and for 57% and 61% of world Cu and Al demand, respectively

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