Morning Bites

🔗China’s crude steel output fell 6% YoY in September (-10% YoY in August). On the 9mo24 basis, output was 4% lower YoY (per National Bureau of Statistics data), affected by slow domestic demand and subdued steel margins. Meanwhile, in late-September Beijing announced new economic support measures (which have not been fully disclosed yet), which might bolster local construction activity in 2025, although they are still not enough for the sector to recover fully

🏢China's property sales decreased 11% YoY in September (-13% YoY in August), and were 40% below the 2021 level. Floor space starts declined 20% YoY in September, being -62% vs. 2021. Personal mortgage loans were 26% lower YoY, while property completions fell 31% YoY (vs. -37% YoY the previous month). According to Chinese officials, the local property sector is gradually bottoming out, bolstered by the economic stimulus and support measures for unfinished real estate projects

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