Morning Bites (part 2)

🏗China’s preliminary excavator sales grew 10% YoY in October (domestic + export), in line with the +11% YoY in September, according to the CME estimates. The actual figure, however, is set to remain 16% below the 2021 level. Specifically, domestic excavator sales are likely to grow 18% YoY this month (but still be -37% vs. October 2021), which underpins the statement from China’s Housing Minister that the local property sector is gradually bottoming out. Meanwhile, the recently started monetary easing cycle in China (and the upcoming fiscal stimulus in November-December) 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