Morning Bites (part 1)

🔗China’s crude steel output grew 3% YoY in October (vs. the 6% YoY drop in September). On a 10mo24 basis, output was 3% lower YoY (per NBS data), amid soft domestic demand and low steel margins. According to Bloomberg, CISA has recently warned mills to maintain production discipline after the rebound in export prices, as local steel market conditions have not materially improved yet

🏢China's property sales were roughly flat YoY in October (vs. -11% YoY in September), and were 40% below the 2021 level. Meanwhile, floor space starts declined a further 27% YoY, being 62% lower than 2021. Personal mortgage loans decreased 8% YoY in October, while property completions fell 20% YoY (vs. a 31% YoY drop the previous month). Although the Chinese property sector seems to us to be showing the first signs of recovery, bolstered by new economic stimulus, more actions are required for a full-scale rebound in construction activity, we believe

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