Morning Bites (part 1)

🔗China’s crude steel output grew 3% YoY in November, in line with October's dynamics. Meanwhile, on an 11mo24 basis, the production remained 3% lower YoY (per NBS data), amid soft domestic demand and low steel margins. According to the Mysteel agency, only ~50% of China's steel mills were operating at a profit by the end-November

🏢China's property sales grew 3% YoY in November (vs. flat YoY in October), but were still 46% below the 2021 level. Meanwhile, floor space starts declined a further 27% YoY, being 62% lower than 2021. Personal mortgage loans were flat YoY in November, while property completions fell 39% YoY (vs. a 20% YoY drop in the previous month). Although the recent economic stimulus might bolster the slowly picking up Chinese property sector, more actions are required for a full-scale rebound in construction activity, we believe

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