Morning Bites

🏗China’s excavator sales inched up 1% YoY in January (domestic + export), after the 16% YoY growth seen in December, according to CCMA data. Specifically, domestic sales stood flat YoY (and were still -66% vs. January 2021 level). We remind readers that March, upcoming in the release schedule, is the most seasonally important month for Chinese excavator sales, which will largely determine perspectives of local property sector recovery in 2025, in our view

Meanwhile, China might announce additional fiscal stimulus in an annual parliamentary meeting (expected in early March 2025), which would bolster local demand for industrial metals this year (e.g. steel, aluminum and copper)

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

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