Morning Bites (part 1)

🔗China’s crude steel output was flat YoY in April vs. the +5% YoY in March, according to the NBS data. Although Beijing plans to cut 'excessive' steel output in 2025 (up to 2-5% of China’s 2024 supply, per market estimates), it was still up <1% YoY in 4mo25, per official statistics

🏢China's property sales slid 3% YoY in April, after the -2% YoY in March, and were down 55% vs. the 2021 levels. Meanwhile, floor space starts declined a further 22% YoY in April (-73% vs. 2021). Personal mortgage loans slid 13% YoY in April (-60% vs. 2021), while property completions declined 28% YoY

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