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Post #2089 149
Morning Bites (part 2)

🏗China’s excavator sales increased 18% YoY in April (domestic + export) - in line with March dynamics, according to CCMA data. Specifically, domestic sales rose 16% YoY (but were still 69% below the same period in 2021): upbeat Chinese excavator sales might indicate improving sentiment around local construction activity in 2025

In our view, the additional Chinese stimulus expected in 2025 (in addition to the recently announced package) could spur recovery in the Chinese real estate sector, which started to gradually bottom out in 2H24. Furthermore, Beijing plans to cut 'excessive' steel output in 2025 (up to 2-5% of China’s 2024 supply, per market estimates). Overall, these measures might cool surging Chinese steel exports, and support global steel prices in 2025, we believe

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