Morning Bites

🔗China’s crude steel output dropped 7% YoY in May vs. after being flat YoY in April, according to the NBS data. This sharp decline is likely related to Beijing plans to cut 'excessive' steel output in 2025 (up to 2-5% of China’s 2024 supply, per market estimates); in 5mo25 the output slid 2% YoY, per official statistics

🏢China's property sales slid 5% YoY in May, after the -3% YoY in April, and were down 56% vs. the 2021 levels. Meanwhile, floor space starts declined a further 19% YoY in May (-74% vs. 2021). Personal mortgage loans decreased 9% YoY in May (-58% vs. 2021), while property completions declined 19% YoY

#steel #property