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Morning Bites (part 1)

🏗China’s excavator sales rose 2% YoY in May (domestic + export) vs. +18% YoY in April, according to CCMA data. Specifically, domestic sales inched down 1% YoY (still being 62% below the same period in 2021)

In our view, the additional Chinese stimulus expected in 2025 (in addition to the recently announced package) could spur recovery in the local 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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