Morning Bites (part 1)

🔗China’s crude steel output dropped 9% YoY in June vs. the -7% YoY in May, according to the NBS data. The recent production declines are likely related to Beijing’s plans to cut 'excessive' steel output in 2025 (up to 2-5% of China’s 2024 supply, per market estimates). Although local crude steel supply dropped 3% YoY in 1H25, per official data, Chinese net exports were up 11% YoY over the period, still weighing on global steel prices

🏢China's property sales slid 7% YoY in June, after the 5% YoY decline in May, and were down 53% vs. the 2021 levels. Meanwhile, floor space starts decreased a further 9% YoY in June (-73% vs. 2021). Personal mortgage loans decreased 23% YoY in May (-59% vs. 2021), while property completions inched down 2% YoY

#steel #property