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Post #2203 131
Morning Bites

🏗China’s excavator sales rose 25% YoY in July (domestic + export), accelerating from the +13% YoY in June, per CCMA data. Specifically, domestic sales were up 17% YoY (still -41% vs. the same period in 2021)

In our view, the ongoing recovery in Chinese excavator sales, recorded since mid-2024, indicates that the local real estate sector is gradually bottoming out. Meanwhile, Beijing plans to cut 'excessive' steel output in 2025 (up to 2-5% of China’s 2024 supply, per market estimates). These factors might cool surging Chinese steel exports, and support global steel prices in late-2025 or 2026, in our view

#steel
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