Morning Bites

🔗China’s crude steel output dropped 4% YoY in July vs. the 9% YoY decline in June, according to 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 7mo25, per official data, Chinese net exports were up 13% YoY over the period, still weighing on global steel prices

🏢China's property sales slid 8% YoY in July, after the 7% YoY decline in June, and were down 56% vs. the 2021 levels. Meanwhile, floor space starts decreased a further 15% YoY in July (-73% vs. 2021). Personal mortgage loans, however, rose 7% YoY in July (-59% vs. 2021), while property completions inched down 29% YoY

#steel #property