Morning Bites

🔗China’s crude steel output inched down 1% YoY in August, vs. the 4% YoY drop in July, per 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 8mo25, per official data, Chinese net exports were up 11% YoY over the period, still weighing on global steel prices

🏢China's property sales slid 11% YoY in August, after the 8% YoY decline in July, and were down 54% vs. the 2021 levels. Meanwhile, floor space starts decreased a further 20% YoY in August (-72% vs. 2021). Personal mortgage loans also plunged 20% YoY in August (-63% vs. 2021), while property completions fell 21% YoY

#steel #property