Morning Bites

🔗China’s crude steel output dropped 5% YoY in September, vs. the 1% YoY decline in August, per NBS data. The recent production declines are likely related to Beijing’s plans to cut 'excessive' steel output in 2025 (up to 5% of China’s 2024 supply, per market estimates) and strictly prohibit new capacity additions in 2025-26. Although local crude steel supply dropped 3% YoY in 9mo25, per official data, Chinese net exports were still up 10% YoY over the period, weighing on global steel prices

🏢China's property sales slid 12% YoY in September, after the 11% YoY decline in August, and were 47% lower than the same month in 2021. Meanwhile, floor space starts decreased a further 15% YoY in September (68% down from 2021). Personal mortgage loans also dropped 11% YoY in September (61% lower than 2021), while property completions were broadly in-line YoY

#steel #property