Morning Bites

🔗China’s crude steel output dropped 12% YoY in October, accelerating from the 5% YoY decline in September, per NBS data. The recent production declines are 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 4% YoY in 10mo25, per official data, Chinese net exports were still up 7% YoY over the period, weighing on global steel prices

🏢China's property sales slid 20% YoY in October, after the 12% YoY decline in September, and were 52% lower than the same month in 2021. Meanwhile, floor space starts decreased a further 29% YoY in October (-73% vs. 2021). Personal mortgage loans also dropped 30% YoY in October (63% lower than 2021), while property completions were also down 28% YoY

#steel #property