Morning Bites (part 1)

🔗China’s crude steel output declined 10% YoY in December, broadly in-line with the 11% YoY drop in November, per NBS data. Although local crude steel supply dropped 4% YoY in 2025, per official data, China's net steel exports were still up 8% YoY over the period, weighing on global steel prices. The recent production decreases were related to Beijing’s plans to cut 'excessive' steel output in 2025 and strictly prohibit new capacity additions in 2025-26. Given the ongoing crisis in the global steelmaking industry, Beijing might introduce additional supply control similar to the measures it imposed in 2016-17, we believe

🏢China's property sales decreased 17% YoY in December, after the -18% YoY in November; they were also 56% lower than in the same month in 2021. Meanwhile, floor space starts dropped a further 19% YoY in December (-67% vs. 2021). Personal mortgage loans also declined 39% YoY last month (-61% vs. 2021), while property completions were down 18% YoY

#steel #property