Morning Bites

🔗China’s crude steel output declined 6% YoY in March, accelerating from the 4% YoY drop in January-February, per NBS data. On a 3mo26 basis, production was down 5% YoY

Given the continuous contraction of local steel supply (also -4% YoY in 2025, per official data), Chinese net steel export volumes have also started to decline gradually in early 2026 (-10% YoY in 3mo26), which we believe might trigger a rebound in global steel prices, if the dynamic persists

🏢China's property sales decreased 23% YoY in March, after the 14% YoY fall in January-February; they were also 45% lower than in the same month in 2021. Meanwhile, floor space starts dropped a further 12% YoY in March (-72% vs. 2021). Personal mortgage loans also declined 28% YoY last month (-63% vs. 2021), while property completions were down 20% YoY

#steel #property