Morning Bites (part 1)

🔗China’s crude steel output rose 11% YoY in October, decelerating from the 18% YoY in September. The growth in annual terms is generally due the low base effect. In October 2022, apparent steel consumption rose 10% YoY, decelerating from the 18% YoY increase in September. On our numbers, 10mo22 production was down 2.3% YoY. China is on track to reach its goal of flat or lower steel output in 2022 YoY

🏢China's property sales fell 21% YoY in October (vs. -16% YoY in September). Floor space starts were down 35% YoY in October, after the 44% YoY drop in September. Similarly, personal mortgage loans were down 31% YoY in October (vs. -18% in September). At the same time, property completions declined 9% YoY in October (vs. -6% YoY in September). While we have not yet seen any substantial measures that might bring about a recovery in the Chinese real estate sector, Beijing's recent announcement could slightly support sentiment

#steel #property
https://metals-wire.com:3000/sector/Steel