Morning Bites (part 1)

🔗China’s crude steel output rose 8% YoY in November, decelerating from the 11% YoY growth in October. Overall, the increase in annual terms was due to the low base effect. In November 2022, apparent steel consumption was up 5% YoY, decelerating from the 10% YoY increase in October. On our numbers, 11mo22 production was down 1.6% YoY. Hence, China is on track to reach its goal of flat or lower steel output in 2022 YoY

🏢China's property sales dropped 33% YoY in November (vs. -23% YoY in October). Floor space starts were down 51% YoY in November, after the 35% YoY decline in October. Similarly, personal mortgage loans were 42% lower YoY in November (vs. -31% in October). At the same time, property completions declined 20% YoY in November (vs. -9% YoY in October). We reiterate our view that there are still no substantial measures that are likely to trigger recovery in the Chinese real estate sector, at least in the short term

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