Morning Bites (part 2)

🏗China’s total excavator sales declined 30% YoY in December, which was substantially below preliminary estimates. This represented a reversal from the 16% YoY growth in November. Separately, domestic excavator sales, on our numbers, fell 60% YoY in December, after the slight 3% YoY growth the previous month. As a leading indicator of construction activity, consistently weak YoY domestic excavator sales support our view that there is likely to be no rapid recovery for the depressed Chinese real estate segment. This, in turn, is negative for industrial metals demand (particularly steel). Furthermore, we reiterate our view that the support measures announced by Beijing throughout 2022 are not enough to trigger a recovery in China's real estate sector

#global
https://metals-wire.com:3000/news-reports