Morning Bites (part 1)

🔗China’s crude steel output dropped 10% YoY in December, after the 8% YoY growth in November. The decline in annual terms was due to soft demand from the slowing economy and the weak real estate segment. In December 2022, apparent steel consumption was down 11% YoY, reversing from the 5% YoY increase in November. On our numbers, FY22 output was down 2.3% YoY. Hence, China reached its goal of flat or lower steel output in 2022 YoY

🏢China's property sales dropped 32% YoY in December (vs. -33% YoY in November). Floor space starts were down 44% YoY last month, decelerating from the 51% YoY decline in November. Similarly, personal mortgage loans were 29% lower YoY in December (vs. -42% in November). At the same time, property completions declined 7% YoY in December (vs. -20% YoY in November). Meanwhile, we have still not seen any substantial measures that could trigger a recovery in China's property sector in the near future

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