Morning Bites (part 2)

🏗China’s preliminary excavator sales are seen 17% lower YoY in January (domestic + export), vs. the 30% YoY drop in December, based on industry estimates provided by SteelOrbis. Meanwhile, domestic excavator sales might decline 58% YoY, after the 60% YoY fall in December, amid the Covid-19 effects and unfavourable market conditions. Hence, potentially weak domestic sales support our view that the stagnating Chinese real estate segment is not going to see a short-term recovery. That would likely weigh further on the demand for industrial metals (particularly for steel)

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