Morning Bites (Part 1)

🔗China’s crude steel output grew 7% YoY in January-February, after the 10% YoY drop in December. According to Reuters, these dynamics were due to domestic producers anticipating a pick-up in demand in March. Meanwhile, apparent steel consumption was up 4% YoY, vs. the 11% YoY decrease in December. To recap, the strong February PMIs in China indicate a potential recovery in domestic steel demand

🏢China's property sales dropped 4% YoY in January-February (vs. -32% YoY in December). This was 13% lower than the 2021 level. Floor space starts were down 9% YoY (-20% vs. 2021) in the last two months, after the 44% YoY decline in December. Personal mortgage loans came in 15% lower YoY (vs. -29% in December). However, property completions grew 8% YoY in January-February (vs. -7% YoY in December). Despite the still weak real estate segment, China’s strong liquidity injections data might bolster local construction activity in 2023

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