Morning Bites (part 1)

🏦China’s aggregate financing surged 2.6x YoY in February to CNY 3.16trn, exceeding the consensus estimate by 44%. Specifically, traditional bank loans gained 47% YoY, beating the consensus by 21%. In January, historically the most important month, China’s liquidity injections data was also strong, staying near record levels. The news underpins our expectations of a recovery in domestic demand for industrial metals in 2023 (steel and base metals), especially amid China's upbeat February PMIs. Of note, the country represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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