Morning Bites (part 1)

🏗China’s preliminary excavator sales dropped 31% YoY in March (domestic + export), vs. the 12% YoY decline in February, based on industry estimates provided by SteelOrbis. The decline in domestic excavator sales accelerated to 48% YoY, after the 33% YoY fall in February. Export sales continued to grow, 11% YoY, in March (vs. 34% YoY in February). The still weak domestic sales imply no recovery for the stagnant Chinese real estate segment in the short term. However, despite the slowdown in Chinese PMIs, they are still in positive territory, which might bolster domestic construction activity together with demand for industrial metals in 2023, in our view

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