Morning Bites (part 1)

🏗China’s preliminary excavator sales dropped 27% YoY in April (domestic + export), vs. the 31% YoY decline in March, according to the China Construction Machinery Association. Meanwhile, domestic excavator sales declined 44% YoY, roughly in line with the 48% YoY fall in March. Export sales continued to grow, being up 6% YoY (vs. +11% YoY in March). As one of the key indicators of construction activity, excavator sales continue to follow the downtrend which has been in place since May 2021. Although the dynamics indicate an ongoing stagnation in the Chinese property segment, liquidity inflows, together with China's plan for massive infrastructure projects, might bolster the demand for steel and industrial metals (e.g. aluminium and copper) later in 2023

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