Morning Bites (part 2)

🏗China’s excavator sales decreased 23% YoY in April (domestic + export), after the 31% YoY drop in March. We note that the decline was slightly softer than the previous SteelOrbis estimate. Domestic excavator sales dropped 41% YoY, vs. the 48% YoY fall in March. One of the main indicators of construction activity, excavator sales are still trending downward, as they have been since May 2021. Although the dynamics indicate a continuous stagnation in the local real estate sector, strong liquidity inflows, together with China's plan for massive infrastructure projects, might boost the demand for industrial metals (e.g. steel, aluminium and copper) later in 2023, in our view

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