Morning Bites (part 1)

🔗China’s crude steel output fell 2% YoY in April, following the 7% YoY growth in March. The decrease in output comes in line with the government's plan to limit production, as well as the similar call from the CISA. Hence, further production cuts (China represents ~58% of global crude steel supply), were they to materialise, might support local steel prices

🏢China's property sales were down 17%YoY in April (vs. flat YoY in March), and 46% below the historical highs of 2021. The decline in floor space starts was 28% YoY last month, in line with the 29% YoY drop in March. However, personal mortgage loans jumped 22% YoY (vs. +20% YoY in March), while property completions also grew 37% YoY in April (vs. +31% YoY). Despite some ongoing uncertainty in China’s real estate segment, the strong liquidity injections data in early 2023 might trigger a recovery in construction activity later this year

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