Morning Bites

🏗China’s excavator sales are set to be down 25% YoY in May (domestic + export), following the 23% YoY decline in April, according to preliminary estimates from Construction Machinery and Equipment. Meanwhile, domestic excavator sales are seen declining 46% YoY (vs. -41% YoY in April), but export sales rising some 7% YoY (roughly in line with the 9% YoY growth in April). Overall, domestic excavator sales have been showing negative dynamics since May 2021, which underpins the ongoing stagnation in the local property sector. However, we reiterate our view that the near-record liquidity inflows in early-2023 are likely to bolster domestic construction activity. In addition, China’s plan for massive infrastructure projects could well also support the demand for steel and industrial metals (e.g. aluminium and copper) later in 2023

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