Morning Bites (part 2)

🏗China’s excavator sales decreased 19% YoY in May (domestic + export), after the 23% YoY drop in April. We note that the decline was slightly softer than the CME had estimated (-25% YoY). Specifically, domestic excavator sales dropped 46% YoY, vs. the 41% YoY fall in April. The ongoing deterioration in excavator sales (since May 2021) indicates a stagnation in the Chinese real estate segment. However, the potential introduction of new support measures for the sector, together with plans for massive infrastructure projects, might boost demand for industrial metals (e.g. steel, aluminium and copper) later in 2023, in our view

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