Morning Bites (part 1)

🔗China’s crude steel output fell 7% YoY in May, following the 2% YoY drop in April. The decline comes in line with the government's intention to limit steel production. Noteworthy, the reduction mainly came from EAF mills, which had to curb losses. China represents ~57% of global crude steel supply

🏢China's property sales were down 20% YoY in May (vs. -17% YoY in April), and 45% below the historical highs of 2021. The decline in floor space starts was 28% YoY last month, the same as in April. However, personal mortgage loans jumped 22% YoY (also +22% YoY in April), while property completions grew 24% YoY in May. Despite some ongoing uncertainty in China’s real estate segment, the strong liquidity injections in early 2023, together with the potential introduction of new support policies, might trigger a recovery in construction activity later this year, we believe

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