Topical: China 2023 steel output
China 2023 steel output set to rise despite property woes
https://www.reuters.com/markets/commodities/china-2023-steel-output-set-rise-despite-property-woes-russell-2023-12-12/
Excerpt
While 2023's expected production is likely to be only modestly higher than that of 2022, it's perhaps surprising given the travails of the property sector.
Property construction accounts for about 35% of China's steel demand and the sector has been plagued this year by major developers experiencing liquidity crunches and falling sales, with sales by floor area declining 7.8% in the first 10 months of the year from the same period in 2022.
However, hopes of a revival in coming months have been sparked by Beijing's moves to stimulate the sector by easing lending requirements, with sentiment further buoyed by a slight rise in new home prices in November, the third straight monthly gain.
But it's outside of property that steel has performed better in 2023, with China's automobile production hitting a record high in November of 3.093 million units, up 7% from October and 29% from November last year.