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ICICI Securities Report
China's trade data for November 2022 was reasonably robust on hopes of easing of Covid restrictions and stimulus measures by the government. Key highlights:
copper imports, in both refined and concentrate forms, rose 10% YoY and 6% YoY respectively;
steel exports rose for the second successive month while aluminium exports declined further; and
coal imports fell 11% YoY on higher domestic output.
Going ahead, while the China government has reportedly agreed to ease rigid Covid-related shutdowns, we don't see signs of pick-up in domestic demand as yet.
Chinese spot hot rolled coil prices have crept to a 1.5-month high, largely mirroring futures prices – though real estate demand indicators remain weak.
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