The latest data on the Chinese property market remains terrible. Via Goldman:
![](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/1-77.png)
Developers are still frozen out of funding markets and focused on completions, not starts. Excavator hours suggest only more downsides for new project starts:
![](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/4-35.png)
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Steel demand is down big as well. Steel output is awful:
![](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/2-47.png)