Target $18.72, page-9127

Due its huge oversupply of residential appartments (with massive numbers vacant; & many, also, unable to be fully completed), collapse into insolvency of many of its biggest property developers, & plunging property prices, China's property crisis has reduced steel consumption by c.7.2%, cf 1 year ago.

Will these Chinese govt. attempts to stabilise the crisis eventually work? If so, in c.1 -2 years, there may be a gradual increase in residential construction = more steel required. This would, eventually, benefit WHC met coal exports.

Mining.com/Reuters 17.5.24 said

"Bolstering sentiment is also news that China announced some of its most sweeping measures yet to stabilise the crisis-hit property sector, allowing local governments to buy “some” apartments, relaxing mortgage rules and pledging further efforts to deliver unfinished homes.

This came after a batch of data in the property sector released showed demand remained weak.

Property investment in China in the first four months of 2024 fell 9.8% from a year earlier after dropping 9.5% in the first quarter.

Also, China’s new home prices dropped at the fastest monthly pace in more than nine years in April.

Other steelmaking ingredients on the DCE advanced further, with coking coal and coke up 2.37% and 2.96%, respectively.

Iron ore price jumps to over one-week high on China's property stimulus efforts - MINING.COM