China’s August industrial output rose 5.2% year on year, below expectations and down from July’s 5.7%, while retail sales grew 3.4%, missing a 3.9% forecast, according to data published Monday, September 15. New home prices fell 0.3% month on month and 2.5% year on year, underscoring persistent property‑sector weakness. Fixed‑asset investment increased just 0.5% in the first eight months, and the surveyed unemployment rate edged up to 5.3%. The softer macro prints reinforce calls for more policy support and cloud near‑term demand prospects for steel, iron ore and copper. Construction‑related steel consumption typically tracks housing and infrastructure activity; continued property stress and slow project pipelines may weigh on rebar and HRC offtake into Q4 absent significant fiscal measures. For base metals, weaker retail and manufacturing momentum complicates the demand outlook even as global monetary easing expectations support risk assets. Traders are watching for potential RRR or policy‑rate cuts, targeted credit tools, and incremental housing measures that could stabilize building activity. Any stimulus‑led rebound would likely first show up in hot‑metal output, construction steel orders and refined copper end‑use, with lagged effects on import premiums and exchange inventories.