[Total Excavator Sales in May Increased by 2.1%, Domestic Sales Fell Short of Expectations] According to statistics from the China Construction Machinery Industry Association, a total of 18,202 excavators of various types were sold in May 2025, up 2.1% YoY. Among them, domestic sales reached 8,392 units, down 1.5% YoY, while exports stood at 9,810 units, up 5.4% YoY. In May, domestic excavator sales fell 1.5% YoY, with the growth rate declining by 17.8 percentage points from the previous value, falling short of expectations. The main reasons were the overconsumption of demand due to high sales growth at the beginning of the year and the weakening of the operating rate of construction machinery, which affected confidence on the demand side. Although domestic excavator sales fell YoY in May, sectors such as real estate and infrastructure have shown a marginal improvement trend since the beginning of the year. Meanwhile, with policy support, replacement demand is also expected to accelerate, and domestic excavator sales for the whole year are expected to maintain growth.

[Sales Performance of Major Products in the Construction Machinery Industry in April] In April 2025, major excavator manufacturing enterprises sold 22,142 excavators of various types, up 17.6% YoY. Among them, domestic sales reached 12,547 units, up 16.4% YoY, and exports amounted to 9,595 units, up 19.3% YoY.

According to the China Construction Machinery Association's statistics on major excavator manufacturers on April 8, 2025, a total of 29,590 excavators were sold in March 2025, up 18.5% YoY. Domestic sales reached 19,517 units, up 28.5% YoY, while exports stood at 10,073 units, up 2.87% YoY. From January to March 2025, a total of 61,372 excavators were sold, up 22.8% YoY. Domestic sales amounted to 36,562 units, up 38.3% YoY, and exports reached 24,810 units, up 5.49% YoY. In March 2025, 15 electric excavators were sold (3 units below 6 mt, 1 unit in the 10-18.5 mt range, 9 units in the 18.5-28.5 mt range, and 2 units of 40 mt and above).

According to the China Construction Machinery Association's statistics on major excavator manufacturers on April 8, 29,590 excavators of various types were sold in March 2025, up 18.5% YoY. Domestic sales reached 19,517 units, up 28.5% YoY, while exports totaled 10,073 units, up 2.87% YoY. From January to March 2025, a total of 61,372 excavators were sold, up 22.8% YoY. Domestic sales amounted to 36,562 units, up 38.3% YoY, and exports reached 24,810 units, up 5.49% YoY. In March 2025, 15 electric excavators were sold (3 units below 6 mt, 1 unit in the 10-18.5 mt range, 9 units in the 18.5-28.5 mt range, and 2 units of 40 mt and above).

[SMM Steel Manufacturing Downstream Report: Post-Holiday Manufacturing Enterprises Show Increased Willingness to Produce, Accelerating Production and Business Activities] In February, China's Manufacturing Purchasing Managers' Index (PMI) stood at 49.1, a slight decrease of 0.1 percentage points MoM, indicating overall stable economic performance. Changes in sub-indices show that the manufacturing market demand remained relatively stable, market prices tended to stabilize, medium-sized and large enterprises operated steadily, and enterprises' expectations showed a steady upward trend...

In February 2025, a total of 19,270 excavators were sold. According to statistics from the China Construction Machinery Association on major excavator manufacturers, sales in February 2025 increased by 52.8% YoY. Among them, domestic sales reached 11,640 units, up 99.4% YoY, while exports totaled 7,630 units, up 12.7% YoY. From January to February 2025, a total of 31,782 excavators were sold, up 27.2% YoY. Among them, domestic sales were 17,045 units, up 51.4% YoY, and exports reached 14,737 units, up 7.37% YoY.