"Steel mills anticipate stronger demand from real estate in the year ahead" said Graeme Train, metals analyst at Macquarie.

WSJ: Income-to-Housing Price Gap Narrows in China

Graeme Train, China commodities analyst at Macquarie, sees that as a positive, but also notes the data need to be treated with caution.

WSJ: Heard on the Street: No Springtime for China's Property Sector