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    600019   CNE0000015R4

BAOSHAN IRON & STEEL CO., LTD.

(600019)
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End-of-day quote Shanghai Stock Exchange  -  2022-06-29
6.020 CNY   -3.37%
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Dalian iron ore bounces back with over 5% jump on demand hopes

05/11/2022 | 03:39am EDT

BEIJING, May 11 (Reuters) - Chinese iron ore futures jumped more than 5% on Wednesday, after falling for three straight sessions, as hopes of demand recovery at mills rose, even as COVID-19-led lockdowns in the country disrupted economic activity.

The most-active iron ore futures on the Dalian Commodity Exchange, for September delivery, surged 6.6% to 831 ($123.72) yuan a tonne — the biggest percentage gain since March 7. The contract closed up 5.3% at 821 yuan per tonne.

On the Singapore exchange, the most-traded June iron ore contract gained 4.3% to $131.85 per tonne.

"The (pandemic's) impact on areas such as Tangshan is easing, and raw materials' transportation has resumed," analysts with Haitong Futures said in a note, adding that daily molten iron output recovered from previous weeks.

However, profits at mills are relatively low and steel production controls may still weigh on mills' utilisation rates, said the note.

China's producer price index rose 8% year-on-year in April, the slowest pace in a year, data from the National Bureau of Statistics showed, giving policymakers headroom for more stimulus to shore up a flagging economy.

Coking coal prices on the Dalian bourse ended up 2% to 2,663 yuan a tonne and coke futures increased 2.3% to 3,418 yuan per tonne.

The jump in raw material prices also drove steel products on the Shanghai Futures Exchange.

Construction material steel rebar for October delivery advanced 2% to 4,681 yuan a tonne. Hot rolled coils , used in the manufacturing sector, added 1.9% to 4,775 yuan per tonne.

China's top listed steel producer Baoshan Iron & Steel said on Tuesday it would cut June delivery prices for hot rolled and cold rolled products by 100 yuan per tonne.

Shanghai stainless steel was up 2% at 19,055 yuan a tonne at close. ($1 = 6.7164 Chinese yuan) (Reporting by Min Zhang in Beijing and Enrico Dela Cruz in Manila; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. -3.37% 6.02 End-of-day quote.-15.92%
MSCI SINGAPORE (GDTR) -0.71% 5352.3 Real-time Quote.-14.14%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.14% 6.6923 Delayed Quote.5.43%
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Financials
Sales 2022 350 B 52 229 M 52 229 M
Net income 2022 19 868 M 2 966 M 2 966 M
Net Debt 2022 10 278 M 1 534 M 1 534 M
P/E ratio 2022 6,77x
Yield 2022 7,80%
Capitalization 134 B 20 010 M 20 010 M
EV / Sales 2022 0,41x
EV / Sales 2023 0,38x
Nbr of Employees 45 405
Free-Float 33,0%
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Number of Analysts 15
Last Close Price 6,02 CNY
Average target price 8,64 CNY
Spread / Average Target 43,5%
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Ji Xin Zou Chairman
Yong Hong Zhu Chairman-Supervisory Board
Tian Yong Independent Director
Xiong Wen Lu Independent Non-Executive Director
Han Sheng Yu Member-Supervisory Board
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