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    2002   TW0002002003

CHINA STEEL CORPORATION

(2002)
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China Steel : Copper turns higher as strike risk offsets weak China data

05/17/2021 | 07:04am EDT

LONDON, May 17 (Reuters) - Copper rose back towards last week's record high on Monday as the threat of strikes at mines in Chile and a belief among investors that prices will rally further offset weak factory data from top metals consumer China.

Benchmark copper on the London Metal Exchange (LME) was up 1.2% at $10,359 a tonne at 1615 GMT, close to last Monday's all-time peak of $10,747.50.

Copper, used in power and construction, is up more than 30% this year and many analysts expect more gains as the world shifts from fossil fuels to copper-intensive electrification, and demand outpaces supply.

However, Julius Baer analyst Carsten Menke said prolonged deficits were unlikely since higher demand from green technology would be partly offset by China's demographic decline and transition from investment-driven to consumer-driven growth.

"In the medium to longer term we should see (copper) prices begin to fall," he said.

CHINA DATA: China's factories slowed output growth in April and retail sales significantly missed expectations.

CHINA STEEL: Chinese steel prices fell sharply, with buyers put off by higher prices and the government warning it will move against too rapid a rally.

CHINA OUTPUT: China's aluminium production in April rose to a record monthly volume while output of nonferrous metals more broadly rose 11.6% year-on-year.

CHILE: A union representing workers at BHP's Escondida and Spence mines in Chile rejected the company's contract offer, raising the risk of a strike.

RISK: Political risk for miners is rising in South America's copper-rich Andes as high poverty and debt levels drive potentially sharp policy shifts.

GLOBAL MARKETS: Global shares paused after a strong end to the prior week, though Chinese equities gained strongly. The dollar weakened slightly.

OTHER METALS: LME aluminium was up 1.6% at $2,502 a tonne, zinc rose 2.9% to $3,022, nickel gained 2% to $17,900, lead was up 2.5% at $2,208 and tin was 1.6% higher at $29,975. (Reporting by Peter Hobson; Additional reporting by Mai Nguyen and Tom Daly; Editing by Alexander Smith, Louise Heavens and Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP -1.70% 53.14 End-of-day quote.25.24%
CHINA STEEL CORPORATION -2.17% 36 End-of-day quote.45.45%
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Financials
Sales 2021 450 B 16 209 M 16 209 M
Net income 2021 52 200 M 1 880 M 1 880 M
Net Debt 2021 139 B 4 997 M 4 997 M
P/E ratio 2021 10,4x
Yield 2021 6,36%
Capitalization 555 B 19 974 M 19 983 M
EV / Sales 2021 1,54x
EV / Sales 2022 1,59x
Nbr of Employees 28 490
Free-Float 70,9%
Chart CHINA STEEL CORPORATION
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China Steel Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA STEEL CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 36,00 TWD
Average target price 41,71 TWD
Spread / Average Target 15,9%
EPS Revisions
Managers and Directors
Hsi Chin Wang General Manager & Director
Shih Hsin Chen Head-Finance & General Manager-Finance
Chao Tung Weng Chairman
Yi Xing Huang Vice President-Technology
Chiu Po Chang Vice President-Administration
Sector and Competitors
1st jan.Capi. (M$)
CHINA STEEL CORPORATION45.45%20 412
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TERNIUM S.A.76.20%10 059