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MarketScreener Homepage  >  Equities  >  Taiwan Stock Exchange  >  China Steel Corporation    2002   TW0002002003

CHINA STEEL CORPORATION

(2002)
  Report
End-of-day quote. End-of-day quote Taiwan Stock Exchange - 10/23
20.5 TWD   -0.24%
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China Steel : Price Announcement for Domestic Sales in the Fourth Quarter/October of 2020

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08/21/2020 | 05:50am EDT

On August 21st, 2020, China Steel Corporation (CSC) held a price meeting for domestic sales in the fourth quarter (October) of 2020 and announced the following statement:
Supported by accommodative monetary environment and economic stimulus policies introduced by major economies worldwide, economy of manufacturing industry have revived in US, Europe and East Asia since July. End-user market is recovering as the epidemic of COVID-19 get gradually controlled and vaccine development is expected to be accelerated. Also, Taiwanese economy has improved and gained momentum from private consumption and government spending. The DGBAS (Directorate General of Budget, Accounting and Statistics) forecasts Taiwan's GDP growth to 1.56% in 2020, with the quarterly GDP growth to 2.56% in the fourth quarter and expected the economy would recover in the second half of 2020.
Benefiting from strong steel demand in China and reduced supply of iron ore from Brazil, iron ore prices has made a 6-year new high to US$ 127/MT. Meanwhile, mills still suffer losses and have no choice but to restrain production to support steel prices. Activities in Asia pick up, while FHS announces domestic price hike by US$ 45/MT for October shipment and J-mills also raise export offers by US$ 50/MT. In addition, Baowu has issued at least US$ 30~40/MT price hike for September shipment due to strong demand from infrastructure projects and expected reconstruction works after floods, which also push up Asia steel prices.
As global steel prices keep rising and iron ore price reaches to new high, CSC decides to lift the listed prices for the fourth quarter/October shipment by NTD 500~1,000, or 3.36% in average.
Provided prices adjustment shown as below table. On top of that, to accord with the demands of domestic market, starting from next monthly price announcement (released in October), CSC would optimize the offer scheme by shortening the lead time from N+2 monthly basis to N+1 monthly basis to improve performance.

Prices Adjustment of Domestic Sales for the shipment of Fourth Quarter/October 2020
Offer Basis
Products
Average Adjusted Amounts (NTD/MT)
Quarterly
Plate
+800
Bar and wire rod
+750
HR
+900
CR
+500~900
EG
+1,000
GI
+1,000
Automotive usage
+800
Monthly
HR
+700
CR
+700
ES
+1,000
GI
+700


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CSC - China Steel Corporation published this content on 21 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2020 08:50:05 UTC


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Financials
Sales 2020 319 B 11 158 M 11 158 M
Net income 2020 517 M 18,1 M 18,1 M
Net Debt 2020 211 B 7 387 M 7 387 M
P/E ratio 2020 -251x
Yield 2020 1,08%
Capitalization 316 B 11 019 M 11 038 M
EV / Sales 2020 1,65x
EV / Sales 2021 1,51x
Nbr of Employees 28 490
Free-Float 70,9%
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Technical analysis trends CHINA STEEL CORPORATION
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 8
Average target price 21,96 TWD
Last Close Price 20,50 TWD
Spread / Highest target 22,0%
Spread / Average Target 7,11%
Spread / Lowest Target -9,27%
EPS Revisions
Managers
NameTitle
Hsi Chin Wang President & Director
Chao Tung Weng Chairman
Yueh Kun Yang Director & Vice President-Finance Division
Song Jau Tsai Vice President-Technology
Cheng I Weng Director
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