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    2002   TW0002002003

CHINA STEEL CORPORATION

(2002)
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

China steel futures rebound after plunge, but set for monthly loss

05/30/2021 | 10:58pm EDT

BEIJING, May 31 (Reuters) - Chinese rebar and hot-rolled coil futures jumped on Monday, after the market recorded heavy losses in the past few weeks following the government's vow to stabilise commodity prices, although they were on track to post a monthly loss.

The most-active construction rebar and hot-rolled coils contracts on the Shanghai Futures Exchange had jumped 14.5% and 17.5%, respectively, in the first 12 days this month before plunging more than 24% in the following two weeks.

Affected by Beijing's policy and market sentiment, ferrous prices have dropped. But iron ore's fall was lower than steel, which "had put up a lot of pressure on steel firms' operation", said Hunan Valin Steel.

Price for October delivery of rebar rose 3.7% to 5,089 yuan ($799.59) a tonne as of 0215 GMT and is set to decline 5.6% this month.

Hot-rolled coils, used in the manufacturing sector, gained 2.9% to 5,441 yuan per tonne and are on course for 4.3% loss in May.

Shanghai stainless steel futures, for July delivery, rose 2.3% to 15,695 yuan per tonne.

A statement from the China Logistics Information Center said steel prices in June are expected to see fluctuations within a small range.

Benchmark iron ore futures on the Dalian Commodity Exchange , for September delivery, surged 4.9% to 1,012 yuan a tonne.

Spot prices of iron ore with 62% iron content for delivery to China <SH-CCN-IRNOR62>, compiled by SteelHome consultancy, rose by $1 to $192.5 a tonne on Friday.

Other steelmaking ingredients also gained.

Dalian coking coal increased 1.1% to 1,808 yuan a tonne and coke rose 2.9% to 2,488 yuan per tonne.

Capacity utilisation rates of blast furnaces at 247 mills across China rose to 91.41% last week, the highest since early-March, according to Mysteel consultancy. ($1 = 6.3645 Chinese yuan) (Reporting by Min Zhang and Shivani Singh)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIKE24 HOLDING AG -4.84% 16.9 Delayed Quote.0.00%
CHINA STEEL CORPORATION 0.14% 36.35 End-of-day quote.46.87%
HUNAN VALIN STEEL CO., LTD. 9.39% 7.69 End-of-day quote.60.88%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.452 Delayed Quote.-0.66%
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Financials
Sales 2021 450 B 16 115 M 16 115 M
Net income 2021 52 200 M 1 869 M 1 869 M
Net Debt 2021 139 B 4 968 M 4 968 M
P/E ratio 2021 10,5x
Yield 2021 6,30%
Capitalization 560 B 20 048 M 20 061 M
EV / Sales 2021 1,55x
EV / Sales 2022 1,60x
Nbr of Employees 28 490
Free-Float 70,9%
Chart CHINA STEEL CORPORATION
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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 36,35 TWD
Average target price 41,71 TWD
Spread / Average Target 14,8%
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
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