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    2002   TW0002002003

CHINA STEEL CORPORATION

(2002)
  Report
End-of-day quote Taiwan Stock Exchange  -  2022-09-22
27.85 TWD   -2.11%
09/22Iron ore rebounds on rising China steel output, stimulus hopes
RE
09/16CHINA STEEL : Preliminary Result July 2022
PU
09/16CHINA STEEL : Price Announcement for Domestic Sales of Fourth Quarter/October shipment of 2022
PU
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Iron ore rebounds on rising China steel output, stimulus hopes

09/22/2022 | 04:58am EDT
Piles of imported iron ore are seen at a port in Zhoushan, Zhejiang

(Reuters) - Iron ore futures rebounded from two-week lows on Thursday, bolstered by rising steel output in top producer China and expectations of higher demand for the steelmaking ingredient ahead of the country's Golden Week holiday.

Hopes of more stimulus to shore up China's COVID-hit economy also added to the buoyant mood.

The most-traded January iron ore on China's Dalian Commodity Exchange ended daytime trade 3.2% higher at 718 yuan ($101.47) a tonne.

On the Singapore Exchange, the benchmark October iron ore contract was up 2.8% at $98.35 a tonne, as of 0827 GMT.

China's daily crude steel output recovered further in the middle ten days of September, with the volume touching a three-month high of 2.89 million tonnes on average, according to industry data provider Mysteel. Average daily crude steel output over the period was up 25,900 tonnes, or 0.9%, from the prior 10 days.

Mysteel attributed the rise in output in mid-September mainly to some blast furnace steelmakers resuming operations or steadily ramping up output after the previous production cutbacks.

Analysts said traders and steel mills were expected to replenish their iron ore stocks ahead of the Golden Week holiday beginning Oct. 1.

Steel prices also rebounded from recent declines as China Development Bank, the country's largest policy lender by assets, said it will increase the number of infrastructure loans it gives to local governments.

Rebar and hot-rolled coil on the Shanghai Futures Exchange both climbed 3%. Stainless steel rose 0.4%.

Other steelmaking inputs also rose, with Dalian coking coal up 2.8% and coke climbing 1.8%.

However, doubts remain over the sustainability of any gains in the ferrous complex.

Iron ore prices may continue to fluctuate, "taking into account the pre-holiday replenishment, lower-than-expected (downstream steel) demand and adverse macro effects," analysts at Huatai Futures said in a note.

(Reporting by Enrico Dela Cruz in Manila; Editing by Devika Syamnath)

By Enrico Dela Cruz


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA STEEL CORPORATION -2.11% 27.85 End-of-day quote.-21.22%
MSCI SINGAPORE (GDTR) -1.21% 5420.92 Real-time Quote.-12.59%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.53% 7.1173 Delayed Quote.11.38%
All news about CHINA STEEL CORPORATION
09/22Iron ore rebounds on rising China steel output, stimulus hopes
RE
09/16CHINA STEEL : Preliminary Result July 2022
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08/29CHINA STEEL SECTOR TURNING CORNER AS : Russell
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08/17China Steel to Trim Domestic Prices in September
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08/12CHINA STEEL : Announcement for disposal of the Bulk Carrier on behalf of subsidiary CSE
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08/05China Steel Corporation Reports Earnings Results for the Second Quarter and Six Months ..
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Analyst Recommendations on CHINA STEEL CORPORATION
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Financials
Sales 2022 468 B 14 682 M 14 682 M
Net income 2022 23 959 M 752 M 752 M
Net Debt 2022 145 B 4 548 M 4 548 M
P/E ratio 2022 15,9x
Yield 2022 4,86%
Capitalization 429 B 13 481 M 13 481 M
EV / Sales 2022 1,23x
EV / Sales 2023 1,29x
Nbr of Employees 28 490
Free-Float 72,6%
Chart CHINA STEEL CORPORATION
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Technical analysis trends CHINA STEEL CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 9
Last Close Price 27,85 TWD
Average target price 27,41 TWD
Spread / Average Target -1,57%
EPS Revisions
Managers and Directors
Hsi Chin Wang General Manager & Director
Chao Tung Wong Chairman
Min Hsiung Hung Independent Director
Hsueh Pin Chang Independent Director
Lan Fen Kao Independent Director