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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Hbis Company Limited    000709   CNE000000H20

HBIS COMPANY LIMITED

(000709)
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Australian miner Fortescue wins HBIS iron ore tender in yuan

08/10/2020 | 06:56am EST
File photo of the logo of Fortescue Metals Group adorning their headquarters in Perth, Australia

Australian miner Fortescue Metals Group won a tender to supply HBIS Group Co Ltd with an iron ore spot cargo that will be paid for in yuan, the Chinese steelmaker said on Monday.

HBIS unit Hebei Iron & Steel International Holding notified Fortescue, the world's fourth-largest iron ore miner, by email that its offer for 30,000 tonnes of super special fines had been accepted, HBIS said in a statement, without putting a value on the deal.

It marked the first time an overseas miner had won a portside tender in yuan in China, bucking the trend of U.S. dollar-denominated transactions.

China has been trying to gain influence over pricing of iron ore. Its top steel producers have completed several iron ore purchases denominated in yuan this year.

The transaction "opened up a new channel for steel mills to lower purchasing costs," HBIS, China's second-biggest steelmaker, said in the statement.

(Reporting by Min Zhang and Tom Daly; Editing by Susan Fenton)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED 0.50% 22.21 End-of-day quote.-5.21%
HBIS COMPANY LIMITED 0.88% 2.3 End-of-day quote.2.68%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.47% 6.5364 Delayed Quote.0.20%
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Financials
Sales 2020 112 B 17 124 M 17 124 M
Net income 2020 1 591 M 244 M 244 M
Net Debt 2020 - - -
P/E ratio 2020 15,2x
Yield 2020 4,39%
Capitalization 23 775 M 3 660 M 3 644 M
Capi. / Sales 2020 0,21x
Capi. / Sales 2021 0,21x
Nbr of Employees 34 439
Free-Float 37,6%
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Technical analysis trends HBIS COMPANY LIMITED
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 2,60 CNY
Last Close Price 2,28 CNY
Spread / Highest target 14,0%
Spread / Average Target 14,0%
Spread / Lowest Target 14,0%
EPS Revisions
Managers and Directors
NameTitle
Guang Shen Chang CFO, Director & Chief Accountant
Wei Jun Dong Chairman-Supervisory Board
Jian Liu Chairman
Yu Zhu Zhang Independent Director
Da Qiang Cang Independent Director
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