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    000709   CNE000000H20

HBIS COMPANY LIMITED

(000709)
  Report
End-of-day quote. End-of-day quote Shenzhen Stock Exchange - 08/05
2.51 CNY   -1.18%
08/03H1 Profit of China's Top Steelmakers Soars 220%
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07/29China to Raise Steel Export Tariffs to Cut Crude Steel Output
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07/29China's GCL plans Ethiopian ammonia plant and hydrogen facilities
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Chinese steelmakers call for investigation into surging iron ore prices

12/11/2020 | 04:26am EDT
FILE PHOTO: A man works on transporting iron ore on a truck at Ganyu port in Lianyungang

BEIJING (Reuters) - China's steel producers have called on the market regulator and securities regulator to investigate a recent jump in iron ore prices and crackdown on any possible wrongoing, an industry group said on Friday.

Benchmark iron ore futures on China's Dalian Commodity Exchange jumped for the fifth straight week and soared nearly 10% on Friday to break above 1,000 yuan ($152.88) per tonne for the first time ever.

While steel demand has surged in China as the economy quickly recovers from the coronavirus crisis, the industry group and traders say there are signs that speculators are now jumping in and adding fuel to the rally.[IRONORE/]

"Current surging iron ore prices have deviated from the supply and demand fundamentals, largely exceeded mills' expectations and there's obvious signs of capital speculation," the China Iron and Steel Association (CISA) said in a statement, citing major steel producers at a symposium on Thursday afternoon.

Steel firms which attended the symposium included China Baowu Steel Group, Shagang Group, Beijing Shougang, HBIS, Valin Steel and Jianlong Steel.

The steelmakers have asked for a strict crackdown on possible violations of laws and regulations, the CISA said, adding that current iron ore market pricing mechanism has failed.

The significant increase in iron ore prices has eroded the economic performance China achieved after the coronavirus pandemic, according to the steel body.

"Losses in the steel sector are expected to widen. It's not good for the stability of industry chain and supply chain and will seriously weaken Chinese manufacturing's international competitiveness," said the CISA.

($1 = 6.5411 Chinese yuan renminbi)

(Reporting by Min Zhang and Shivani Singh; Editing by Kim Coghill)

By Min Zhang and Shivani Singh


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. -0.41% 7.35 End-of-day quote.23.53%
BEIJING SHOUGANG CO., LTD. -6.40% 6.29 End-of-day quote.64.23%
HBIS COMPANY LIMITED -1.18% 2.51 End-of-day quote.12.05%
HUNAN VALIN STEEL CO., LTD. -1.12% 7.04 End-of-day quote.47.28%
JIANGSU SHAGANG CO., LTD. -1.70% 6.93 End-of-day quote.-36.83%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.04% 6.4588 Delayed Quote.-0.52%
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Financials
Sales 2021 - - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 15,7x
Yield 2021 -
Capitalization 25 946 M 4 015 M 4 016 M
Capi. / Sales 2021 -
EV / Sales 2022
Nbr of Employees 35 336
Free-Float 36,8%
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Mean consensus -
Number of Analysts 1
Last Close Price 2,51 
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Managers and Directors
Bin Xu Vice Chairman & General Manager
Guang Shen Chang CFO, Director & Chief Accountant
Wei Jun Dong Chairman-Supervisory Board
Jian Liu Chairman
Yu Zhu Zhang Independent Director
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