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Steel Price Tracker:Global HRC prices rebound,iron ore price

2019-10-09 06:51栏目:加拿大28在线预测99
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加拿大28在线预测99 ,Will steel prices still fall?

Will steel prices fall or maintain their strength.

Entering the seasonally weak Q3; will steel prices fall?

Will steel prices fall or keep their strength?Steel equities continue to be volatile, driven by macro woes and commodity pricemovements. Although current spot conditions remain strong, we still forecastcost support to fade and, thus, European prices to fall (current spot conditionswould imply further significant earnings upgrades across the space). Our toppicks are: 1) ArcelorMittal, which looks attractive to us based on strong cash flow(7-12% FCF yield), valuation and additional upside optionality; and 2) Voestalpine,which we believe has more room for upgrades, generates strong underlying CF(9-10% FCF yield) and has a less volatile business model.

    Volatility in steel equities remains driven by macro woes/commodity pricemovements. Although current spot conditions remain strong, we still forecastcost support to fade and thus European prices to fall (current spot conditionswould imply significant further earnings upgrades across the space). Our toppicks: 1) ArcelorMittal, which looks attractive to us based on strong cashflow (7-12% FCF yield), valuation and additional upside optionality; and 2)ThyssenKrupp, on a possibly nearing event catalyst (Tata merger), recoveringearnings, and improving CF and sentiment.

    Steel equities continue to be volatile, driven by macro woes and commodity pricemovements. Although current spot conditions remain strong, we still expect costsupport to fade and, thus, European prices to fall (current spot conditions wouldimply further significant earnings upgrades across the space). Our top picks are1) ArcelorMittal, which looks attractive to us based on strong cash flow (7-12%FCF yield), valuation and additional upside optionality; and 2) Voestalpine, whichwe believe has more room for upgrades, generates strong underlying CF (9-10%FCF yield) and has a less volatile business model.

    Volatility in steel equities remains driven by macro woes/commodity pricemovements. As cost support is fading, we expect European prices to fall (currentspot conditions would imply significant further earnings upgrades across thespace). Thus, progress on anti-dumping policy and overcapacity removal remainscrucial in the long term. Our top picks: 1) ArcelorMittal, which looks attractiveto us based on strong cash flow (7-12% FCF yield), valuation and additionalupside optionality; and 2) ThyssenKrupp, on a possibly nearing event catalyst (Tatamerger), recovering earnings, and improving CF and sentiment.

    HRC: N. European prices down E3.

    HRC: Northern European prices up E9

    HRC: N. European prices down E1.

    HRC: Southern European prices up E9t) t) )

    Last week, N. European prices were down by E3 to E537 (up USD5 to USD632)and S. European prices were down by E3 to E501 (up USD4 to USD590). Priceshave risen E16 in the past three months.

    Last week, Northern European prices were up E9 to E514 (up USD9 to USD605);Southern European prices were also up E4 to E480 (up USD3 to USD565). Priceshave fallen E8 in the past three months.

    Last week, N. European prices were down E1 to E537 (up USD1 to USD633) andS. European prices were down E1 to E500 (stable in USD terms at USD590). Priceshave fallen E10 in the past three months.

    Last week, Southern European prices were up E9to E457(up USD15to USD527);

    US HRC prices down USD2; Chinese export prices up USD1.

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