Contents
Steel share prices bottoming out, but sector lacks strong upside catalyst amid
oversupply........................................................................................................................3
What has changed on the industry front? ..................................................................4
Quarterly steel pricing and earnings outlook.............................................................5
Valuation....................................................................................................................6
Industry update – correction underway.............................................................................9
Steel industry rebalancing continuing.............................................................................10
Steel price and raw-material assumptions ...............................................................11
Company section
Angang Steel (347 HK) ...........................................................................................13
Baoshan Iron and Steel (600019 CH)......................................................................17
Maanshan Iron & Steel (323 HK)............................................................................21
Wuhan Iron & Steel (600005 CH)...........................................................................25