Published Date: 20/09/2024
- Over supply and low demand were main drivers for the downtrend of China steel price in 9M24. But the pressure could be eased since 4Q thanks to cut off production.
- We project the recovery of domestic steel price would start in 4Q24 thanks to (1) lower pressure from China and (2) growth of domestic demand in high
construction season. - We chose HPG, HSG, NKG given their positions as the beneficiaries of the recovery cycle.
