Emerging markets PM, economist, CFA charterholder

Mark A. DeWeaver, PhD, CFA

Equity Bottom-Up

Maanshan Iron & Steel H / Equity Bottom-Up

<ul>
<li>Long-product inventories are finally falling.</li>
<li>Strong demand from infrastructure projects is expected this year.</li>
<li>Recovery in prices and spreads creates upside for Magang and Angang.</li>
</ul>Chinese inventories of rebar and wire rod generally rise from December to March, a period during which work on construction projects slows down, particularly in North and Northeast China, while steel producers prepare for the spring thaw. Recent inventory trends have provided a particularly extreme example of this…


Long-product inventories are finally falling.
Strong demand from infrastructure projects is expected this year.
Recovery in prices and spreads creates upside for Magang and Angang.
Chinese inventories of rebar and wire rod generally rise from December to March, a period during which work on construction projects slows down, particularly in North and Northeast China, while steel producers prepare for the spring thaw. Recent inventory trends have provided a particularly extreme example of this…

China Rebar Rebounds as Inventories Normalize

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Angang Steel Co Ltd (H) / Technical Analysis

WEEKLY KEY ELEMENTS Bullish above 7.00 to 11.80.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us. Equity Asia: + (65) 6735 3040 or <a href="mailto:asia@bbsp.sg" target="_blank">asia@bbsp.sg</a>Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole or in part, is strictly prohibited. This document is provided solely for…

WEEKLY KEY ELEMENTS Bullish above 7.00 to 11.80.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us.  Equity Asia: + (65) 6735 3040 or asia@bbsp.sgAccess to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole or in part, is strictly prohibited. This document is provided solely for…

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

<ul><li>This is our new monthly series to look at steel demand as a proxy for the Chinese economy.</li><li>We look at steel inventories and how they have changed since our last visit We look at steel prices in China and how they have changed.</li><li>We explain why the newsflow on steel is wrong and why you need to read our monthly on the ground steel reports.</li><li>We found very different activity this year compared to any other post-Chinese New Year.</li><li>We will give you our views on the stocks and what we see actually on the ground which is very different than what investors are reading in the news.</li></ul>

This is our new monthly series to look at steel demand as a proxy for the Chinese economy.We look at steel inventories and how they have changed since our last visit We look at steel prices in China and how they have changed.We explain why the newsflow on steel is wrong and why you need to read our monthly on the ground steel reports.We found very different activity this year compared to any other post-Chinese New Year.We will give you our views on the stocks and what we see actually on the ground which is very different than what investors are reading in the news.

Thematic (Sector/Industry)

<a href="https://www.smartkarma.com/entities/204" target="_blank" data-smartkarma-citation="entities:204:1">Maanshan Iron &amp; Steel H (323 HK)</a> and <a href="https://www.smartkarma.com/entities/203" target="_blank" data-smartkarma-citation="entities:203:1">Angang Steel Co Ltd (H) (347 HK)</a> were down 4.8% and 2.4%, respectively, last Friday (March 2), following the announcement of a 25% US tariff on imported steel. Both under-performed the <a href="https://www.smartkarma.com/entities/22900" target="_blank" data-smartkarma-citation="entities:22900:1">Hang Seng China Enterprises Index (HSCEI INDEX)</a>, which fell only 1.8%. (See Figure 1.) Investors were clearly rattled by the possibility that American protectionism might pose a threat to the two steel makers.Figure 1. Angang (347.HK), Magang (323.HK), and the HSCEI. (Daily…

Maanshan Iron &amp; Steel H (323 HK) and Angang Steel Co Ltd (H) (347 HK) were down 4.8% and 2.4%, respectively, last Friday (March 2), following the announcement of a 25% US tariff on imported steel. Both under-performed the Hang Seng China Enterprises Index (HSCEI INDEX), which fell only 1.8%. (See Figure 1.) Investors were clearly rattled by the possibility that American protectionism might pose a threat to the two steel makers.Figure 1. Angang (347.HK), Magang (323.HK), and the HSCEI. (Daily…

Chinese Steel Maker Sell-Off an Overreaction

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March…

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March…

Minimal Impact on Our Asian Steel Coverage Following U.S.Steel Import Tariffs; FVEs Unchanged

China

Angang Steel Company Limited produces steel products which include cold rolled sheets, steel rail, pipe billets, wire rods, thick plates, and other steel products.

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Angang Steel Co Ltd (H) (347 HK)

China Rebar Rebounds as Inventories Normalize

Long-product inventories are finally falling. Strong demand from infrastructure projects is expected this year. Recovery in prices and spreads...

Mark A. DeWeaver, PhD, CFA

347 HK (Angang Steel) 40% Upside

WEEKLY KEY ELEMENTS Bullish above 7.00 to 11.80.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to...

BBSP Asia

CHINA Steel Trader Visit - 3rd Visit

This is our new monthly series to look at steel demand as a proxy for the Chinese economy. We look at steel inventories and how they have changed...

Scott Laprise/ 乐天虎

Chinese Steel Maker Sell-Off an Overreaction

Maanshan Iron & Steel H (323 HK) and Angang Steel Co Ltd (H) (347 HK) were down 4.8% and 2.4%, respectively, last Friday (March 2), following...

Mark A. DeWeaver, PhD, CFA

Minimal Impact on Our Asian Steel Coverage Following U.S.Steel Import Tariffs; FVEs Unchanged

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel...

Morningstar, Inc.

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52-week Range

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