Local steel prices eased slightly in Oct 17, echoing the slight steel price contraction in China on the winter season. We believe local steel prices will stay high, given continuing industry reform on the global and domestic fronts, and rising local steel demand from various mega and infrastructure projects. We expect strong 3Q17 results in 3Q17 and into 4Q17 as demand starts to rise. Maintain OVERWEIGHT.
Source: UOB Kay Hian Research - 9 Nov 2017
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