Steel rebar futures rose to above the CNY 3,800 per tonne mark for the first time in seven weeks in early November, lifted by robust demand, lower inventories, and threats to supply from key producers. The Chinese government widened its budget deficit for the current year to accommodate CNY 1 trillion worth of additional sovereign debt, set to target manufacturing and steel-intensive infrastructure. The measures aligned with calls from other players, including Rio Tinto and JPMorgan, that higher infrastructure spending from China will keep metal commodity markets robust in the short term. Market players also flagged low inventories in key warehouses across China, dropping by nearly 2% in the final week of October. Lastly, worsening air quality in key production hubs in Northern China prompted concerns that mills and blast furnaces may be forced to suspend activity to comply with pollution standards, risking supply
Hiaptek still undervalued at 43-46 cents range , its quarterly profit should continue to improve in next 2 quarters whereas HLG forget to rerate this better fundamental steel manufacturers after adjusting down the TP one year plus ago ….:)
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tksw
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Posted by tksw > 2023-10-12 11:35 | Report Abuse
hng sifu no sell, price dare not go up, scared hng sifu take profit....
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