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