Steel stocks rose in the afternoon. As of press release, Angang Steel (00347) rose 6.52% to HK$1.47; Chongqing Iron & Steel (01053) rose 4.76% to HK$0.66; Maanshan Steel (00323) rose 4.17% to HK$1.25; and China Oriental Group (00581) rose 2.83% to HK$1.09.
The Zhitong Finance App learned that steel stocks rose in the afternoon. As of press release, Angang Steel (00347) rose 6.52% to HK$1.47; Chongqing Iron & Steel (01053) rose 4.76% to HK$0.66; Maanshan Steel (00323) rose 4.17% to HK$1.25; and China Oriental Group (00581) rose 2.83% to HK$1.09.
According to the news, in March 2024, China's steel export volume was 9.89 million tons, up 25.3% year on year, and 37.9% month on month; the average export unit price was 634 US dollars/ton, down 44.2% year on year, down 0.9% month on month. China's steel export volume base is high in 2023; in addition, since the beginning of the year, anti-dumping investigations against China's steel products have intensified in Southeast Asian countries, and the US plan to impose tariffs on China's steel products, the market generally anticipates an increase or pressure on steel exports this year. The export volume in March hit a single-month high in recent years, significantly higher than market expectations.
Changjiang Securities pointed out that by country, exports from Southeast Asia and the Middle East continued to increase, or more reflected an increase in the manufacturing and energy steel boom in importing countries; overall demand in Europe and the US remained stable, and there was a marginal improvement trend. By variety, hot rolling contributed the main increase, and the marginal improvement in the year-on-year growth rate of silicon steel exports was the most obvious. Subsequent export opportunities for high-end sheets such as silicon steel are worth paying attention to.