Shougang Resources (00639) fell nearly 4%. As of press release, it was down 3.97% to HK$2.66, with a turnover of HK$42.3874 million.
The Zhitong Finance App learned that Shougang Resources (00639) fell nearly 4%. As of press release, it was down 3.97% to HK$2.66, with a turnover of HK$42.3874 million.
According to the news, Shougang Resources announced its 2023 annual results. The group achieved revenue of HK$5.891 billion during the period, a year-on-year decrease of 28%; profit attributable to company owners was HK$1,889 billion, a year-on-year decrease of 30%; and a final dividend of HK18 cents per share was planned. 28 HK cents in the same period last year. According to the announcement, the decline in operating income was mainly due to a 20% year-on-year reduction in the average sales price of refined coking coal and a 7% year-on-year drop in refined coking coal sales.
Furthermore, Okoshi Futures believes that many steel mills have begun the seventh round of lowering coke, and coking companies are pressuring their procurement of raw coal due to profit factors, and some have suspended the replenishment of raw coal stocks. Currently, upstream and downstream enterprises lack confidence in the market environment, and there is a strong wait-and-see attitude. Overall, market demand is weak, negative downstream feedback is increasing, and it is expected that coking coal may operate weakly in the short term.