Report: Baosteel's profit up 113-121% for 2017-Shanghai Metals Market

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Report: Baosteel's profit up 113-121% for 2017

Company News 05:31:23PM Jan 26, 2018 Source:SMM

SHANGHAI, Jan 26 (SMM)-Baosteel expects net profits of 19.1-19.8 billion yuan in 2017, up 113-121% from 8.97 billion yuan in 2016, according to its annual performance forecast.

Profits in the fourth quarter were driven by higher flat steel prices, better-than-expected profits from Zhanjiang Steel as it operated at full capacity as well as through a merger with Wuhan Steel.

Stockpiling has become the key factor for steel prices in light of weak downstream consumption. Prices are likely to stabilise or inch up if there is healthy winter restocking. On the other hand, markets would be bullish in spring if winter restocking is lacklustre.

 


The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.
 

Key Words:  Baosteel   profits   stockpile 

Report: Baosteel's profit up 113-121% for 2017

Company News 05:31:23PM Jan 26, 2018 Source:SMM

SHANGHAI, Jan 26 (SMM)-Baosteel expects net profits of 19.1-19.8 billion yuan in 2017, up 113-121% from 8.97 billion yuan in 2016, according to its annual performance forecast.

Profits in the fourth quarter were driven by higher flat steel prices, better-than-expected profits from Zhanjiang Steel as it operated at full capacity as well as through a merger with Wuhan Steel.

Stockpiling has become the key factor for steel prices in light of weak downstream consumption. Prices are likely to stabilise or inch up if there is healthy winter restocking. On the other hand, markets would be bullish in spring if winter restocking is lacklustre.

 


The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM assumes no liability for accuracy of information contained or quoted in the article.
 

Key Words:  Baosteel   profits   stockpile