另一篇看好钢铁价格的报道（来自The Star，只取部分）。
Wednesday April 9, 2008
Long steel expected to stay firm in near term
PETALING JAYA: The super cycle in Malaysia's long steel sector is expected to last another two years, thus positioning the sector in the most favourable environment.
OSK Investment Bank in its latest report is maintaining an “overweight” on the sector.
“The steel stocks are trading at attractive single-digit price earnings ratio on their financial year 2008 numbers despite current positive developments,” it said.
The potential removal of present ceiling prices for steel bars and billets should enhance the transparency issues that had been plaguing the industry and could lead to a potential market re-rating, it added.
“The liberalisation of imports will not dilute local steel millers' market share in Malaysia, while the free export will bode well for local steel manufacturers to capitalise on the current regional shortage in billets,” it said.
While the prospect of a free market (cancellation of present ceiling prices) seemed to contradict the earlier proposed Automatic Price Mechanism for billets and steel bars, OSK said the move would help enhance earnings visibility of steel millers as both allowed timely cost pass through.
In 2007, there were three price increases for billets and steel bars. The 12% hike in December saw the ceiling price for standard billets raised to RM1,907 per tonne and bars to RM2,278 per tonne.
Currently, the regional steel prices were trading about RM800 per tonne higher than the local steel ceiling prices.
On the regional front, there was a mismatch between higher capacity installed for downstream facilities at 31.7 million tonnes against upstream steel making at 18.3 million tonnes per year. There was a dire need for about five million tonnes of billets within the Asean region, OSK said.
写于四月九日二零零八年
No comments:
Post a Comment