资源描述：
《德银-全球-钢材行业-钢材价格追踪：美国价格上涨-焦煤继续上涨》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、SteelPriceTrackerDeutscheBankMarketsResearchEuropeIndustryDateAustria29November2017FranceSteelPriceTrackerSteelPeriodicalSteelUSpricesrise-cokingcoalkeepsedgingupBastianSynagowitzWillsteelpricesfallormaintaintheirstrength?ResearchAnalystSteelequitiescont
2、inuetobevolatile,drivenbymacrowoesandcommoditypricemovements.Althoughcurrentspotconditionsremainstrong,westillexpectcost+41-44-227-3377supporttofadeand,thus,Europeanpricestofall(currentspotconditionswouldToppicksimplyfurthersignificantearningsupgradesacro
3、ssthespace). OurtoppicksareArcelorMittal(MT.AS),EUR24.78Buy1)ArcelorMittal,whichlooksattractivetousbasedonstrongcashflow(7-12%Voestalpine(VOES.VI),EUR47.78BuyFCFyield),valuationandadditionalupsideoptionality;and2)Voestalpine,whichSource:DeutscheBankwebeli
4、evehasmoreroomforupgrades,generatesstrongunderlyingCF(9-10%FCFyield)andhasalessvolatilebusinessmodel.HRC:N.EuropeanpricesdownE1Lastweek,N.EuropeanpricesweredownE1toE537(upUSD1toUSD633)andFigure1:HRCpricesS.EuropeanpricesweredownE1toE500(stableinUSDtermsa
5、tUSD590).PricesUSD/t1,050NorthernEuropeUSAChinaexportstoEuropehavefallenE10inthepastthreemonths.1,000950900850800USHRCpricesupUSD14;Chineseexportpricesstable750700USHRCpriceswereupUSD14lastweekfollowingtheUSD40/tpriceincrease650600ofseveralUSplayers.Thep
6、ricegapwithEuroperosetoUSD56/t,whiletheprice550500450differentialwithChinaincreasedtoUSD143/t.ChineseHRCpriceswerestable400350atUSD546.ThespreadbetweenChineseandS.Europeanpriceswasalsostable300250200atUSD44,lessthanthetwo-yearaveragespreadofUSD58,withChin
7、esepricesNovMarJulNovMarJulNovMarJulNovMarJulNov13141414151515161616171717downE5(downUSD6)inthepastthreemonths.Source:TheSteelIndexPlate:N.EuropeanpricesupE1N.EuropeanpriceswereupE1toE575(upUSD3toUSD678).PricesfellE15inFigure2:Rawmaterialpricesthepastmon
8、th.S.EuropeanpriceswerestableatE537(upUSD2toUSD633).USD/tIronoreFines62%Fe,CFRTianjin,ChinaShreddedscrap,US(RHS)USD/t550USpriceswerestableatUSD759(alsostableineurotermsatE648).210500190170450Ironore:Fines62%FepricesupUSD2/
