资源描述：
《德银-全球-钢材市场-钢材价格追踪：欧盟板块价格下跌，美国价格走强》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、SteelPriceTrackerDeutscheBankMarketsResearchEuropeIndustryDateAustria8November2017FranceSteelPriceTrackerSteelPeriodicalSteelUSpricesstrengthenasEUplatepricesfallBastianSynagowitzWillsteelpricesfallorkeeptheirstrength?ResearchAnalystSteelequitiescontinuetobevolatile,drivenbymacrowoesand
2、commoditypricemovements.Althoughcurrentspotconditionsremainstrong,westillforecast+41-44-227-3377costsupporttofadeand,thus,Europeanpricestofall(currentspotconditionsToppickswouldimplyfurthersignificantearningsupgradesacrossthespace). OurtoppicksArcelorMittal(MT.AS),EUR25.39Buyare:1)Arcelo
3、rMittal,whichlooksattractivetousbasedon:strongcashflowVoestalpine(VOES.VI),EUR48.02Buy(7-12%FCFyield),valuationandadditionalupsideoptionality,and2)Voestalpine,Source:DeutscheBankwhichwebelievehasmoreroomforupgrades,generatesstrongunderlyingCF(9-10%FCFyield)andhasalessvolatilebusinessmode
4、l.HRC:S.EuropeanpricesdownE3Lastweek,S.EuropeanpricesweredownE3toE509(downUSD8toUSD592)Figure1:HRCpricesandN.EuropeanpricesweredownbyE1toE540(downUSD6toUSD628).PricesUSD/t1,050NorthernEuropeUSAChinaexportstoEuropehaverisenE26inthepastthreemonths.1,000950900850800USHRCpricesupUSD13;Chine
5、seexportpricesdownUSD6750700USHRCpriceswereupUSD13lastweek.SeveralUSplayerspreparedthe650600marketforaUSD40/tpricehike.ThepricegapwithEuroperosetoUSD54/t,550500450whilethepricedifferentialwithChinaincreasedtoUSD138/t.ChineseHRCprices400350decreasedbyUSD6toUSD545.ThespreadbetweenChinesean
6、dS.European300250200pricesdecreasedtoUSD47,lessthanthetwo-yearaveragespreadofUSD58,OctJanAprJulOctJanAprJulOctJanAprJulOctJanAprJulOct1314141414151515151616161617171717withChinesepricesupE15(+USD3)inthepastthreemonths.Source:TheSteelIndexPlate:S.EuropeanpricesdownE24S.Europeanpricesfell
7、E24toE535(downUSD33toUSD622).PricesfellE27Figure2:Rawmaterialpricesinthepastmonth.N.EuropeanpricesalsofellbyE14toE575(downUSD22toUSD/tIronoreFines62%Fe,CFRTianjin,ChinaShreddedscrap,US(RHS)USD/t550USD669).USpriceswerestableatUSD759(alsostableinEurotermsatE648).210500190170450Ir
