Uncertain Asia Steel Outlook Warrants Cautious View of BlueScope -- Market Talk

Dow Jones04-02

0047 GMT - The lack of certainty regarding the outlook for steel in the Asia-Pacific region is among reasons stopping RBC Capital Markets from being bullish about BlueScope Steel right now. In a note, analyst Owen Birrell highlights a supply glut in China, where 90 million tons of steel is being pushed into the seaborne market, compressing East Asian steel prices and spreads. "Import parity pricing is under pressure, and would be lower if not for the weak Australian dollar," says RBC, initiating coverage of BlueScope with a sector-perform call and A$24.50 price target. BlueScope is down 1.3% at A$23.53. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 01, 2024 20:48 ET (00:48 GMT)

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