Steel sector lifts shares to 4-year high
Print Edition
SHANGHAI stocks surged to a four-year high yesterday, led by the steel sector which was buoyed by an increase in new orders.
The Shanghai Composite Index rose 1.67 percent to 3,108.60. For the week, the gauge gained 6.41 percent.
China’s steel market saw a slightly improved sentiment as new orders rose and output is slated to stay at November levels, according to the latest Platts China Steel Sentiment Index (Platts CSSI).
The CSSI, which reflects expectations of market participants, ended at 37.39 out of a possible 100 points in December, up 11.77 points from 25.62 in November.
Although a reading below 50 signals a contraction, the final reading actually improved from a month ago according to market observers.
All the components in the latest index have improved, rebounding from last month’s record lows, due to hopes the Chinese government would remove the tax rebate on certain steel exports.
Maanshan Iron & Steel, Baoshan Iron & Steel and AnYang lron And Steel all surged by the daily limit of 10 percent to close at 3.92 yuan (63 US cents), 7.01 yuan and 3.74 yuan respectively.
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