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Hong Kong stocks movement | Steel stocks rose sharply in the afternoon. The steel production capacity replacement method is being revised, and the elimination of outdated capacity is expected to accelerate by 2025.
Steel stocks surged sharply in the afternoon. As of the time of writing, IRC (01029) rose by 9.41%, priced at 0.093 HKD; CHINAVTM MINING (00893) rose by 5.77%, priced at 0.055 HKD; CHONGQING IRON (01053) rose by 5.75%, priced at 0.92 HKD; Angang Steel (00347) rose by 2.72%, priced at 1.51 HKD; MAANSHAN IRON (00323) rose by 3.39%, priced at 1.83 HKD.
Driven by demand from China, iron ore has once again surpassed the $100 mark.
SGX iron ore Futures rose for the fourth consecutive trading day, with Analysts indicating that the rebound in iron ore prices is mainly driven by strong demand from China. Yesterday, China's General Administration of Customs released import and export data showing that China's iron ore imports reached a record 1.24 billion tons in 2024.
In December, China's import volume of CSI Commodity Equity Index showed a mixed trend, with iron ore remaining at a high level, while the import volume of Coal and Soybean reached a record high for the year.
In December, the year-on-year increase in unrefined Copper and copper materials, integrated circuits, iron ore and its concentrates ranked first, while the decline in finished oil was the largest. The import volume of iron ore has remained above 0.1 billion tons for six consecutive months, and the import volume of Coal has remained above 45 million tons for the sixth consecutive month.
Hong Kong stocks have seen fluctuations | Steel stocks fell across the board today as the overall winter storage situation did not meet expectations; Institutions indicate that the Industry is weak under a dual supply and demand weakness.
Steel stocks fell broadly today. As of the time of writing, Angang Steel (00347) fell by 5.41%, priced at 1.4 HKD; CHONGQING IRON (01053) fell by 4.44%, priced at 0.86 HKD; MAANSHAN IRON (00323) fell by 1.84%, priced at 1.6 HKD.
CHINAVTM MINING (00893.HK): Tang Guoqiong has been appointed as an independent non-executive Director.
Gelonghui reported on December 31 that CHINAVTM MINING (00893.HK) announced the appointment of Tang Guoqiong as an independent non-executive Director and as a member of the company's audit committee, nomination committee, and compensation committee, effective December 31, 2024.
The trend of steel companies becoming more "outward" is significant, with steel exports exceeding 100 million tons, setting an eight-year record high.
① Due to the continuous decline in domestic Steel consumption, companies in the Steel Industry Chain are focusing on overseas markets as a key area for development. This year, steel exports exceeded 100 million tons, reaching a new high in eight years. ② Under policy guidance, the proportion of exports of medium to high value-added products has increased, showing a trend of change in the overall structure of domestic Steel exports from long products to flat products.