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Insufficient market demand has led to a decline in CSI Commodity Equity Index prices. DA MING INT'L (01090.HK) expects an increase in annual net losses.
According to Gelonghui on December 20, DA MING INT'L (01090.HK) announced that the group expects a significant increase of over 60% in net loss for the fiscal year ending December 31, 2024, compared to a net loss of approximately RMB 0.1905 billion for the year ending December 31, 2023. The increase in net loss is primarily due to a decline in commodity prices resulting from insufficient market demand.
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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.
