Analyst Pin-board Steel industry update - Flat steel segment outperformed
- Steel consumption has increased positively in 5M2021 YoY in all major segments.
- In construction steel, sales volume grew at a high pace in 5M2021, but the domestic demand can become weaker in the June-September period due to seasonality, high selling price, and COVID-19’s negative impact.
- In the coated steel segment, sales volume has increased strongly in 5M2021 due to strong demand overseas. Exports can remain strong in 2H2021 owing to favorable demand, prices, and trade policies.
- We raise our target price on HPG from VND 50,100/share to VND 55,200/share to account for the better prospect in the hot-rolled coil segment.
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