Steel sector – In-depth – [NONRATED] – Building Momentum

In 5M24, the total sale volume of the steel industry is at 11mn tonnes, +15% yoy. We forecast the industry’s sales volume to maintain positive yoy growth. However, the growth rate could be limited to a single-digit. However, despite 2H24F bright prospects, only HPG has a potential upside of 26%, per Bloomberg consensus. While both HSG and NKG had reached their consensus target valuation and are no longer attractive.