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Steel counters rally amid rise in Chinese steel prices on expectations of lower supply

Mimi Sabreena 5:03:00 PM Informasi

KUALA LUMPUR (Aug 9): Steel counters on Bursa Malaysia are having a good run today as Chinese steel prices hit their highest level since 2013 on expectations of reduced supply in the winter on the back of Beijing-imposed capacity curbs.

Ann Joo Resources Bhd's share price rose 3.6% to RM3.15 with 592,700 units traded. Similarly, Southern Steel Bhd, Mycron Steel Bhd, and Melewar Industrial Group Bhd gained by 4.7%, 5.2% and 7.0% respectively. CSC Steel Holdings Bhd and YKGI Holdings Bhd, however, fell by 0.6% and 4.9% respectively.

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