Effective yesterday, Chinese government has raised the export tax for metallurgical coke from 25% to 40%. No impact on SHA as all of its production is sold domestically.
Share price is at historical low (-27% YTD) vs coke prices which rose 100%YTD to RMB3100/tonne. Accumulate ahead of Q308 results release (22nd Aug) on step-up earnings from new capacity.
Share price is at historical low (-27% YTD) vs coke prices which rose 100%YTD to RMB3100/tonne. Accumulate ahead of Q308 results release (22nd Aug) on step-up earnings from new capacity.
No comments:
Post a Comment