摩根士丹利：不锈钢_第三季度业绩信号混杂 – 碳钢优于不锈钢
摩根大通·2024-10-13 16:43
M Idea Stainless Steel | Europe October 8, 2024 09:00 PM GMT Mixed Signals into Q3 Results – Prefer Carbon Steel over Stainless Following China's policy pivot, we see a better risk-reward in carbon steel, as stainless may see possible benefits with a lag. The softening US backdrop and sluggish European market prompt us to neutralise Outokumpu but keep ACX at relative Overweight. APAM remains most geared to an EU inflection. Key Takeaways We forecast Q3 EBITDA largely stable, Q4 up 7% q/q on average across t ...