Business
European steel stocks rise on hopes of China steel export curbs
European steel stocks rise on hopes of China steel export curbs
About this update from Acerinox Sa
** Shares in European steelmakers rise after the China Iron & Steel Association proposed restricting exports of certain steel products** Analysts at ANZ say the proposal could keep more supply within the country and potentially put pressure on prices** "Sentiment is risk-on today," says Oddo BHF analyst Maxime Kogge, also pointing to comments from China's President Xi Jinping about a crackdown on low-price competition and phase-out of outdated industrial capacity** "(This) would help reduce steel exports and improve steel prices," Kogge says** European steel industry group Eurofer has long argued against what it calls unfair competition and Chinese overcapacity pushing prices down** Shares of Germany's Thyssenkrupp XETR:TKA and Salzgitter XETR:SZG are up 7.6% and 5.3%, respectively** Acerinox BME:ACX rises 4.1%, Aperam EURONEXT:APAM and ArcelorMittal EURONEXT:MT are up 4.4% and 5.5%, respectively** Outokumpu OMXHEX:OUT1V and SSAB OMXSTO:SSAB_A rise 4.1% and 5.9%, respectively