Steel benefited from a China demand rebound in the past 12 months asapparent demand recovered from 2H16 on better industrial production and PMIdata. While the cyclical recovery is maturing after a year of sequentialimprovement, we expect positive momentum to continue at least into 2Q17.
Among other steelmakers, POSCO is the top performer, up almost 70%.
Japanese steel stocks have lagged as earnings results are still pending.
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