MVS research note: Steel mill margins subside; Fleeting fortunes for the “Zombies”

摘要

We are beginning to see the end of thesoaring Chinese steel mill margins which hadbeen fuelled by the rise in steel prices sincethe beginning of the year. The increase in millprofitability that had awakened the “zombie”mills seems to be dwindling as margins thisweek return to levels seen before the steelprice surge in March.