Jefferies lowers dry bulk estimates on weaker China steel outlook
US investment bank cuts earnings prediction and price targets but is positive on 2024 given tighter supply-demand balance
While China’s reopening led to higher steel production and iron ore imports, a sustained recovery ‘seems farther away’ based on the recent drop in steel prices, says Jefferies equity analyst Omar Nokta. However, an expected China stimulus could be a positive near-term trigger
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