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Steel shares may continue to underperform in 2024
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Morgan Stanley said steel shares may continue to underperform in 2024, as in 2023, citing weak global macro-outlook, higher domestic supply, and unattractive valuations.
The brokerage said these stocks have lagged the market in 2023 despite a strong demand environment on slower-than-expected demand recovery in China.
«With no material improvement in China's demand recovery — and hence inventory levels and spreads in India — we expect the industry to continue to underperform in 2024,» said Morgan Stanley's analyst Rahul Gupta in a note to clients.
The brokerage said current valuations of steel stocks at 1.5 times the one-year estimated price to book (P/B) are 50% above long-term averages.
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