BUZZ-Citi downgrades Australia's Bluescope Steel to 'neutral'

Reuters
2024-10-24

** Analysts at Citi downgrade stock rating on Australia's Bluescope Steel to "neutral" from "buy"; maintain PT at A$23

** Brokerage says momentum in steel prices in the United States has stalled and Asian steel spreads are being pressured by high China exports

** Says investors need to exercise caution around Bluescope Steel into year-end

** Until China stimulus efforts to improve domestic demand take effect, we expect high China steel exports may persist - Citi

** Stock has fallen 9.7% this year, as of last close

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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