North America Metals & Mining: Sunday Morning Metals: JPM Natural Resources Conference; Steel Mid-Qtr Guide Takeaways
Report Coverage
- Broker
- JPMorgan
- Region
- United States
- Report Type
- Market Report
- Primary Focus
- North America Metals & Mining
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Report Summary
buy-side expectations currently are across stocks, which in turn can impact performance over • We fielded numerous inbounds from investors on steel’s underperformance following last week’s news of the peace deal with Iran, which we attribute to a risk-on sentiment and rotation into more beta-levered metals given steel has been viewed as a relative safe haven. Following mid-quarter guides from NUE/STLD, investors we spoke with afterwards questioned whether STLD’s reaction (-7%) vs. peer NUE (-3%) was warranted, and whether there could be implications to STLD’s ADI operations achieving run-rate EBITDA ($650-700M) with the delayed second satellite slab caster outlined in • On CRS, investors we spoke with debated how far out management may extend new long-term guidance (i.e. pre vs. post b
Key Takeaways
- key headlines, JPM research, channel checks, and investor sentiment from the (1-415) 315-6766
- 7 shipping days vs. prior 45.7 and year-ago levels at 57.1, according to Steel
- US HRC lead times:
- SMU’s latest rose to 7.4 weeks from 7.1 weeks.
- Platts’ latest rose to 6.8 weeks from 6.6 weeks.
- We note normalized HRC lead times typically fall in the four- to six-week range.
Why This Report Matters
JPMorgan's 33-page analysis on "North America Metals & Mining: Sunday Morning Metals: JPM Natural Resources Conference; Steel Mid-Qt" provides institutional-grade insights for investors and professionals seeking to understand current market dynamics and investment implications in this space.
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Companies Mentioned
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This summary is for users researching the JPMorgan North America Metals & Mining report. It helps users review North America Metals & Mining: Sunday Morning Metals: JPM Natural Resources Conference; Steel Mid-Qtr Guide Takeaways coverage, key takeaways, and related broker or sector research paths across shipping, earnings, tariff; North America Equity Research, June.
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