Steel stockists

Steel stockists: Swift moves by steel makers to raise prices following the massive floods that raged across Australia have hit the construction industry here. Australia contributes two-thirds of coking coal that the world exports and uses to make steel, but supply has since been disrupted after the major miners declared force majeure. Contractors said that prices have gone up by 10-15% over the past few weeks, and may head up even higher over the next few months…

The ability to pass on costs may boost sentiment in the local steel stockists.
Incumbents include HupSteel, Asia Enterprises, Lee Metals.
HG Metal may also feature. CIMB yday gave a technical Buy call. Says the stock has broken out of its consolidation triangle. Sees further upside as both MACD and RSI are rising, while prices are still above the 200MA. Notes resistance at $0.13, then $0.145; recommends a stop loss at $0.105.