[Edaily Reporter Kim Kyung-eun] Steel stocks are trading higher across the board in early trading on the 17th, buoyed by expectations of reconstruction following the U.S.-Iran peace agreement.
According to MP Doctor, as of 9:24 a.m. today, #Geumgang Steel is trading at 6,190 won, up 890 won (16.79%) from the previous trading day.
At the same time, other steel-related stocks—including #Moonbae Steel (15.54%), #KBI Dongyang Steel Pipe (14.83%), #Nexsteel (13.75%), #Bukuk Steel (12.56%), #Husteel (8.73%), and #Shin Steel (7.02%)—are all on the rise.
This is interpreted as reflecting expectations that steel demand will increase due to infrastructure reconstruction following the end of the war in the Middle East. This comes amid reports that a Memorandum of Understanding (MOU) between the U.S. and Iran to end the conflict will include a plan for the two countries to establish a $300 billion (approximately 454 trillion won) fund for Iran’s reconstruction.
Reuters reported, citing sources, that the U.S.-Iran MOU explicitly mentions a “Reconstruction and Development Fund.” This fund is said to cover sectors such as energy, logistics, manufacturing, and transportation, and is also reported to include the reconstruction of steel complexes and oil refineries.
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