Will steel and copper prices rise... Potential for Q4 earnings improvement | Park Sung-bong, Team Leader at Hana Securities Research Center

Will steel and copper prices rise… Potential for Q4 earnings improvement | Park Sung-bong, Team Leader at Hana Securities Research Center [Double Up]
Watch on YouTube ↗  |  September 18, 2026 at 01:21  |  24:43  |  3PRO TV (삼프로TV)
Speakers
Park Seong-bong — Team Leader, Hana Securities Research Center

Summary

Park Sung-bong of Hana Securities Research Center discusses the Korean steel and metals sector, arguing that the recent correction has made valuations attractive and that Q4 earnings should improve. He highlights Chinese steel price rebound potential, copper's supply-driven supercycle, and lithium's long-term demand outlook. His top picks are POSCO Holdings, Poongsan, and Seah Besteel Holdings, with Hyundai Steel and Daehan Electric Wire also cited as beneficiaries.

  • Global steel markets have decoupled, with strong US prices and tariffs and weak Chinese demand.
  • Chinese steelmakers are mostly loss-making, but October price hikes and production cuts may support a Q4 rebound.
  • AI data centers and semiconductor fabs add only modest incremental Korean steel demand.
  • Copper is in a supply-driven uptrend, with mine disruptions and Chinese smelter and scrap tightness.
  • Lithium is expected to rise in a stair-step pattern over the long term.
  • Top Korean steel and metals picks include POSCO Holdings, Poongsan, and Seah Besteel Holdings.
  • Hyundai Steel and Daehan Electric Wire are also cited as beneficiaries of tariffs and copper prices.
  • Industrial electricity tariff cuts are a potential cost catalyst for Korean steelmakers.
Ideas
Park Seong-bong Team Leader, Hana Securities Research Center 0:51
Korean steel sector offers Q4 recovery.
The Korean steel/metals sector is attractive now after a sharp one-to-two-month correction removed valuation pressure. Positive sector issues and expectations for Q4 earnings improvement, helped by steel price rebounds, Chinese production cuts, seasonal demand, and lower industrial electricity costs, support a constructive stance.
Korean Steel Sector HIGH
Park Seong-bong Team Leader, Hana Securities Research Center 5:05
Chinese steel prices may rebound Q4.
Chinese steelmakers are mostly loss-making and have announced October price hikes; with seasonal demand recovery, production cuts, higher raw material and energy costs, and price gains elsewhere in Asia, Chinese steel prices should rebound in Q4. However, weak structural demand, especially property, limits upside to roughly raw material cost pass-through.
Chinese steel prices MED
Park Seong-bong Team Leader, Hana Securities Research Center 12:59
Lithium prices expected to climb long-term.
Lithium prices fell to a record-low around $8,000 per ton in the first half of last year, rebounded to about $28,000 per ton in early May, and have since corrected to slightly under $20,000 per ton. Long-term demand should be strong while supply projects expand only in a limited way, so prices are expected to rise in a stair-step fashion.
LITHIUM MED
Park Seong-bong Team Leader, Hana Securities Research Center 13:46
Copper prices can rise further.
Copper is at record highs because mine supply is severely disrupted, US import tariffs remain, and Chinese smelters are squeezed by falling TC/RCs and tighter copper scrap supply due to tax-invoice scrutiny. With smelter supply likely constrained, copper prices can rise further through year-end and next year, supporting a new supercycle view.
COPX HIGH
Park Seong-bong Team Leader, Hana Securities Research Center 15:56
Poongsan is top copper-price beneficiary pick.
Poongsan is the preferred copper-related pick. It buys refined copper and processes it into products including defense items and coins, so higher copper prices boost inventory and metal gains and earnings. The speaker expects operating profit of KRW 470bn this year versus the previous record of KRW 320bn, making it the top small and mid-cap recommendation.
103140.KS HIGH
Park Seong-bong Team Leader, Hana Securities Research Center 16:43
Daehan Electric Wire leverages copper prices.
Daehan Electric Wire is another copper-price beneficiary; although not covered by the speaker and handled by another analyst, its earnings improve when copper prices rise, so it is worth watching.
001440.KS MED
Park Seong-bong Team Leader, Hana Securities Research Center 17:05
Hyundai Steel benefits from power tariff relief.
Hyundai Steel shares have fallen sharply, and with steel prices improving in China and overall, Q4 earnings should improve; the speaker has recently maintained a Buy view. It is also Korea's largest single electricity user, so the proposed regional industrial electricity tariff discount should bring meaningful cost savings.
004020.KS HIGH
Park Seong-bong Team Leader, Hana Securities Research Center 17:35
POSCO is top large-cap steel pick.
POSCO Holdings is the large-cap top pick. Q4 earnings should improve, and next year's electricity rate cuts and a stable or lower USD/KRW exchange rate should significantly help margins; the speaker has been recommending Buy.
005490.KS HIGH
Park Seong-bong Team Leader, Hana Securities Research Center 17:46
Seah Besteel gains from anti-dumping tariff.
Seah Besteel Holdings is a small and mid-cap top pick. It should benefit from electricity cost relief, and a preliminary anti-dumping ruling on Chinese special steel with a 25-28% tariff is likely to become final, reducing Chinese imports and improving next year's earnings.
001430.KS HIGH
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This 3PRO TV (삼프로TV) video, published September 18, 2026, features Park Seong-bong discussing Korean Steel Sector, Chinese steel prices, LITHIUM, COPX, 103140.KS, 001440.KS, 004020.KS, 005490.KS, 001430.KS. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Seong-bong  · Tickers: Korean Steel Sector, Chinese steel prices, LITHIUM, COPX, 103140.KS, 001440.KS, 004020.KS, 005490.KS, 001430.KS