[Featured Stock] POSCO Holdings Up 8% on Steel Price Rise and Lithium Business Optimism

POSCO Holdings is surging more than 8% intraday.

As of 9:24 AM on the 10th, POSCO Holdings is trading at 401,000 KRW, up 8.53% from the previous trading day, marking a rise for two consecutive trading days. The company's stock price soared to as high as 401,500 KRW during the session. This reflects the rebound in steel prices due to China's economic recovery and optimism about the lithium business.

Global steel prices are on the rise, and the benefits of price increases are expected to be reflected in the second quarter. The March steel PMI new orders exceeded 50 points for the first time in 34 months, and China's real estate market index has rebounded for three consecutive months. Although steel spot prices may remain subdued in the second quarter, they are expected to gradually trend upward in the second half of the year.

Hyunwook Park, a researcher at Hyundai Motor Securities, said, "The value of lithium is being reflected in the stock price," adding, "The Gwangyang lithium plant is scheduled to be completed in October this year with a capacity of 43,000 tons, and expectations for POSCO Argentina will also increase in April 2024."