HONG KONG, Aug 25 (Reuters) - Shares in Maanshan Iron & Steel tumbled more 7 than percent on Monday after Goldman Sachs cut the stock to sell from buy on concern that steel demand will fall further amid a slowdown in property construction.
At 0732 GMT, the stock was trading 7.8 percent lower at HK$3.18, the day's low.
Bigger rival Angang Steel also slipped 1.1 percent on a similar cut in its rating by Goldman.
Last week domestic steel prices recorded the largest drop since July 2006, the bank said in a sector research report on Monday.
Earlier on Monday trade sources said China's Baoshan Iron & Steel 6000019.SS, the listed arm of the country's biggest steel mill, had cut fourth quarter sales price for cold-rolled steel products as demand outlook weakens in CHina's key auto and home appliances sector.
(Reporting by Parvathy Ullatil; Editing by Keiron Henderson)
Monday, August 25, 2008
Maanshan Iron down over 7 pct on broker downgrade
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