Angang Steel downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Angang Steel (ANGGF) to Sell from Neutral with a price target of HK$1.20, down from HK$2.40. The firm adjusted ratings in the China basic metals group as part of its 2026 outlook. The analyst expects Chinese commodity demand to be more stable in 2026. Goldman maintains a positive view on copper and gold, and cautious stance on lithium and paper packaging.