Goldman Sachs downgraded Maanshan Iron & Steel to Sell from Neutral with a price target of HK$1.90, down from HK$2.10. 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.
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