Australia's BlueScope Steel climbs as Macquarie lifts target price
BUZZ-Australia's BlueScope Steel climbs as Macquarie lifts target price ** Shares of steel producer BlueScope Steel BSL.AX rises 1% to A$31.88 after Macquarie raises target price to A$35.95 and reiterates 'outperform' rating
** Broker cites intensifying industry tailwinds, with U.S. and Asian steel spreads strengthening
** Notes U.S. demand remains robust, driven by data centre and infrastructure activity
** Says Asian spreads have rebounded to above $300/tonne for the first time since mid-2023
** Flags potential for renewed bid activity after June 18 deadline, with broker saying takeover interest may not be fully priced in
** ** Broader mining sub-index .AXMM jumps 1.4% to their highest since May 14, as iron ore prices extend gains IRONORE/
** BSL up 36% this year, including the day's move
(Reporting by Roushni Nair in Bengaluru)
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