Right Tunnelling vs US HRC Steel: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Right Tunnelling Public Company Limited (RT.BK)

Q3 202623 Jul – 10 Sep 2026

▲3

RT wins new MEA work and posts profit turnaround, but backlog target cut

RT wins 1.1bn baht MEA contracts RT secured two new projects from the Metropolitan Electricity Authority worth a combined 1.1 billion baht, including a large underground cable conversion on Srinagarindra Road. This adds fresh work to its pipeline and supports future revenue, a clear positive for the stock.
This is the most concrete new contract win in the period, directly boosting RT's order book and future revenue.
First-half profit turns around RT reported first-half 2026 net profit of 26 million baht, up 129% from a loss last year, with revenue up 19% and strong operating cash flow. The turnaround shows the business is recovering and executing better, which supports investor confidence.
The profit turnaround is a key new financial result that changes RT's earnings picture and supports the share price.
Backlog target cut to 6bn baht RT now expects full-year backlog of 6 billion baht, down from the 7.5 billion baht target given in July, after the order book fell to 4.755 billion baht in June. The lower backlog means less future revenue visibility, a negative offset to recent wins.
The reduced backlog target is a real counterweight that investors need to know about, showing the order book is smaller than earlier hoped.
Construction sector recovery supports RT Thai construction stocks are active as Q2 profits grow across the sector, helped by faster government budget disbursement and data-center investment. RT's own Q2 profit rose 92%, and sector strength can lift sentiment and demand for its services.
Sector-wide recovery and government spending are external forces that can drive more work and better sentiment for RT.

August 202623 Jul – 10 Sep 2026

▲3

RT wins new MEA work and posts profit turnaround, but backlog target cut

RT wins 1.1bn baht MEA contracts RT secured two new projects from the Metropolitan Electricity Authority worth a combined 1.1 billion baht, including a large underground cable conversion on Srinagarindra Road. This adds fresh work to its pipeline and supports future revenue, a clear positive for the stock.
This is the most concrete new contract win in the period, directly boosting RT's order book and future revenue.
First-half profit turns around RT reported first-half 2026 net profit of 26 million baht, up 129% from a loss last year, with revenue up 19% and strong operating cash flow. The turnaround shows the business is recovering and executing better, which supports investor confidence.
The profit turnaround is a key new financial result that changes RT's earnings picture and supports the share price.
Backlog target cut to 6bn baht RT now expects full-year backlog of 6 billion baht, down from the 7.5 billion baht target given in July, after the order book fell to 4.755 billion baht in June. The lower backlog means less future revenue visibility, a negative offset to recent wins.
The reduced backlog target is a real counterweight that investors need to know about, showing the order book is smaller than earlier hoped.
Construction sector recovery supports RT Thai construction stocks are active as Q2 profits grow across the sector, helped by faster government budget disbursement and data-center investment. RT's own Q2 profit rose 92%, and sector strength can lift sentiment and demand for its services.
Sector-wide recovery and government spending are external forces that can drive more work and better sentiment for RT.

Latest23 Jul – 10 Sep 2026

▲3

RT wins new MEA work and posts profit turnaround, but backlog target cut

RT wins 1.1bn baht MEA contracts RT secured two new projects from the Metropolitan Electricity Authority worth a combined 1.1 billion baht, including a large underground cable conversion on Srinagarindra Road. This adds fresh work to its pipeline and supports future revenue, a clear positive for the stock.
This is the most concrete new contract win in the period, directly boosting RT's order book and future revenue.
First-half profit turns around RT reported first-half 2026 net profit of 26 million baht, up 129% from a loss last year, with revenue up 19% and strong operating cash flow. The turnaround shows the business is recovering and executing better, which supports investor confidence.
The profit turnaround is a key new financial result that changes RT's earnings picture and supports the share price.
Backlog target cut to 6bn baht RT now expects full-year backlog of 6 billion baht, down from the 7.5 billion baht target given in July, after the order book fell to 4.755 billion baht in June. The lower backlog means less future revenue visibility, a negative offset to recent wins.
The reduced backlog target is a real counterweight that investors need to know about, showing the order book is smaller than earlier hoped.
Construction sector recovery supports RT Thai construction stocks are active as Q2 profits grow across the sector, helped by faster government budget disbursement and data-center investment. RT's own Q2 profit rose 92%, and sector strength can lift sentiment and demand for its services.
Sector-wide recovery and government spending are external forces that can drive more work and better sentiment for RT.

US HRC Steel (STEEL.COMM)

Q3 202624 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.

August 202624 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.

Latest24 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.