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02 Feb

ASEAN longs market observes Chinese futures downturn

Sentiment has softened in the East Asian import market for rebar and wire rod in the past three days while offers are still firm, Kallanish notes. Buying interest is sparse in the market amid the tumbling steel futures on the Shanghai Futures Exchange. Offers are around $630/tonne cfr Manila for presumably position cargoes of Chinese blast furnace 6.5mm diameter wire rod, and at $650-660/t cfr for ASEAN-origin wire rod. “Traders coul…
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