A rare sharp rise in Chinese hot rolled coil futures on Tuesday widened their spread over rebar. The margin had steadily narrowed over the past few weeks, Kallanish notes.
On the Shanghai Futures Exchange, the most-traded January 2024 rebar contract ended Tuesday at CNY 3,831/tonne ($525/t), down CNY 11/t on the prior trading day. The same contract for HRC gained CNY 30/t to CNY 3,933/t.
The increases in steel futures this week are mainly supported…
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