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12 Nov

Steel fluctuates but inventory drawdown sustained

Chinese steel futures have continued to fluctuate. Demand remains strong enough to draw down inventory levels, but the winter slowdown is still to come and traders are keen to close deals before prices fall, Kallanish notes. On the Shanghai Futures Exchange, the January 2021 rebar contract closed CNY 11/tonne lower than Wednesday at CNY 3,832/t ($580/t), while the same contract for hot-rolled coil closed down CNY 24/t at CNY 3,924/t. In Tangshan, billet prices wer…
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