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06 May

Steel futures soar amid speculation

Chinese steel futures prices soared on Thursday on the return from the Labour Day holiday. Markets were swirling with rumours, some triggered by a dispute with Australia, but inventory data showed some weakness for hot rolled coil, Kallanish notes. On the Shanghai Futures Exchange the October rebar contract closed CNY 274/tonne higher than before the holiday at CNY 5,665/t ($873/t), while the same contract for HRC closed up CNY 247/t at CNY 5,935/t. In Tangshan, b…
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