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01 Jun

Steel futures bottom out on consumption gains

Chinese rebar and hot rolled coil futures on Thursday bottomed out on an improving macro mood, and this triggered an increase in spot transactions, Kallanish notes. On the Shanghai Futures Exchange, the most-traded October 2023 rebar contract closed CNY 83/tonne higher than Wednesday at CNY 3,546/t ($499/t), while the same contract for HRC gained CNY 83/t to CNY 3,664/t. Overall stocks of rebar and HRC continued to decline in th…
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