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30 Nov

Steel futures close higher as inventories diverge

Chinese rebar and hot rolled coil futures on Thursday closed higher on the prior day as some shorts left the market taking losses. However, the average intraday deal prices were still lower as negligible inventory decline disappointed the market, Kallanish notes. On the Shanghai Futures Exchange, the most-traded January 2024 rebar contract closed at CNY 3,913/tonne ($550/t) on Thursday, up CNY 17/t on the prior trading day. …
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