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07 Jun

Steel futures fall back after continuous gains

Chinese rebar and hot rolled coil futures finally fell back a little on Wednesday after five consecutive trading days of gains, as production cuts and macro expectations ran out of steam again, Kallanish notes. On the Shanghai Futures Exchange, the most-traded October 2023 rebar contract closed CNY 20/tonne lower than Tuesday at CNY 3,621/t ($508/t), while the same contract for HRC lost CNY 44/t at CNY 3,721/t. As fundamentals s…
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