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10 Dec

Steel futures firm as inventory drawdown continues

Chinese steel futures have been pushed higher again by raw materials prices and continued inventory drawdown. Rebar inventories have continued to fall, but the gap between rebar and hot rolled coil prices continues to widen, Kallanish notes. On the Shanghai Futures Exchange the May 2021 rebar contract closed CNY 51/tonne higher than Wednesday at CNY 4,040/t ($619/t), while the same contract for hot rolled coil closed up CNY 73/t at CNY 4,348/t. In Tangshan, billet…
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