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19 Nov

Steel jumps again as inventories fall

Chinese steel futures jumped again on Thursday as end-user demand remains strong. Steel inventories have also continued to decline steadily, easing fears of oversupply in the new year, Kallanish notes. On the Shanghai Futures Exchange the January 2021 rebar contract closed CNY 33/tonne higher than Wednesday at CNY 3,940/t ($602/t), while the same contract for hot rolled coil closed up CNY 31/t at CNY 4,078/t. In Tangshan, billet prices increased another CNY 20/t t…
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