07
Sep
15:21
Steel slumps despite production pull-back
Chinese steel futures collapsed on Wednesday as traders’ bets that prices would rise due to recovering demand appeared to backfire. China’s major steelmakers, meanwhile, appeared to be reducing output in late August, which is not a surprise but a positive shift for the steel balance, Kallanish notes.
The January rebar contract on the Shanghai Futures Exchange closed down a massive CNY 96/tonne at CNY 2,334/t ($349/t), while the same contrac…
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Anonymous
Very good overview of the weekly steel market.
Anonymous