26
Apr
14:19
Steel futures slump slows as PBoC backs currency
After China's central bank announced a reduction in the foreign exchange deposit reserve ratio on Monday night, the downward pressure on market sentiment gradually eased and pushed rebar and hot rolled coil futures higher, Kallanish notes.
On the Shanghai Futures Exchange, the most-traded October 2022 rebar contract closed CNY 51/tonne higher than Monday at CNY 4,829/t ($727/t), and the same contract for HRC closed up CNY 18/t at CNY 4,907/t.
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Truly global, user-friendly coverage of the steel and related markets and industry that delivers the essential information quickly while delivering on most occasions just the right amount of between-the-lines comment and interpretation for a near real time news service of this kind.
Anonymous
Very good overview of the weekly steel market.
Anonymous