17
Nov
10:14
Chinese steel slides on slow inventory drawdown
Chinese rebar futures prices slid further on Tuesday as market sentiment remained weak, although HRC held on the back of falling inventories. Mills are reducing their output but the cutbacks are not yet enough to balance the market, Kallanish notes.
The May 2016 rebar contract on the Shanghai Futures Exchange closed down CNY 6/tonne at CNY 1,752/t ($275/t), while the January hot rolled coil contract closed up CNY 3/t at CNY 1,780/t.
Flats inventories have ben…
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Anonymous
Very good overview of the weekly steel market.
Anonymous