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17 Jun

Steel futures drop on high production, weak property

After rebounds supported by raw materials later last week, Chinese rebar and hot rolled coil futures dived again on Monday as negative data from financing, real estate and steel production all impacted market sentiment, Kallanish notes. On the Shanghai Futures Exchange, the most-traded October 2024 rebar contract closed at CNY 3,613/tonne ($498/t) on Monday, down CNY 24/t compared from the prior trading day. The same contract for HRC lost CNY 26/t to CNY…
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