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19 Jun

Steel futures stabilise amid production cut rumours

Production cut rumours raised Chinese rebar and hot rolled coil futures from Tuesday night, but the entry of shorts suppressed futures on Wednesday afternoon. Subsequently, steel futures still closed level from the previous day, Kallanish notes. On the Shanghai Futures Exchange, the most-traded October 2024 rebar contract closed at CNY 3,614/tonne ($498/t) on Wednesday, down just CNY 4/t compared to the prior trading day. The same contract for HRC lost&n…
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