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Chinese steel futures drop for 3rd day as demand still weak

Steel News - Published on Thu, 28 Dec 2017

Image Source: akamaized.net
Reuters reported that Chinese steel futures dropped for a third straight session on Wednesday, as demand remained weak during the winter months, weighing on spot physical prices. Spot rebar prices tumbled by as much as 400 yuan to 4,330 to 4,350 yuan (USD 660 to USD 663) a tonne in Shanghai this week, due to waning demand as lower temperatures slowed use of the construction material across the country, traders said.

Mr Qiu Yuecheng an analyst with the steel trading platform Xiben New Line E-Commerce in Shanghai said that “Spot prices fell too sharply over the past two days, although trading picked up slightly yesterday afternoon." Mr Qiu said that “However, the overall demand is seasonally weak, and prices will be under pressure."

The most active rebar on the Shanghai Futures Exchange closed 0.4% lower at 3,792 yuan a tonne.

Iron ore on the Dalian Commodity Exchange inched down 0.5% to 515.5 yuan a tonne.

Coke fell 2.3% to 1,970 yuan a tonne. Coking coal dropped 1.8% to 1,292.5 yuan a tonne.

Source :

Posted By : Nanda Koijam on Thu, 28 Dec 2017
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