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CHINA STEEL WRAP: Baosteel's price cut hits market sentiment

May 09, 2013 - 11:34 GMT Location: Shanghai

KEYWORDS: Shanghai Futures Exchange , Shanghai Steel Exchange Center , Dazhong , Beijing , Shanghai , Tangshan

China’s spot steel market softened further on Thursday May 9 as buyers held back and Baosteel made its first list price cut in nine months.

In Beijing, grade III rebar was sold at 3,550-3,630 yuan ($573-586) per tonne, down 20 yuan ($3) per tonne from Wednesday. In Shanghai, the same product traded at 3,450-3,570 yuan ($557-577) per tonne, down 10-20 yuan ($2-3) per tonne for the day. More buyers chose to take a wait-and-see approach after spot prices started to fall on Wednesday while rebar futures weakened on Thursday. The most-traded October contract on the Shanghai Futures Exchange settled at 3,631 yuan ($586) per tonne on Thursday, down 15 yuan ($2) for...

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