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CHINA STEEL WRAP: Baosteel's price cut hits market sentiment
May 09, 2013 - 11:34 GMT
Shanghai Futures Exchange
Shanghai Steel Exchange Center
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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Euromoney Institutional Investor PLC.
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