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WEEKLY SUMMARY: China longs and flats prices diverge

ABSTRACT

Over September 22-24, China’s prices of rebar and hot-rolled coil (HRC) in the physical market continued to go to opposite directions, according to Mysteel’s assessments, while both their futures prices eased further, and steel demand after the Mid-Autumn Festival on September 20-21 had not shown signs of sustaining improvement.
Rebar: As of September 24, China’s national price of HRB400E 20mm dia rebar gained for the fifth straight week by another Yuan 145/tonne ($22.4/t) on week to Yuan 5,751/t including the 13% VAT, which was mainly due to lower output and rebar stocks at both the traders and steel producers,

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