Tag: iron ore price
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China: Steel prices under pressure as demand weakens
Yesterday’s ferrous prices remain soft with raw materials weaker than steel. From ZhaoGang and GangGuWang steel data, it is apparent that construction steel demand has decreased seasonally. If steel demand worsens w-o-w; steel futures may have more room to decline than raw materials. SHFE rebar could retreat closer towards the lower bound cost support. In…