Chinese steel futures sink 4.4% on credit jitters

Feb 05, 2010 | 12:14 PM |

Chinese steel futures registered a sharp drop amid rumors of further tightening of measures by the central bank and the rise of the U.S. dollar.

Benchmark reinforcing bar prices on the Shanghai Futures Exchange ended Friday at 4,109 yuan ($602) per tonne, down 0.1 percent from Thursday and 4.4 percent lower than a week earlier. The April hot-rolled coil contract on the Shanghai Steel Exchange closed Friday trade at 3,869 yuan ($567) per tonne, up 0.4 percent from the previous day but down 1.1 percent from a week....

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