Shanghai rebar futures fall after Baosteel tag cut

Apr 02, 2009 | 10:21 AM |

Steel futures fell Thursday on the Shanghai Futures Exchange (SHFE) after Baosteel Group Corp. Ltd. cut prices for May, while surging trading volumes and open interest showed shorts are gaining the upper hand.

Rebar for September delivery ended at 3,473 yuan ($508) per tonne, down 74 yuan ($11) from Wednesday. Trading volume was 235,446 lots, soaring from 28,100 lots a day earlier. Open interest in the September contract added 26,812 lots to 68,888 lots.....

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