Steel futures slip on virus worries

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    BEIJING- Steel futures on the Shanghai Futures Exchange (ShFE) drifted down in early trade on Tuesday, hurt by unfavorable weather conditions across China and a rise in local COVID-19 infections.

    Northeast China was hit by heavy snow last week, while southern areas saw rainfall and recorded a dip in temperatures.

    Meanwhile, some new local transmissions of COVID-19 disrupted market sentiment on high steel prices.

    The most-traded construction rebar on the ShFE, for January delivery, fell 0.7 percent to 3,917 yuan ($595.14) a ton.

    Hot-rolled coils, used in cars and home appliances, dipped 0.5 percent to 4,034 yuan a ton.