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Eastern China's construction steel prices have continued to decline at the end of May as, contrary to expectations, market activity has not resumed, Kallanish notes. For the last ten days of May, Shagang has held all its list prices stable, but Yonggang and Zenith each cut rebar prices by CNY 100/tonne ($15.04/t). All three steelmakers will provide CNY 70-250/t subsidies to sales agents amid falling domestic spot prices. The Covid-19 outbreak in Shanghai…
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