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21 Mar

Chinese mills cut construction steel offers again

Chinese steel longs producers have continued to cut their offers in late March, facing high social inventories and lower than expected demand. Spot construction steel prices have been falling since late February, with little sign they will recover in the short term, Kallanish notes. Several major domestic steel companies have announced CNY 30-200/tonne ($4.74-31.59/t) cuts to their late-March construction steel offers from mid-March. Eastern China’s Shagan…
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