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The Chinese steel market has tumbled this week, and this has also pushed export prices to new lows not seen in 16 months. On Thursday, Kallanish assessed 6.5mm diameter mesh-grade wire rod at $680/tonne fob China, down $50/t on-week. In a panicked and chaotic market, traders are eagerly seeking customers but end buyers are cautious. A steel mill source in eastern China says the lower domestic prices have led to an increase in wire rod purchases by Japanese a…
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