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China's construction steel market has experienced panic selling since last week, with market prices bottoming out on Monday. The three leading long steel producers in eastern China, Shagang, Zenith and Yonggang, all announced the largest drop so far this year for bookings in the last ten days of June. Including subsidies to sales agents, this period's effective price decline stands at CNY 450-820/tonne ($67-122/t), Kallanish notes. Trading in the spo…
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