Chinese steel prices sank further in late August, with shrinking transactions and lower iron ore prices. The complex steel price index compiled by information provider MySteel sank 2.05 percent during the previous week ending on Sunday, a larger decline than earlier.
During the final week of August, construction steel prices declined 10-120 yuan/tonne in cities such as Shanghai, Hangzhou and Guangzhou; prices of hot-rolled coil dropped 10-80 yuan/tonne; and prices of medium plate fell 10-100 yuan/tonne.
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