China: Shagang reduces construction steel prices by $44/t for late-July sales

China’s Shagang Steel has reduced long steel prices for late-Jul’22 sales. Effective prices:

• Rebar (16-25 mm): RMB 4,500/t ($666/t), down RMB 300/t ($44/t)
• Wire rods (6-10 mm): RMB 4,510/t ($667/t), down RMB 300/t ($44/t)
• Coiled rebar (8-10 mm): RMB 4,600/t ($680/t), down RMB 300/t ($44/t)