Some Chinese steelmakers cut prices amid weak demand, futures of steel, iron ore hit limit-down

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Several Chinese steelmakers recently cut prices amid weaker-than-expected demand and analysts estimate that steel demand will remain sluggish in coming months.

On Monday, seven Chinese steelmakers cut prices of construction steel products by 10 - 600 yuan per tonne, with Jiangsu Shagang Group slashing prices of high-speed steel, coiled reinforced bars and construction steel rebars by 600 yuan per tonne, according to consultancy Mysteel.

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