WEEKLY SUMMARY: China's steel raw mat prices inch up

Chinese prices of major raw materials for steelmaking trended higher during October 28-November 1, but the increases were slight as market mood wavered ahead of China's legislative meeting to be held this week. It remains to be seen whether fiscal stimulus will be introduced from the meeting to further prop up the economy.

Iron ore: By November 1, Mysteel SEADEX 62% Australian Fines rose by $1.4/dmt on week to $102.15/dmt CFR Qingdao, while Mysteel PORTDEX 62% Australian Fines in Qingdao also ended last week higher at Yuan 763/wmt ($107.3/wmt) FOB and including the 13% VAT, up by Yuan 1/wmt from the prior week. Last