WEEKLY SUMMARY: China's iron ore prices gain, coke weakens

Chinese iron ore prices picked up slightly during January 20-24, driven mainly by the continuous recovery in ore demand from blast furnace (BF) steelmakers, while the country's prices of metallurgical coke lost ground under the pressure of steel mills' firm demands for price reductions.

Iron ore: Mysteel SEADEX 62% Australian Fines increased as of January 24, albeit by a small $0.9/dmt on week to reach $104.95/dmt CFR Qingdao. The same day, Mysteel Portdex 62% Australian Fines in Qingdao stood at Yuan 796/wmt ($109.9/wmt) FOT and including the 13% VAT, up by Yuan 3/wmt