WEEKLY SUMMARY: China's steel raw mat prices weaken

Chinese prices for imported iron ore fell in both spot and futures markets over May 19-23, with hot metal production at steelmakers slipping further amid the approaching low season for steel demand. During the same period, spot prices of metallurgical coke also dipped while its futures experienced steeper declines, reflecting subdued demand from steelmakers.

The average blast furnace capacity utilization rate among the 247 Chinese steel mills under Mysteel's regular survey dropped for the second straight week during May 16-22 to reach 91.32%, down by 0.44 percentage point on week. Iron ore: By May 23, Mysteel PORTDEX 62% Australian Fines in Qingdao lost Yuan 12/wmt