WEEKLY SUMMARY: China's steelmaking raw mat prices strengthen

Chinese prices for imported iron ore gained ground in both spot and futures markets during October 27-31, mainly as encouraging outcomes from US-China trade talks improved market sentiment. During the same period, spot and futures prices of metallurgical coke in China also strengthened since leading steelmakers finally agreed to lift their coke purchasing prices on October 27 after back-and-forth tugs with coke firms.

However, production at Chinese blast furnace (BF) steel producers declined further, as a combined result of mandated production curbs in a few northern cities and some mills' deeper losses on steel sales. During October 24-30, the average capacity utilization rate among the 247 BF steelmakers nationwide under Mysteel's regular