WEEKLY SUMMARY: China's iron ore prices decline, spot coke rises further

Chinese prices for imported iron ore weakened in both spot and futures markets during November 3-7, mainly due to intensifying oversupply of the commodity. For metallurgical coke, its spot prices continued to increase with the landing of another round of coke price hikes, but its futures prices dropped.

Meanwhile, production decline at Chinese blast furnace (BF) steel mills sustained over the past week. The average capacity utilization rate among the 247 BF steelmakers nationwide under Mysteel's regular tracking averaged 87.81% during October 31-November 6, down by another 0.8 percentage point on week. Iron ore: By November 7, Mysteel PORTDEX