WEEKLY SUMMARY: China's iron ore prices rangebound, coke largely flat

Chinese prices for imported iron ore stayed largely rangebound in the spot market last week, while its futures prices recorded a marginal increase. The iron ore market remained underpinned as the extending tensions in the Middle East continued to prop up oil prices and support freight rates. As for domestic metallurgical coke, its spot prices remained stable, while its futures prices dropped slightly.

Chinese blast furnace (BF) steelmakers have lifted their operations recently thanks to the removal of production restrictions in North China. Over March 13-19, the average capacity utilization rate of BFs among the 247 steelmakers nationwide under Mysteel's regular tracking increased by 2.6 percentage points on week to reach 85.5%. Iron