WEEKLY SUMMARY: China's major steelmaking raw mat prices strengthen

Chinese prices for imported iron ore increased in both spot and futures markets during April 13-17, with a significant decline seen in ore stocks at Chinese ports. The alleged settlement between China's state iron ore buyer CMRG and global miner BHP on a 2026 term contract also improved market sentiment. During the same period, spot and futures prices of metallurgical coke in China both strengthened, reflecting a promising outlook for a coke price hike.

Chinese integrated steel mills remained active in producing hot metal in response to steel demand recovery. Over April 10-16, the average capacity utilization rate of blast furnaces among the 247 steelmakers nationwide under Mysteel's regular tracking stood largely stable on week at 89.8%, or higher by a marginal 0.04