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

Chinese prices for imported iron ore recorded losses in both spot and futures markets during May 11-15, but they still stayed at relatively high levels supported by elevated freight costs amid the ongoing geopolitical conflict in the Middle East. In the meantime, spot prices of China's domestic metallurgical coke increased in the week following the landing of a new coke price hike last Monday, but prices of coke futures weakened.

Chinese steel mills remained active in production last week to chase better profit margins. During May 8-14, the average capacity utilization rate among the 247 blast-furnace steel producers under Mysteel's tracking rose 0.2 percentage point from the previous week to reach 89.7%. Iron ore: By May 15, Mysteel PORTDEX 62%