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WEEKLY SUMMARY: China steel raw materials prices soar

ABSTRACT

Prices of China’s steelmaking raw materials including iron ore and coke soared substantially in the first two working days after the Labour Day holiday over May 1-5, with the seaborne iron ore price touching a record high, all on the support of the production enthusiasm among the domestic steel mills on robust steel demand and hefty steel margins.
By May 7, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment hit the highest since the start of the assessment on March32011, reaching Yuan 5,605/tonne ($871/t) including the 13% VAT, or up Yuan350/t on week. High steel prices saw the blast furnace capacity utilization rate among China’s 247 steel mills up for

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