WEEKLY SUMMARY: China's iron ore, coke prices dip further
Over July 1-7, the blast furnace capacity utilization rate among China's 247 steel mills under Mysteel's survey had dipped for the third week by another 1.9 percentage points on week to 85.71%.
Iron ore: By July 8, Mysteel SEADEX 62% Australian Fines slid by $1.75/dmt on week to $113.55/dmt, while Mysteel PORTDEX 62% Australian Fines in Qingdao remained largely stable at Yuan 825/wmt ($123.2/wmt) FOT Qingdao including 13% VAT, only inching up Yuan 3/wmt on week.
Last week, the most-traded iron ore September contract on Dalian Commodity Exchange (DCE) fluctuated and finally closed the daytime trading session lower on July 8 at Yuan 755.5/dmt, down by Yuan 8.5/dmt from the settlement price on July 1.
Coke: China's national composite coke price under Mysteel's assessment declined further last week, down by another Yuan 201.3/tonne to Yuan 3,011.2/tonne including the VAT as of July 8, as major Chinese steel mills had succeeded in cutting another Yuan 200/tonne off their coke procurement prices during the week.
Meanwhile, the DCE's most-traded coke contract for September delivery eased too, losing another Yuan 105/t from the settlement price on July 1 to close the daytime session of July 8 at Yuan 2,936/t.
Written by Victoria Zou, zyongjia@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
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