Prices for steelmaking raw materials remained at high levels.
Although iron ore prices reported a drop on Friday on a daily basis, Metal Bulletin’s 62% Fe Iron Ore Index ended the week above last week’s values, at $75.19 per tonne cfr Qingdao.
Iron ore prices dropped on August 11 after the ferrous markets cooled down following the China Iron & Steel Assn’s (Cisa) tempering the expected upside for steel prices at the year-end, and amid a general retreat in financial markets.
China’s domestic coking coal market kicked off August on a strong note, with ex-mine prices said to have increased by about 50-70 yuan ($7.50-10.51) per tonne.
The fear of more supply disruptions among market participants gave way to higher seaborne hard coking coal prices on Friday, with Metal Bulletin’s cfr China Premium Hard Coking Coal Index rising $4.03 per tonne to $197.71 per tonne, while the fob Australia index edging up by $0.57 per...