Both the iron ore and coking coal markets became quieter on Friday due to a slowdown in trading activity ahead of the Chinese lunar new year holiday.
Metal Bulletin’s 62% Fe Iron Ore Index ended the week at less than $77 per tonne, while Metal Bulletin’s coal indices were flat at $199.42 per tonne cfr China for hard coking coal, $226.21 per tonne for premium hard coking coal fob Australia and $187.51 per tonne fob Australia for hard coking coal.
China has officially approved the participation of overseas investors in the trade in iron ore futures on the Dalian Commodity Exchange (DCE), making it the first commodity contract to be internationalized by the country.
China’s coke export prices have bottomed out and begun to pick up again in the past fortnight, amid a turnaround in market sentiment and the continued appreciation in the value of the yuan.
Scrap prices experienced different conditions around the...