Recently, the profits of some steel mills have recovered thanks to further discounts on coke prices, with most steel mills being able to break even or eke out marginal profit. Therefore, some steel mills in Shanxi resumed production ahead of schedule, and market confidence has improved, leading to a sharp rebound in ore prices.
However, the finished product inventory and apparent consumption released last Thursday pointed to weak demand in most of the Chinese markets. Although some steel mills have not shut down their blast furnaces, they have reduced production.
The prices of ferrous metals stopped rising. In addition, the informal financing data fell short of expectations, triggering market concerns about a deflation. Imported iron ore prices hovered at lows last week. Spot prices of PB fines in Shandong dipped 5-10 yuan/mt last week.
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