SHANGHAI, Jul 6 (SMM) — Futures and spot prices of ferrous metals fluctuated last week. The futures prices of coking coal and coke weakened amid looser control after July 1, while spot prices stood stable. Iron ore fundamentals were largely unchanged, but futures prices fluctuated lower due to the wider production cuts, and spot prices stood firmly high. At the finished product end, prices reached a weak balance before the anniversary. The news about environmental production restrictions increased recently in Jiangsu, Anhui, Hunan, Zhejiang, and market expectations of reducing crude steel capacity strengthened. The signals have appeared although there is not official document. Steel mills are highly willing to reduce production amid low profits and the off-peak season. The production cuts will have greater impact on raw materials than the spots. Futures will not rise much amid the fluctuations of prices of raw materials and finished products, and spot prices lack upward momentum with few transactions. Steel prices are expected to remain rangebound under bilateral pressure this week.
