Falls in the prices of iron ore and coal helped Chinese steelmakers to gain better profits for the first half even though the domestic industry still faces a serious overcapacity problem, experts said.

LME nickel price reached to the bottom and has been bouncing back already.

The spot price of iron ore fines 62% to China has increased slightly.

It is reported that the Ministry of Trade, Industry and Energy (MOTIE) said that South Korea’s Posco and China’s Chongqing iron and steel (CISC) have signed memorandum of understanding on a US$3.3 billion investment.

The spot price of iron ore fines 62% to China has dropped.

The spot price of iron ore fines 62% to China continued to rise. Current price is being offering at US$95.16/ton, increasing by US$0.36/ton or 0.38% from the previous price.

China’s steelmakers have suffered severe losses. Along with banks string loaning services, in the first 5 months of 2014, the major steel mills’ profit were detracted from the downturn compare to last year.

The LME's three-month copper contract on Friday was down 0.1 per cent at $US6,945 a metric ton at the PM kerb close. The metal earlier rose to $US6,983.75 a metric ton, its highest price since March 7.