Iron ore price climbs after selloffs spurred by China covid woes. china ironore markets
Iron ore futures rebounded on Monday after last week’s selloffs, as traders bet the bottom has been reached despite lingering concerns about intensified covid-19 restrictions in top steel producer China.
On Friday, Dalian iron ore hit a five-week low of 652 yuan a tonne, while SGX iron ore slumped to a contract low of $92.75 a tonne amid mounting worries about demand as fresh covid-19 outbreaks prompted China to ramp up restrictions. Currently, 33 cities are under partial or full lockdowns, affecting more than 65 million residents, according to an estimate by Chinese financial magazine Caixin.
Offering some relief, a spokesperson for China’s central bank said on Friday there was room to adjust monetary policy as stimulus measures have been restrained while consumer inflation remains under control.
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