Iron ore price fell on Monday, extending losses a day after Chinese President Xi Jinping reiterated the effectiveness of his zero-covid policy at the opening of the ruling Communist Party Congress.
A more relaxed stance on Covid would have been a “potential salvation” for commodities, Vivek Dhar, analyst at Commonwealth Bank of Australia, said in a note. the effectiveness of his zero-covid policy at the opening of the ruling Communist Party Congress.
A more relaxed stance on Covid would have been a “potential salvation” for commodities, Vivek Dhar, analyst at Commonwealth Bank of Australia, said in a note. Xi’s reiteration that development remains a top priority suggests that some easing of the flagship policy is possible next year if the economy deteriorates further, he added.and the industry faces a “severe market situation”, the China Iron & Steel Association warned last week.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $93.68 a tonne Thursday morning, down 1.94%.
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