Iron ore futures soar

Price benchmarks for steel products and other steelmaking inputs in China, the world’s top steel producer, also rose and were on track for weekly gains despite the Politburo Standing Committee reaffirming Beijing’s zero-Covid policy. The most-traded January iron ore on China’s Dalian Commodity Exchange rose as much as 4.1% to 702 yuan ($97.89) a tonne, its highest since Oct. 17. It ended morning trade up 3.8% at 700 yuan. On the Singapore Exchange, the steelmaking ingredient’s benchmark December contract climbed up to 4.4% to $90.35 a tonne.

“Short-term emotional factors dominate the market trend,” Sinosteel Futures analysts said in a note, also citing hopes of a slowdown in the US Federal Reserve’s interest rate hikes, which lifted overall investor sentiment.