Industry News

Iron ore price back above $100 despite omicron variant fears

Views : 125
Update time : 2021-11-30 17:59:29

Shanghai stainless steel futures fell 2.6% to 17,170 yuan a tonne.

“Affected by the new coronavirus variant, steel prices fell during night session out of panic,” GF Futures wrote in a note, adding that impact on actual demand and supply of the industrial metal could be limited.

Analysts with CITIC Futures also noted that commodity prices could be pressured by the pandemic situation in the short term but would be supported by easing property policy in China in the long run.

The World Health Organisation warned that deciding the severity level of the omicron variant could take “days to several weeks” in the absence of information that its symptoms differed from those of other variants.

The variant has been detected in Australia, Britain, Canada, Germany and Hong Kong after it was identified first in South Africa.

Meanwhile, a South African doctor said symptoms of the new virus variant were so far mild and could be treated at home.

Related News
Read More >>
South Africa launches critical minerals strategy, opens new mining law for public comment South Africa launches critical minerals strategy, opens new mining law for public comment
May .22.2025
South Africa launches critical minerals strategy, opens new mining law for public comment
China's iron ore production declines in Jan-Apr China's iron ore production declines in Jan-Apr
May .22.2025
China's iron ore production declines in Jan-Apr
US’ steel coil exports go up in Mar US’ steel coil exports go up in Mar
May .22.2025
US’ steel coil exports go up in Mar
US increases CRC imports in Mar US increases CRC imports in Mar
May .22.2025
US increases CRC imports in Mar