Iron ore price down ahead of China’s central bank rate announcement

Iron ore prices fell on Tuesday as fresh covid-19 outbreaks in China clouded demand prospects in the world’s top steel producer.

Market focus has turned to the People’s Bank of China, which could cut the rate on its medium-term lending facility on Wednesday.

Benchmark 62% Fe fines imported into Northern China fell 1.24% Tuesday morning, to $134.18 per tonne.