Iron ore price down as China’s covid, property woes weigh

The iron ore price fell on Thursday pressured by worries over fresh covid-19 restrictions and property sector troubles in China squeezing demand for ferrous metals.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $95.89 a tonne Thursday morning, down 3.8%.

The most-traded iron ore contract, for January delivery on China’s Dalian Commodity Exchange ended daytime trade 1.2% lower at 675.50 yuan ($97.88) a tonne.

“Steel traders lack confidence in the market outlook,” Sinosteel Futures analysts said in a note.