Iron ore price jumps on easing restrictions in China

The iron ore price rose on Monday buoyed by expectations that China would relax its strict covid-19 restrictions, lifting demand sentiment.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $110.61 a tonne Monday morning, up 3.4%.

Some communities in Chinese cities where covid-19 is still spreading are easing off on testing requirements and quarantine rules ahead of an expected shift in virus policies nationwide after widespread social unrest.

Meanwhile, China reported a slight dip in new daily covid-19 cases on December 1, the National Health Commission said.

Market sentiment has also been buoyed by China’s measures to support its struggling property sector.