Iron ore price plunges nearly 9% on demand woes

The iron ore price plunged on Monday on fears that the fast-spreading omicron strain of the covid-19 virus has taken hold in Beijing, and that ever more areas of the country are threatened by the severe restrictions that have paralyzed the financial hub of Shanghai.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $136.48 a tonne during morning trading, down 8.97% compared to Friday’s closing.