The iron ore price retreated on Tuesday as investors continued to worry about policy uncertainties amid China’s government intervention.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $135.78 a tonne during morning trading, down 1.4% compared to Monday’s closing.
The most-active iron ore futures on the Dalian Commodity Exchange, for May delivery, edged down 0.1% to 685 yuan ($108.04) per tonne at close. They were up as much as 4.9% to 719 yuan a tonne earlier during the session.
“Iron ore is now caught between two opposing policies in China,” Commonwealth Bank of Australia commodity analyst Vivek Dhar said in a note.
