The iron ore price retreated on Friday as China indicated controlling covid-19 outbreaks is still a priority.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $115 a tonne Friday morning, down 3.5%.
“It appears to us that any change in the zero-covid policy will only happen when authorities are convinced that mutations are less virulent and vaccines/medicines are proven to be more effective. Both are unlikely to happen in the near term,” ANZ analysts said in a note.
Investors had been optimistic that more aid was on its way to revive construction projects stalled by a wave of repayment boycotts from homebuyers, but none was forthcoming during a key Politburo meeting.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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