Iron ore price rose on Thursday as investors looked for Chinese government measures to uplift its economy reeling from a recent resurgence in covid-19 cases.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $152.25 a tonne during morning trading, up 1.06% compared to Wednesday’s closing.
China’s commercial capital Shanghai has locked down its 25 million residents for almost three weeks as authorities attempt to contain the country’s biggest outbreak of covid-19 since the coronavirus was first identified in the city of Wuhan in late 2019.
The restrictions in Shanghai, and in other Chinese cities, are starting to ripple through global supply chains, with some factories being forced to close and delays increasing at ports.
Li Wentao, an analyst with Tianfeng Futures highlighted that some Chinese cities had recently relaxed their property sales policies.
