Iron ore price rises on hopes of easing covid restrictions in China

Iron ore prices rose on Friday on hopes of improving demand in China amid reports of potential easing of its covid-19 restrictions.

China is considering a cut in the duration of quarantine for inbound visitors from 10 to seven days, Bloomberg News reported, citing people familiar with the matter.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $91.47 a tonne Thursday morning, up 1.4%.

Dalian’s most-traded January iron ore rose 1.5% to 686 yuan ($94.68) a tonne.

“We believe that this relaxation will not be enough to attract many foreigners to enter the country, as the quarantine period is still long,” ING analysts said in a note.