Adding to concerns over demand prospects for the key steelmaking raw material, China's steel production hub Tangshan implemented another round of Covid-19 lockdowns in four districts for at least three days from Tuesday, the local government said in a statement.
The most-traded September iron-ore on China's the Dalian Commodity Exchange ended daytime trade 3.3% lower at 887 yuan ($139.18) a tonne, after touching a two-week high of 942 yuan earlier in the session.
On the Singapore Exchange, the most-active May contract was down 2.3% at $151.35 a tonne, as of 07:05 GMT.
Top steel producer China will reduce crude steel output this year, after slashing production in 2021 in line with its goal to control carbon emissions, said a spokeswoman for China's state planner, the National Development and Reform Commission.
Entering the Chinese New Year holiday, market trading is sluggish
Trade & Pricing: Europe's billet market trend 2024-2025
