Iron-ore prices fall up to 10% amid Covid fears

Iron-ore prices fall up to 10% amid Covid fears

Iron-ore prices globally have taken a hit and are down at least 9-10 per cent amid fears of rising Covid cases in China’s capital Beijing; and that ever more areas of the nation could come under restrictions that hit its financial hub in Shanghai.

Indian prices, though, continue to be stable week-on-week, and market sources say there could be a lag impact of two to three weeks before corrections happen.

Offers for sea-borne iron ore fines of Grade 62 per cent (technically called 62% Fe fines) plunged to $135/tonne in China, down 10 per cent or $15 per cent per tonne.

The most-traded iron ore on China’s Dalian Commodity Exchange for September delivery tumbled 10.7 per cent to 795 yuan ($121.36) a tonne, the lowest closing price since March 23, reports suggested.

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