Iron ore prices tumble towards $100 as demand from China declines

Market watchers are monitoring the government's response as the daily virus caseload in Shanghai grows, topping 50 for the fourth straight day

Iron ore
Photo: Bloomberg.
Bloomberg
1 min read Last Updated : Jul 12 2022 | 10:41 PM IST
Iron ore prices sank to a seven-month low, with the demand outlook dimming on fears China may again impose strict Covid-19 curbs that hurt construction activity. 

Market watchers are monitoring the government’s response as the daily virus caseload in Shanghai grows, topping 50 for the fourth straight day. 
A more contagious sub-strain of the omicron variant has triggered additional mass testing amid the flare-ups, and close to 30 million people nationwide are under some form of movement restrictions. 

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There’s concerns that more intense curbs could pile pressure on the still-struggling property sector, or complicate the roll-out of infrastructure stimulus. 

Dollar bonds of China’s real-estate developers plunged Tuesday.

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Topics :CoronavirusIron ore pricesChina

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