Iron ore price falls on China covid woes, recession fears

The iron ore price fell on Wednesday amid a fresh wave of covid-19 infections in China.

Daily cases of locally transmitted infections in mainland China increased to more than 300 over the weekend, compared with a few dozen in late June.

“As we have repeatedly said, tighter covid measures could return to China. And there are more positive covid tests once more in Shanghai,” ING economists said in a note.

Benchmark 62% Fe fines imported into Northern China fell 1.27%, to $111.54 per tonne.