Futures in Singapore fell 2.9 percent today. Thus, prices declined for the first time after 7 weeks of rising.
According to the data of the China Iron and Steel Association, steel production rose 11 percent in the last quarter. Futures rose to the highest level since October as policymakers said they would take action to support the economy.
In China, which has followed a "Zero Kovid" policy against the virus, there has been a rapid increase in Omicron cases recently. For this reason, partial quarantines were introduced in some cities in the country. There are concerns that the increase in cases will harm production and economy in the country, which is currently struggling with the real estate sector crisis.
Iron ore fell 1.8 percent to $124.90 per tonne, while it fell 2.7 percent on the Dalian Commodity Exchange.
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