13,297.41 TRY BIST 100 BIST 100
7.07 CNY CNY CNY
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0.13 CNY CNY/EUR CNY/EUR
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6,089.00 TRY Gold (gr) Gold (gr)
95.00 USD Iron Ore 61% Fe Iron Ore 61% Fe

Iron ore rises as COVID wave in China peaks

Dalian and Singapore iron ore futures rose on Tuesday after China announced peak COVID-19 cases in many regions, boosting optimism about the drastic easing of pandemic restrictions at the world's largest steelmaker.

Iron ore rises as COVID wave in China peaks

However, fears of regulatory intervention to control prices limited the gains of the steelmaking component.

The top-traded iron ore May contract on China's Dalian Commodity Exchange ended day trading at 839.50 yuan ($123.83) per ton, up 1.2%.

A Health Times compilation of reports from local government officials and health experts in China suggested that the COVID-19 wave may have passed its peak in many regions.

But while the overall mood was positive, traders remained cautious after the Chinese state planner promised to step up efforts to regulate prices and curb "malicious" market speculation.

The National Development and Reform Commission issued a warning on Friday after noticing the recent sharp rise in iron ore prices.

Other Dalian steelmaking inputs were put under pressure, coking coal fell 0.2% while coke DCJcv1 rose 0.5%.

Rebar and wire rod rose 0.6% and stainless steel rose 0.8% on the Shanghai Stock Exchange.

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