Chinese iron ore prices dropped to their lowest levels in five months, as weak demand adds to evidence that the country’s economic rebound from tough coronavirus lockdowns may be faltering.
After strong steel production during the first quarter, the optimism and activity that followed the end of lockdown has waned, leading to a “collapse” in the steel market and raising questions about the durability of the Chinese economic recovery.
The price of iron delivered into the northern Chinese port of Qingdao fell to $102.7 last week, down 23 per cent from its recent high in March, recovering slightly to $107.9 at Monday’s close.
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