Iron ore price retreats as China’s zero-covid policy clouds demand.
The iron ore price retreated on Friday as China indicated controlling covid-19 outbreaks is still a priority.
“It appears to us that any change in the zero-covid policy will only happen when authorities are convinced that mutations are less virulent and vaccines/medicines are proven to be more effective. Both are unlikely to happen in the near term,” ANZ analysts said in a note. Unlike during the April meeting, where leaders spoke about “supporting local governments to improve real-estate policies,” Thursday’s meeting spoke of a broader directive to “stabilize the property market,” without specifically mentioning more supportive measures. Party leaders also delivered a generally downbeat assessment of economic growth prospects.
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