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BEIJING- Benchmark iron ore futures in China fell more than 2 percent on Monday, hit by concerns of production and transportation disruptions, after the country reported cases of the Omicron variant of the coronavirus over the weekend.
The northern coastal city of Tianjin has tightened exit controls after detecting local Omicron cases. The central Henan province also reported two local Omicron cases on the same transmission chain.
“The Tianjin outbreak over the weekend may provide some immediate downside shocks to prices should infection rates escalate and additional lockdown be imposed,” said Atilla Widnell, managing director at Navigate Commodities, Singapore.
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