Iron Ore’s Heady Days Are Fading as China’s Growth Engine Cools
- Country’s steel production may shrink for second year in 2022
- Omicron ‘dangerous variable’ in China due to Covid-Zero policy
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There’s rarely been a year like it.
Iron ore, a barometer for the Chinese economy and driver of the Australian dollar, is probably having its wildest year ever. Prices jumped to a record above $230 a ton in May, crashed to about $85 in November on a government pledge to reduce steel output, and have now rallied 50% in just six weeks.