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Iron Ore Set for Worst Week Since February on Virus, Default Woe

  • There are growing fears Chinese capital will be locked down
  • Steel-making ingredient steady Friday and down 9% this week
Updated on

Iron ore headed for its biggest weekly drop since mid-February as China’s spreading virus restrictions and worsening property crisis prevented a recovery in demand. 

The steel-making ingredient gained in Singapore on Friday but is down almost 8% this week. Beijing reported a slight increase in Covid-19 cases, while officials denied the city will be locked down amid growing concern the capital’s response to its outbreak will be intensified.