Chinese iron ore futures fell, dragged lower by bleak demand prospects for the steelmaking raw material in the wake of rising severity of the coronavirus outbreak in China, where death toll has exceeded 900.
The coronavirus epidemic has caused huge disruptions in the world’s second-largest economy, with the country’s usually bustling cities becoming ghost towns as authorities ordered virtual lockdowns, cancelled flights, closed factories and shut schools.
However, workers began trickling back to offices and factories around China on Monday as the government eased some restrictions on work and travel.
The Dalian Commodity Exchange’s most-traded iron ore contract, expiring in May, slumped as much as 2 percent to 574 yuan ($82.00) a ton. It was down 0.4 percent.
The contract tumbled 11 percent last week, marking its biggest weekly loss in six months.On the Singapore Exchange, the front-month March iron ore contract slid as much as 3.4 percent to $77.85 a ton. — Reuters
