The price of iron ore rose on March 23, despite the decision by top steelmaking city Tangshan to implement a temporary lockdown.
The Tangshan government implemented the lockdown on March 22 to avoid further cases of covid-19 as infections surged, the local government said in a statement.
“Although consumption of steel products is relatively slow, production is also down,” Huatai Futures analysts wrote in a note
The situation of tight raw materials inventories has not been reversed yet, which could further sustain steel prices, analysts added.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $145.49 a tonne on March 23, up by 1.4% compared to March 22 closing.
