News Snapshot:
Demand for the steel-making raw material has dwindled amid fears of a prolonged downturn in China’s property market, and the country’s relentless pursuit of its zero-COVID-19 strategy. This has coincided with weakening global demand as central banks tighten monetary policy. Hopes that Chinese authorities would offer policy support at this month's Communist Party congress were swiftly dashed as President Xi Jinping doubled down on the nation’s strict stance on containing the coronavirus. “The National People’s Congress failed to provide any measures to tackle the issues the [property] sector is experiencing,” said Daniel Hynes, senior commodity strategist at ANZ. Meanwhile, iron...
