News Snapshot:
The equation for Australia’s iron ore miners is simple. Until China’s new leader for life, Xi Jinping, can find a way to leave his crippling COVID-zero policy behind, the pressure on iron ore prices will not relent. The iron ore price slipped below $US80 a tonne on Friday night in Singapore’s futures market and dropped to $US75.20 on Monday morning. The $US160 a tonne the commodity fetched in March seems a distant memory; the $US225 of May 2021 feels like an eon ago. The wall Xi has built to tame COVID might be hurting China more than it is helping....
