China moved to end its zero-Covid policy in early December 2022, announcing on 7 December a set of measures that scrapped mass testing and quarantine for most cases. The shift followed protests after a fire in Urumqi on 24 November and came as the economic cost of lockdowns became harder to bear. For the steel market, the change was the trigger for a rebound in iron ore: prices had already been rising since November on hopes of policy easing and new stimulus for the property sector, and Dalian iron ore futures hit 867.5 yuan a tonne on the last trading day of 2022, the highest point of the year. The benchmark seaborne price had fallen below 80 dollars a tonne early in the fourth quarter. Traders expected demand to recover as construction restarted, though the wave of infections that followed the reopening kept the recovery uneven into early 2023.
Source: Hellenic Shipping News — https://www.hellenicshippingnews.com/chinas-development-and-reform-commission-took-measures-against-iron-ore-price-surge-in-2022/
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