Benchmark Dalian and Singapore iron ore futures fell on Tuesday, as surging COVID-19 infections in top steel producer China rattled traders already worried about the fallout from the Russia-Ukraine conflict.
Steel prices and other steelmaking ingredients also extended losses in early trade, mirroring the nervousness across Chinese financial markets over the impact of COVID curbs and global uncertainties on the domestic economy.
The most-traded iron ore, for May delivery, on China's Dalian Commodity Exchange slumped as much as 6.4% to 742 yuan ($116.33) a tonne, its lowest since March 2.