Iron ore prices rose to new one-week highs after China eased some Covid-19 testing requirements for international visitors and Beijing and Shanghai recorded no new Covid-19 cases.

The July iron ore contract rose 4.1 percent to $124.8 a tonne after hitting its highest since June 17 at $125 a tonne.
On the Dalian Commodity Exchange, iron ore for September delivery closed up 6.3 percent at 809 yuan ($120.99) a tonne, after hitting its highest since June 20 at 812 yuan. /ton.
Prices of steel products and input materials for steel production also increased.
Bar steel on the Shanghai trading floor increased by 2.5%, hot rolled coil increased by 2.1%. Stainless steel rose 0.3%.
In a round of easing of some of the world’s strictest COVID-19 regulations, which have barred travel in and out of the country since 2020 and slowed economic activity, China has cut time in half quarantine period for domestic tourists.
Beijing and Shanghai reported no new infections on Tuesday, the first time both cities were in a state of saying no to Covid-19 after months of fighting the largest outbreak ever. .
While concerns about Covid-19 may subside and Beijing has reiterated its promise of continued policy support for its struggling economy, a sustained rally in China’s iron and steel products Country is uncertain.

China’s determination to limit steel output this year below 2021 levels to curb emissions is also weighing on iron ore demand.

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