Iron ore prices slide as coronavirus cases rise in China

The price of iron ore tumbled on Monday as rising Covid-19 cases in China prompted traders to take some profit from the recent gains.

China is experiencing the first of three expected waves of coronavirus infections this winter, forcing many people to stay home, according to the country's top epidemiologist.

Benchmark 62% iron grade fines imported to North China changed hands at $108.79 a ton on Monday morning, down 3.2%, according to Fastmarkets MB. May delivery on China's Dalian Commodity Exchange ended in afternoon trading down 3.7% to 793.50 yuan ($113.75) per ton.

The surge in Covid-19 in China "could prompt a growing proportion of the nervous population to ride out the current wave at home, disrupting economic activity in the process," Navigate Commodities managing director Atilla Widnell said.

The market pullback was wide-ranging, even as Beijing pledged in a Friday post-Agenda-Setting statement to focus on stabilizing its $17 trillion economy in 2023 and ramp up policy adjustments to ensure key targets are met.