This is just the latest in a string of Covid-19 outbreaks in bellwether China, a key nerve point for metals trading with other parts of the world, where a number of major cities are reporting a resurgence in infections.
Shaanxi capital Xi'an remains in a lockdown after three weeks, while tech hub Shenzhen has implemented strict control measures after a third case was reported recently. Henan capital Zhengzhou city is also implementing partial lockdowns after reporting 42 new cases on the morning of January 8.
Logistics have been impacted, especially at Tianjin port, while the 2022 Winter Olympics slated to start in Beijing from February 4 has made market participants pessimistic about any loosening of movement controls in the near term.
Ore, alloys Tianjin port hosts the majority of the country’s chrome ore and manganese ore imports, with current stocks for chrome and manganese ore estimated at around...
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