Iron ore price falls to two-week low on caution ahead of Fed rate action.
“If the interest rate is raised by 100 basis points, it will be bad for financial markets,” Zhongzhou Futures analysts said in a note.
“Although the recent replenishment of raw materials by steel mills has led to strong cost support, the macroeconomic environment at home and abroad is still not optimistic,” Huatai Futures analysts said separately. The Asian Development Bank cut its 2022 and 2023 growth forecasts for developing Asia, citing mounting risks from rising borrowing costs across the world, the war in Ukraine and covid-19 lockdowns in China.
The lender expects China’s economy to expand 3.3% this year, a further step down after previously trimming the forecast to 4.0% from 5.0% in April.
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