X - Iron ore futures plunge on escalating China lockdown fears

Rio Tinto (NYSE:RIO) -3.7%, BHP (NYSE:BHP) -4.2% and Vale (NYSE:VALE) -4.3% pre-market as iron ore on the Dalian commodity exchange in China and the Singapore futures exchange both plunged as much as 11% Monday to the lowest in a month on rising fears that the COVID-19 lockdown that has paralyzed Shanghai during the last month could spread to Beijing. Steel producers also are indicated sharply lower, including (MT) -5.2%, (CMC) -3.9%, (X) -3.2%, (NUE) -3.2%, (CLF) -2.6%. Also on watch: (OTCPK:GLCNF), (OTCPK:GLNCY), (OTCQX:AAUKF), (OTCQX:NGLOY), (OTCQX:FSUMF) "The outlook appears precarious in the near term, as more cases are expected to show up in the coming days and the impact to economic conditions may seem more prolonged," IG market strategist Yeap Jun Rong told MarketWatch. Additionally, a director at the environment ministry told a conference in Beijing on Saturday that China needs to put reasonable controls on steel output, which would mean cutting

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Iron ore futures plunge on escalating China lockdown fears