To start the week, Ehsan Khoman, the Head of Commodities at MUFG Bank, points out that iron ore ended the session in Asia as one of the weakest major commodities. This downturn was primarily due to the lack of enthusiasm from China's National People's Congress event on Monday amid mounting concerns about worsening macroeconomic headwinds.
Related Europe’s Secret Weapon In Its Energy War With Russia Construction activity remains lackluster as China's yearslong crackdown on property debt squeezes a vital source of steel demand, while Beijing has refrained from deploying the type of massive infrastructure stimulus that it has used to revive the economy in the past. There had been hopes for a stronger pick-up in construction after the Lunar New Year holiday that ended in mid-February, but that hasn't eventuated.