MANILA: Iron ore futures and most ferrous metals in top steel producer China fell on Monday, extending losses a day after President Xi Jinping reiterated the validity of his zero-Covid policy at the opening of the ruling Communist Party Congress. Xi confirmed what the People’s Daily publication reiterated three times last week-that the policy was correct as China “achieved major positive results in the overall prevention and control of the epidemic”.

The most-traded January iron ore on the Dalian Commodity Exchange fell as much as 2.6% to 682 yuan ($94.86) a tonne, its lowest since Sept. 8.

Spot 62%-grade iron ore bound for China hit an 11-month low of $95.50 a tonne last week, SteelHome consultancy data showed, amid Covid-induced restrictions and sintering curbs aimed at improving air quality during the congress.

On the Shanghai Futures Exchange, rebar and hot-rolled coil fell 1.8% and 1.5%, respectively, while wire rod dropped 1%. Stainless steel gained 1.5%. Other steelmaking inputs also remained under pressure, with both Dalian coking coal and coke slumping more than 3%.