NEW YORK: Iron ore headed for its biggest weekly drop since mid-February as China’s spreading virus restrictions and worsening property crisis prevented a recovery in demand.

       The steel-making ingredient was steady near US$126 (RM554) a tonne in Singapore yesterday and is down around 9% this week.

       Beijing reported a slight increase in Covid-19 cases, while officials denied the city will be locked down amid growing concern the capital’s response to its outbreak will be intensified.

       In the property market, Sunac China Holdings Ltd, the country’s fourth-largest developer, missed a dollar bond payment this week.

       The latest default is spurring fears that there could be more to come, which would further weaken a sector that’s important for iron ore demand. — Bloomberg